Banking software platform Temenos is now part of IBM’s Cloud for Financial Services.
Temenos said its payments hub is the first dedicated payments solution on the IBM financial services cloud, according to a Wednesday (Sept. 20) press release. Via the collaboration, banks can “combine IBM’s expertise in providing secured, cloud infrastructure with Temenos’ innovative payments solutions.”
IBM Cloud for Financial Services addresses issues such as resiliency, performance, security and regulatory compliance obligations for financial institutions to help reduce risk across the supply chain, the release said.
By working with the two companies, clients can better deliver “fast, reliable and transparent payment services to their customers, without the need to build and maintain custom security and compliance controls themselves,” per the release.
The solution can also help banks tap into innovations like instant payments, while also “providing a secured platform to progressively modernize their payments capabilities on a single code base across Temenos’ composable banking platform,” the company said in the release.
The cloud offers advantages for banks undertaking a digital transformation, including increased data security and operational efficiency, improved access to software applications and more flexibility in integrating technologies.
“Such improved capabilities can easily allow banks to reduce costs, introduce new value-added services and improve the end-user experience to encourage customer retention,” PYMNTS wrote in July.
Banks have various levels of cloud integration, depending on their available resources as well as their executives’ willingness to switch over to the cloud.
Earlier this month, Temenos debuted a secure solution that employs generative artificial intelligence (AI) to provide personalized banking experiences by automatically classifying customers’ banking transactions.
The tool is designed to enhance digital banking experiences, offer personalized insights, and enhance customer loyalty through more relevant products and offers, Temenos said.
“Building on our experience with Explainable AI, Temenos is now harnessing the power of generative AI as the next step in a strategic AI roadmap, powering the future of banking with ethical, secure and responsible deployment,” Temenos President Product and Chief Operating Officer Prema Varadhan said in a news release at the time.
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