Latest news with #Temenos'
Fintech News ME
01-08-2025
- Business
- Fintech News ME
Egypt's MIDBANK Completes Core Banking Overhaul with Temenos
MIDBANK, a long-standing Egyptian financial institution, has completed a full overhaul of its core banking infrastructure, replacing its legacy systems with Temenos ' banking technology platform. The move marks a significant milestone in the bank's broader digital transformation strategy, aimed at modernising operations and enhancing service delivery across the country. Following an extensive evaluation process, MIDBANK chose to implement a suite of Temenos solutions, including its Core Banking system, Payments Hub, Financial Crime Mitigation, and Data Hub. The bank adopted a 'big bang' approach for the transition, decommissioning its previous systems and activating the new platform in a single step. Amr El-Garhy, CEO and Managing Director of MIDBANK, stated: 'We turned off the light on one system, and turned on the light on another. It was a bold decision, but we were well prepared. Temenos was attentive at the moments that really mattered. They stayed close to the project and showed genuine commitment to our success. Powered by Temenos, MIDBANK is well-positioned to shape the future of digital banking in Egypt.' The new system is already delivering tangible results, including shorter transaction processing times, improved internal efficiency, and better customer experiences. Looking ahead, MIDBANK plans to roll out digital banking channels using Temenos Digital and to explore artificial intelligence applications through tools such as the Temenos Product Manager Copilot. Santhosh Rao, Managing Director for the Middle East and Africa at Temenos, commented: 'MIDBANK's successful go-live is a strong example of how Temenos helps financial institutions modernise with confidence. Our proven delivery capability, combined with our innovative and adaptable platform, enabled a smooth and timely transition. MIDBANK is now equipped to deliver modern, efficient, and customer-centric banking services.' Temenos' existing presence in Egypt, its local partnerships, and prior experience in the region were instrumental in supporting the implementation. Key partners included ITSS for the rollout and DXC for testing support.
Yahoo
13-06-2025
- Business
- Yahoo
‘Core banking is about to become really cool': Rangachari
The financial industry is at a turning point. Emerging technologies, evolving regulations, and shifting customer expectations demand bold leadership. That was a key takeaway of Temenos' TCF25 in Madrid. Banking has witnessed many a turning point in the past 30 years or so. The 1990s witnessed mass liberalisation of banking regulation. Then there was the abolition of interest rate controls and of barriers to the entry of foreign banks. The rise of non-bank competitors and a reduction in state ownership and in politically directed loans, often at concessionary rates, followed. The period following the financial crisis of 2007-2009 was another turning point. The digital drive including the mass adoption of mobile banking was another such turning point. And now the rise of emerging technologies such as AI, evolving regulations, and shifting customer expectations represents another genuinely transformative turning point. There are few, if any, more impressive and significant vendor-run annual banking conferences than Temenos' celebrated Community Forum. The latest event attracted over 1,400 C-level executives, decision-makers, and industry pioneers and it remains an annual highlight of the conference circuit. Not for the first time, in the 20 years or so of regular attendance, one was left with the impression that TCF was bigger and better than ever before. One highlight was a discussion with Sai Rangachari, Temenos' Chief Product Officer. His appointment, back in January, was a high-profile hire as he leads the development of Temenos' solutions and defines the company's overall product strategy. It was also a headline-grabbing appointment given his track record. His CV includes over 20 years of experience and an in-depth knowledge of the US financial landscape from start-ups to leadership roles in Tier 1 US banks and leading vendors. As Managing Director at JPMorgan, he led the bank's digital channels platform and open banking strategy. At FIS, as Chief Product Officer for Banking and Payments, he spearheaded cloud banking initiatives and growth in the payments business. During his time at Capital One, he launched next-generation digital origination and servicing platforms increasing origination volumes and customer engagement. Most recently, he founded and led the product and technology function at Tandym, a digital payment wallet provider. Rangachari has enjoyed a ring side seat during past industry turning points. He argues that AI and emerging technologies go far beyond the ability to offer increased efficiency and cost savings, new revenue opportunities, improved risk management, greater personalisation and increased customer engagement. 'This is a paradigm and a mindset shift. In the past, banks have always talked about efficiencies, and what we're hearing from our clients this time is different. Previously, it was all about say, how can I go from 10 steps in loan origination to seven steps so I can cut off two hours of processing or two days. Take it from seven days to maybe, one day or two days. Now the conversation really is about, how do I eliminate those steps so I can have more real time functionality? So even from an efficiency perspective, the vision and the asks and the conversations have gotten way bolder than before in terms of what they want as outcomes. 'With the power of AI and what it is able to enable, I think we're just scratching the surface, but it's getting started. The other thing that's really happened and we saw this with mobile is that people are using AI to advance their daily productivity, their non-professional life productivity. So, when they come into work, the expectations are changing quite a bit. The mindset is already baking in that I can eliminate these steps. I can automate, I can become a superhuman.' AI's potential to be truly transformative was highlighted in a number of key sessions during TCF25, such as the presentation from Srinivasan Seshadri of HCLTech. It does rather boost Temenos' credentials as sector leaders when it can draw on high profile and longstanding tier one clients. For example, Santander's Jose Manuel de la Chica, discussed how the bank was working with Temenos to implement AI systematically across banking functions. The head of Canada's EQ Bank, Dan Broten, explained how near-instant insights is giving it a competitive advantage thanks to innovating with Temenos Data Hub. And Marnix Tummers, IT Director for Wealth at ABN AMRO highlighted the bank's near-20-year partnership with Temenos and how the bank continued to benefit from the shared focus on innovation, co-design and customer centricity. Other key takeaways included an example of the Temenos design partner programme. Specifically, work with clients Commerce Bank and BIL. The Temenos Product Manager Copilot solution empowers the Gen AI knowhow of Microsoft and helps customer teams move from idea to product faster, with less effort and more confidence. News of the general availability of the advanced screening solution built with AI, real-time evaluation, and robust compliance frameworks, also merits a mention. With Temenos FCM AI Agent, financial institutions can detect, investigate, and prevent sanctions transgressions against global and domestic watchlists using advanced AI to reduce false positives and evaluate screening alerts in real time with augmenting human capabilities. The tool ticks a lot of boxes: it boosts customer satisfaction, reduces compliance risk and cost, increases employee productivity and boosts revenue. Specifically, Temenos says that FCM AI Agent is achieving less than 2% false positives rates against industry average false positive rates for customer screening of 5% to 8%. Super-regional US bank, Regions, completed its core transformation on the Temenos core banking platform in early 2022. At the time, Temenos' contract win from Regions represented a strategic win in such a competitive and key market. TCF25 featured a positive presentation from the top30 US bank as it shared key learnings from its journey replacing its core on Temenos SaaS. Post TCF25, Temenos again ranked the best-selling core banking provider in the IBSi sales league table, for the 20th consecutive year. It also tops the table for categories covering digital, payments, wealth and Islamic banking. So, sales remain healthy. More than that; Rangachari says that core banking is about to become 'really cool.' Core banking as 'cool' is arguably a novel concept but Rangachari makes his pitch with gusto and explains why Temenos is so well positioned to benefit. 'Now there's a cultural mindset aspect to it and as core banking providers, we're in a prime spot to enable a lot of the integrations and innovations. So, I'm really excited about the core banking space. 'The kind of demand we have seen from clients, the amount of chatter that we've seen around co-innovation has been fascinating. We are extremely motivated to co-innovate so we don't build products in silos. We are building solutions that matter for our customers.' Three standout themes dominate TCF25m namely, acceleration in the adoption of AI, continued investment in its core banking product experience and the benefits of co-innovation. Looking ahead, this turning point has some way to go when once considers just one stat from a recent Temenos survey. It highlighted that about 80% of its banking clients are experimenting with AI, but only a third of them have taken it to production. There are, says Rangachari, the early adopters, the wait and watchers and the fast and slow followers. A large number of factors are holding back some of the more cautious banks as they look for more proof in the market, especially from their peers, on what works and what are the lessons before they would do a fast follow, or a slow follow. If Temenos is to deliver on its tagline, namely, Leading Banking Forward, much depends on the success of AI initiatives such as FCM AI Agent. And then then there is Temenos AI Studio. 'We're actually beginning to partner with clients in our Temenos AI studio, where they can start creating this their own use cases, and servicing their own use cases, leveraging the same Explainable AI infrastructure that we use behind the scenes.' He says that in the past, Temenos would have conversations with customers and they would explains what Temenos needed us to build and it would say okay. But now, the vendor can provide its AI Studio so that banks have the ability to develop, customise, deploy and monitor their own models. Temenos can preload it with banking modules that the bank can start from and Temenos will provide training and support that then allow the bank to build those for themselves. Just how the initiatives announced in Madrid pan out will be hot topics for debate at future TCFs. The wise money would be not to bet against Rangachari being able to deliver. Whether core banking will ever pass muster as 'cool' is another matter entirely. "'Core banking is about to become really cool': Rangachari" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
02-06-2025
- Business
- Yahoo
Temenos Named Best Core Banking System at Banking Tech Awards USA
Prestigious industry award recognizes Temenos' US banking capabilities and innovation GRAND-LANCY, Switzerland, June 02, 2025 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN), a global leader in banking technology, today announced it has received the award for Best Core Banking System at the Banking Tech Awards USA 2025. These prestigious industry awards recognize the cutting-edge innovations and outstanding achievements driving the future of banking technology across the United States. With its best-of-suite core banking and modular core solutions, Temenos offers US financial institutions choice, flexibility and a proven path to banking modernization – all underpinned with cloud-native architecture, and embedded AI. Trusted by over 950 banks around the world, Temenos' core banking software can be deployed on-premises, in the cloud, or as SaaS. US financial institutions using Temenos also benefit from robust regionalization, pre-configured banking capabilities for the US market, and a Model Bank framework which enables faster, more cost-efficient implementation. Rodrigo Silva, President Americas, Temenos, commented: 'Winning this major award demonstrates the strength and depth of Temenos' US banking capabilities, as well as our continued investment in this strategic growth market, which is helping to drive innovation in the US banking industry. With its advanced functionality, US-specific capabilities and flexible deployment options, Temenos is a compelling choice for US financial institutions.' Temenos has further strengthened its commitment to innovation for the US market with the announcement of a new Innovation Hub in Central Florida. This modern, collaborative space will be home to around 200 technology and product developers, enabling co-innovation with US financial institutions and fueling cutting-edge research and development for US-specific solutions. Investing around 20% of revenues in R&D, Temenos continues to enhance its core banking suite. Recent innovations include the launch of a Gen AI Copilot to help financial institutions design, launch, test and optimize financial products faster. The tool makes it easier for banking employees to access the full breadth of Temenos' core banking functionality in a simple, conversational way. This builds on Temenos' existing leadership in AI, with its launch of the first Responsible Generative AI solutions for core banking in 2024. Temenos was also named a Leader in the IDC MarketScape for North America Digital Core Banking Platforms 2024 Vendor Assessment and in the The Forrester Wave™: Digital Banking Processing Platforms, Q4 2024. CONTACT: Scott Rowe Temenos + 44 (0) 20 7423 3857 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Temenos launches Gen AI Copilot for banks to deliver better products faster
New Temenos Product Manager Copilot unlocks the full innovation potential of Temenos' core banking solutions MADRID, Spain, May 20, 2025 (GLOBE NEWSWIRE) -- At the Temenos Community Forum '25 in Madrid, Temenos (SIX: TEMN), a global leader in banking technology, today launched the Temenos Product Manager Copilot, empowering banks to design, launch, test and optimize financial products faster using Generative AI. Temenos Product Manager Copilot is a Gen AI assistant that integrates Microsoft Azure OpenAI Service and is embedded within the Temenos Retail core banking solution. It provides a simple, conversational way for product, IT and Customer Service managers to explore the full breadth of Temenos' core banking functionality and data insights, helping banks design and launch retail products faster, easier, and make them more relevant to their customers. Temenos Product Manager Copilot is offered as part of Temenos retail accounts advanced and enterprise product offerings. Temenos core banking solutions are trusted by over 950 banks worldwide, from large multinational institutions to smaller regional banks. Temenos core banking offers extensive out-of-the-box functionality and a comprehensive suite of pre-configured products. With Temenos Product Manager Copilot, product managers can leverage either the built-in user agents or interact through familiar channels like Microsoft Teams for building, testing and launching new products. This Gen AI tool also allows them to quickly gain business insights without having to write complicated queries from their core banking data and drive strategic decisions. Integrating Azure OpenAI Service enables Temenos Product Manager Copilot to surface insights from the bank's core data, documentation and regulatory landscape. The solution is flexible by design to allow easy integrations with new AI agents based on bank-specific data sources, as well as existing AI agents already in use. In addition, Azure OpenAI Service provides enterprise-class availability, scaling, security and confidentiality for customer data. According to a recent study for Temenos, three quarters (75%) of banks are exploring Gen AI deployment with 36% having already deployed or in the process of deploying it. Additionally, 73% believe that agentic AI will be transformative for the banking industry. Barb Morgan, Chief Product and Technology Officer, Temenos, commented: 'Temenos Product Manager Copilot unlocks the full innovation potential of Temenos core banking using Generative AI to help banks deliver better products faster to their customers. We are excited to bring this game-changing technology to financial institutions globally. In an era where fintechs and neobanks can launch new offerings within weeks, it is critical for banks to accelerate innovation or risk losing relevance in an increasingly competitive landscape.' Temenos has a strong customer-focused approach and developed Temenos Product Manager Copilot in collaboration with its Design Partner clients, including Banque Internationale à Luxembourg. Christine Huberty, Deputy CIO, Banque Internationale à Luxembourg, said: "We're excited about the new capabilities of Temenos Product Manager Copilot. The conversational interface will make it easier to access core banking functionality and data, helping bank staff work more efficiently and launch products faster to market. We value our ongoing collaboration with Temenos and the opportunity to contribute to this innovation." Clare Barclay, Corporate Vice President, Enterprise, Industry and Software Development Partners, Microsoft, added: 'Azure OpenAI integration enables trusted, enterprise-grade AI experiences across industries. Through our collaboration with Temenos, banks can now harness the power of generative AI to accelerate product innovation, enhance customer engagement, and operate with greater agility and intelligence.' General Availability for Temenos Product Manager Copilot is scheduled for Q4 2025. Financial institutions can register interest for early access via the Temenos Contact Us page. CONTACT: Scott Rowe Temenos + 44 (0) 20 7423 3857 in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
UK's Moneycorp selects Temenos SaaS to scale global business
UK-based international payments provider adopts Temenos SaaS to increase operational efficiency and quickly launch new services around the world MADRID, Spain, May 20, 2025 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN) today announced that Moneycorp, a leading global payments and FX platform, has selected Temenos to power their next phase of products and services offering. The UK headquartered payments and FX specialist will adopt Temenos SaaS for core banking and payments to achieve speed to market and scale efficiently as it expands products and services around the world. By moving to Temenos SaaS, Moneycorp can focus on business growth while benefiting from advanced wallet and payments capabilities to deliver an enhanced client experience on a scalable, secure service. Moneycorp operates globally, with offices in Europe, North America, South America, and Asia, facilitating payments and foreign exchange transactions for corporates, financial institutions and private clients. In 2023, the company handled £71bn in trading volume serving 11,000 B2B clients, 250 financial institutions, and over 23,000 individuals. With 63 regulatory permissions worldwide, the group processes over 1 million payments annually, reaching 190 countries. With multi-geographic support, Moneycorp can seamlessly roll out new capabilities worldwide, leveraging a build-once, deploy anywhere approach across different regulatory jurisdictions. By utilizing Temenos Model Bank with pre-configured banking functionality and country-specific localization, Moneycorp will achieve faster time to value while reducing costs and delivery risk. Temenos' open, API-based architecture will simplify integration with Moneycorp's ecosystem, further accelerating innovation and enhancing operational agility. Srini Kasturi, Group Chief Technology Officer, Moneycorp, said: 'Best-in-class technology is key to delivering the seamless client experience and personalized service that Moneycorp is known for, so we're delighted to partner with Temenos, an established global leader in banking technology. Temenos' multi-country support and localization will enable us to launch new solutions quickly around the world, while running on SaaS will help us to scale efficiently while maintaining our focus on delivering our award-winning, easy to use service to customers worldwide.' Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: "We're proud to partner with Moneycorp, a U.K. success story and world leading cross-border payments provider. This strategic transformation which will see Temenos underpin Moneycorp's core banking and payments ecosystem across its global operation. Moneycorp sought a SaaS solution with deep functionality and the latest technology—capabilities only Temenos could deliver—along with our expertise in Western Europe and the U.S. We look forward to working with Moneycorp to drive the next phase of their impressive growth story.' CONTACT: Scott Rowe Temenos + 44 (0) 20 7423 3857 in to access your portfolio
