Temenos Banking in the Cloud
At the beginning of February 2011, Temenos made a clear statement of intent to the financial services industry by announcing the availability of its core banking solution, Temenos T24 (T24) on the Microsoft Windows Azure cloud platform.
This not only reaffirms the company’s commitment to its partnership with Microsoft, but makes it the first technology provider in the world to take a complete banking system to a public cloud environment, this latest development from Temenos highlights the growing momentum behind cloud computing in the financial world.
While it is recognized that the banking industry is slowly developing trust in the cloud, Temenos is seeing a growing need from our customers for cloud computing, particularly smaller institutions and start ups.
Recent research conducted by Temenos confirms that one in two microfinance institutions regard IT virtualization as a top investment priority in 2011, demonstrating not only demand for cloud based technology but also an increased awareness of the many benefits it can bring to these organisations.*
Over the last twelve months, Temenos and Microsoft have made significant investments in T24 to ensure it runs natively on Windows Azure. By doing so, we are allowing these institutions in emerging markets to remove the high costs associated with running a multi-application environment on premise by moving these operations to a consumption based pricing model. As a result, these institutions can benefit from increased productivity and profitability through an improved total cost of ownership and uniform operational environment.
Cloud computing can provide significant benefits
- High costs of running in-house data centres removed.
- Consumption-based pricing model offers operational agility when you need it.
- Resources can be scaled effectively and volume can be increased due to customer demand.
- Sustainable financial services now a reality for emerging markets.
- Green IT.
Cloud computing has the capacity to completely change the financial services landscape. By making enterprise-level banking systems and associated technologies available in the cloud on a pay-per use basis, now anyone, anywhere can have access to modern core banking systems without the cost and other barriers usually associated with this technology.