London, UNITED KINGDOM – July 12, 2017 – Temenos (SIX: TEMN), the software specialist for banking and finance, today announced that industry analyst firm Gartner, Inc., has positioned Temenos as a Leader for the eighth consecutive time in the 2017 report ‘Magic Quadrant for Global Retail Core Banking’ (GRCB).
This report assessed 11 vendors based on the multicurrency products they offer in support of a bank’s financial transaction management in the retail banking market. Temenos is positioned furthest for completeness of vision based on the company’s market understanding, sales strategy, product strategy, vertical/industry strategy, geographic strategy and innovation evidenced through its annual Innovation Jams and open banking platform, MarketPlace.
Vittorio D’Orazio, Gartner Research Director and author of the report, states:
“The definition of a core banking system hasn’t shifted dramatically over the years. But a number of leading vendors are making progress in some areas that are becoming critical differentiators in the ways core banking functionality is delivered. These include the migration to component-based systems; the embryonic use of microservices, embedded analytics and cloud computing; and the shift to open banking platforms that integrate all stakeholders in a bank’s value chain — fintechs, technology partners, bank employees, clients and other banks.”
Temenos’ Core Banking combines rich functionality with cutting-edge technology in an easily upgradable application. Its customers benefit from real-time embedded analytics, a sophisticated product builder and technology that encourages open banking by creating an open environment where third-parties can cooperate and share. Temenos’ operational activities are strong with product updates provided to its customers in a regular and balanced manner. In 2016, with the help of its well-established partner programs, Temenos led the market in implementations, taking 178 financial institutions live on Temenos technology.
David Arnott, CEO, Temenos, said:
“We are thrilled to be recognized for the eighth time in a row as a Leader in the Gartner GRCB Magic Quadrant. As we continue to differentiate from other players, we believe this report shows Temenos as the leader in our market. We further believe being recognized for our vision and product strategy establishes Temenos as the right partner for banks undertaking a transformation journey. We are proud to be working with the most successful banks and investing more in innovation.”
- The full report reference is: Gartner Magic Quadrant for Global Retail Core Banking, Vittorio D’Orazio, Don Free, 10 July 2017.Gartner defines a “core banking system” as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools. This Magic Quadrant assesses vendors based on the multicurrency products they offer in support of a bank’s financial transaction management in the retail banking market. Gartner has chosen to keep the scope of this year’s Magic Quadrant consistent with those of previous years. For this reason, they have excluded Islamic banking vendors — many of which do not support standard retail banking capabilities — and other solutions that do not meet Gartner’s established criteria.
- Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Temenos Press Contacts
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Alistair Kellie & Andrew Adie
Newgate Communications for Temenos