Temenos Recognized as Leader in Cloud Core Banking by Omdia

Temenos (SIX: TEMN) has announced on thursday that it has been recognized as a market leader in the latest “Omdia Universe: Cloud-based Core Banking 2023” evaluation from Omdia, a leading technology analyst and consulting firm.

The report, “Omdia Universe: Cloud-based Core Banking 2023”, helps C-level executives and banking heads to shortlist vendors/solutions when replacing legacy core systems. Temenos was recognized as a strong performer across the board, achieving the highest scores in the report for market alignment, innovation, business processes management and solution integration, as well as performing strongly for its broader platform capabilities.

Ouliana Smith, Senior Research Analyst, Omdia, said: “Our research showed that Temenos was a high performer across the board, achieving the highest scores in the report for market alignment and innovation, as well as performing strongly for its broader platform capabilities. During the evaluation, Temenos demonstrated innovation in the areas of open products for the creation of highly configurable financial products or ‘smart products’, AI, and ESG. In conjunction with Temenos’ broader community of global partners, Temenos Exchange fintech partners, developers and its Innovation Hub, Temenos Banking Cloud offers a compelling solution for banks of all sizes and from all geographies who wish to leverage the benefits of cloud, while also being supported through their transformation journeys. Based on our research, Temenos should appear on your shortlist, particularly if you are seeking a platform that enables rapid new product launches and innovation.”

In addition, Temenos was recognized for its extensive expertise, single code base and industry-standard, event-driven architecture. This enables clients to easily and rapidly enhance the platform with additional capabilities as needed via its Extensibility Framework and Temenos Open Products, while allowing them to consume new offerings safely thanks to continuous updates. Omdia also noted the ESG credentials of the platform, with its science-based metrics and Carbon Emissions Calculator, as well as the embedded explainable AI which helps banks to proactively enhance trust with their customers.

Prema Varadhan, President Product and COO, Temenos, said: “Our recognition as a leader in the Cloud-based Core Banking Universe from Omdia is testament to the work of the team at Temenos in delivering an industry-leading cloud banking platform. We have over 700 clients live on Temenos Banking Cloud, across five continents, covering over 30 regulatory jurisdictions, with a bank going live on our SaaS platform on average every 10 days. Banks of all sizes are increasingly recognizing the benefits of Temenos Banking Cloud, which allows them to elastically scale and accelerate innovation on a continuously updated, trusted, secure service.”

Banks going live with core banking on Temenos Banking Cloud, the company’s SaaS offering, in the past year include Bank of Queensland and Virgin Money in Australia, Alpian, Switzerland’s first digital private bank, and Saudi Export-Import Bank. New signings this year include a top 30 US bank which selected Temenos Banking Cloud to modernize its legacy systems for customers’ records and deposits, and Canadian Tire Bank, part of one of the largest Canadian retail companies, which selected Temenos Banking Cloud to accelerate its core modernization.

Today’s announcement follows Temenos’ recognition by Omdia as a leader in the report ‘Omdia Universe: Digital Banking Platforms, 2023’, where Temenos achieved leadership status as a result of its comprehensive capabilities, solution breadth, strategy and product roadmap across functionalities such as onboarding, digital marketing, analytics, and digital banking. It also comes on the back of Temenos being named a Trusted Cloud Provider by the Cloud Security Alliance, becoming one of only 30 technology providers globally to date to achieve the STAR Level 1, STAR Level 2 attestation and the Trusted Cloud Provider mark.