Temenos (SIX: TEMN) and Deloitte today announced a partnership agreement to provide technology solutions to help US financial institutions accelerate core banking and payments modernization in the cloud.
Through this agreement, Temenos and Deloitte Consulting LLP will help financial institutions to deliver modern digital experiences faster and at lower cost and take advantage of new business models and market opportunities such as Instant Payments and Banking-as-a-Service (BaaS).
Building on close international cooperation between the two firms, this new agreement enables a joint go-to-market strategy in the US, opening a new channel for Temenos to accelerate market penetration in the large banks segment, as well as large scale payment players.
The two companies will jointly offer large bank customers a market-leading modernization approach to address competitive, regulatory, cost and innovation drivers. Deloitte will work closely with Temenos to implement their solutions using standardized, process-driven best practices for faster, low-risk deployment. With this new agreement, clients will now be able to access the industry experience and consulting strength of the Deloitte US firm and Temenos’ deep set of composable banking capabilities and Software-as-a-Service (SaaS) solutions on its cloud-native banking platform.
With a broad and deep set of banking capabilities and an open platform that enables banks to pursue any business model, Temenos is attracting US financial institutions of all sizes, even the very largest, to its platform which can be deployed on premise, on any public cloud or through Temenos Banking Cloud, as a SaaS offering. Temenos’ US core banking customers include Commerce Bank, live with an on-premise deployment, a top 30 US bank as well as fast growing digital challengers such as Varo Bank and Convera, the global payments leader.
Philip Barnett, President - Americas, Temenos, said: “Globally, Temenos and Deloitte have a long history of working together to help banks transform and modernize their core banking and payment capabilities. We are excited to formally expand our relationship in the US market with Deloitte as the transition to cloud banking accelerates for financial services firms. With our joint go-to-market strategy with Deloitte we will accelerate our penetration in the US market, specifically in the large banks segment. Together, we can support financial institutions with their payments’ transformation across multiple payment schemes and evolving regulations and we can help them to progressively modernize their core banking capabilities and accelerate the time to value.”
Steve Hillas, Managing Director, Deloitte Consulting LLP, commented: “As the banking market moves to the cloud, Temenos offers a compelling proposition to US banks. With our know-how and deep experience with Temenos implementations, Deloitte can serve as an accelerator for banks to pursue a technology modernization strategy, helping them to evolve their clients’ experiences, gain operational resiliency and position for ecosystem plays.”