Temenos and Deloitte have agreed a partnership to provide technology solutions to help US financial institutions accelerate core banking and payments modernisation in the cloud. Specifically, Temenos and Deloitte Consulting will help financial institutions to deliver modern digital experiences faster and at lower cost. The aim is to take advantage of new business models and market opportunities such as Instant Payments and Banking-as-a-Service (BaaS).
New agreement builds on existing close international cooperation between the firms
The new agreement enables a joint go-to-market strategy in the US. This opens a new channel for Temenos to accelerate market penetration in the large banks segment, as well as large scale payment players.
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The two companies will jointly offer large bank customers a market-leading modernisation approach to address competitive, regulatory, cost and innovation drivers.
Deloitte will work closely with Temenos to implement their solutions using standardised, process-driven best practices for faster, low-risk deployment. Clients will now be able to access the industry experience and consulting strength of the Deloitte US firm and Temenos’ deep set of composable banking capabilities and Software-as-a-Service (SaaS) solutions on its cloud-native banking platform.
With a broad and deep set of banking capabilities and an open platform that enables banks to pursue any business model, Temenos says that it is attracting US financial institutions of all sizes, including the very largest to its platform. This can be deployed on premise, on any public cloud or through Temenos Banking Cloud, as a SaaS offering. Temenos’ US core banking customers include Commerce Bank, live with an on-premise deployment, a top 30 US bank as well as fast growing digital challengers such as Varo Bank and Convera.
Deloitte deal will boost Temenos US market share
Philip Barnett, President Americas, Temenos, said: “Globally, Temenos and Deloitte have a long history of working together to help banks transform and modernise their core banking and payment capabilities. We are excited to formally expand our relationship in the US market with Deloitte as the transition to cloud banking accelerates for financial services firms. With our joint go-to-market strategy with Deloitte we will accelerate our penetration in the US market, specifically in the large banks segment. Together, we can support financial institutions with their payments’ transformation across multiple payment schemes and evolving regulations and we can help them to progressively modernise their core banking capabilities and accelerate the time to value.”
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By GlobalDataSteve Hillas, Managing Director, Deloitte Consulting LLP, added: “As the banking market moves to the cloud, Temenos offers a compelling proposition to US banks. With our know-how and deep experience with Temenos implementations, Deloitte can serve as an accelerator for banks to pursue a technology modernisation strategy, helping them to evolve their clients’ experiences, gain operational resiliency and position for ecosystem plays.”
