There are over 1 billion people who are handicapped in the global economy. They cannot play in the market economy because they don’t even have a bank account. The simplest first start to participating in an economy that we take completely for granted. For every million more, who gain access to finally participate in the money economy, how many more will be able to begin to control their economic lives or start an enterprise and contribute to ground up building of wealth for themselves and their communities through the income and jobs they create.
Cloud computing is simpler than it sounds. Think of the cloud as the internet. TEMENOS T24 in the cloud is T24 over the internet, on a pay-per-use basis, where Temenos manages the software for the end user. The customer is freed from the financial risk and expense of buying a multi-year license up front, and freed from the burden of owning, managing and maintain the software. This new business model (offering core banking in the cloud) helps address affordable access to finance in emerging markets, which is vital in creating conditions for sustainable economic development. Traditional technology delivery models make entry into these markets prohibitively expensive and risky for small banks and MFI’s. T24 in the cloud removes those barriers and opens a world of opportunity by providing access to finance and bringing millions more into the formal banked sector, a basic pre-condition for economic growth. Temenos’ banking in the cloud solution and joint work with Microsoft is transformative and game changing.
Banking In The Cloud