Yugabyte, the leader in open source distributed SQL databases, has announced a technology partnership with global banking software market leader Temenos.
Temenos, whose systems serve 1.2 billion people - one-third of the world’s banked population, has chosen YugabyteDB as a strategic database to power the core banking capabilities of Temenos open platform for composable banking.
The Temenos open platform allows banks of all sizes to compose, extend and deploy pre-built banking services and the broadest set of banking capabilities at scale.
As part of the new partnership, YugabyteDB will be available to banking clients who choose to run Temenos open platform on their own infrastructure, whether that is on their own public cloud instances, on-premises, or in their private or hybrid clouds.
Temenos has been deploying its highly-popular core banking capabilities for clients on cloud since 2011. By using cloud native architecture and tools, Temenos has enabled its impressive roster of 41 of the world’s top 50 banks to adopt flexible, scale-out solutions that align costs to changing business volumes and ensure high resilience to failure as standard.
Adopting Yugabyte technology takes this capability to the next level by delivering comparable flexibility and availability in the data layer.
Tony Coleman, Temenos Chief Technology Officer, said, “Yugabyte brings exceptional technology performance, scale, and resilience to this partnership. Along with its unrivalled global database expertise and its service capabilities, YugabyteDB was a natural fit with our vision for the future of our technology cloud based proposition.”
Tenemos’ decision to choose Yugabyte included:
● Yugabyte’s cloud-native data layer, which delivers unlimited horizontal scaling with banking-industry level resilience and security.
● Yugabyte’s fully managed service, which gives Temenos peace of mind.
● Yugabyte’s proven open source commitment and cloud vendor independence.
● YugabyteDB’s acknowledged full code compatibility with the open source PostgreSQL database query language--seen as an excellent foundation for full Temenos software interoperability.
Yugabyte CEO, Bill Cook added, “Temenos has long recognized the critical value of cloud-native for its demanding market. That’s because, as a true market leader and core banking platform innovator, it knows that only truly agile and modular deployment backed by cloud-vendor independence will help it serve the needs of the thousands of its bank users, at all tiers and market niches.”
He continued, “A horizontal scale-out cloud-native database was the required element to support Temenos’ ambitious plans, so we’re honoured to help integrate Yugabyte into its highly sophisticated architecture and so enable future mutual success.”
Temenos’ decision to award this partnership to Yugabyte was made after an intensive evaluation process, and evidenced how YugabyteDB meets the demanding performance criteria of one of the world’s most data intensive industries. The first phase of the partnership will see Temenos and Yugabyte engineers working together to simplify and scale Temenos’ offerings and make them more cost-effective.
The two teams look forward to achieving exacting standards of high performance and low latency for cloud and on-premises financial service client deployments, as well as avoidance of CSP lock-ins or dependencies for any Temenos service or client.