LEAP enables banks to seamlessly and quickly move to the latest cloud-native Temenos technology complete with the latest banking capabilities using AI and a standardized methodology
GENEVA, Switzerland, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN) today announced the launch of Temenos LEAP, a new holistic modernization program, which enables Temenos clients to move to the latest Temenos platform, accelerating their journey to the cloud and Software-as-a-Service. Combining Temenos' banking platform with proven transformation tooling and processes, as well as Temenos' experienced services teams and a select group of specialized partners, LEAP offers banks a fast, low-risk route to a modern cloud-native architecture to future-proof their business.
Temenos is revolutionizing platform modernization leveraging 30 years of implementation experience and best practice combined with the power of AI to accelerate traditionally manual and complex areas of migration and testing.
LEAP gives Temenos core banking clients using older solutions the opportunity to modernize by moving seamlessly and quickly to a new, advanced, API-driven, cloud-native architecture. Opening the door to using the latest technology platform from Temenos with cutting-edge banking capabilities, LEAP allows clients to launch quickly and iteratively more personalized products to their customers and improve customer engagement. Temenos' modern platform makes it easier to expand into new sectors and markets, stay ahead of competitors and ultimately take advantage of the benefits of Temenos Banking Cloud and SaaS. The Temenos Value Benchmark shows that Temenos core banking clients using its modern banking platform benefit from 24% higher growth and innovation share of their IT spend1.
The new banking capabilities support the creation of new products, with focus on product design, launch, servicing, and retirement, in addition to Temenos Payments Hub which gives the opportunity to add new payment rails and to adopt a 24 x 7 x 365 STP approach. Temenos' cloud-native platform offers enhanced connectivity and extensibility, elastic scalability, inbuilt security at all layers, embedded testing and Development Security and Operations capabilities. In addition, it gives banks access to the large Temenos Exchange ecosystem of partners, and an easier and customizable user experience.
Compared to traditional upgrade projects, Temenos LEAP enables banks to modernize in just months, using the power of AI, and ready-to-use service packages, supported by extensive training enabled by the Temenos Learning Community (TLC). With LEAP, clients will be able to enjoy the commercial benefits of faster time to value, increased product agility, and reduced operational costs by removing old solutions and having a more efficient platform which operates with less resources. Banks will be able to easily keep their technology up-to-date in the future, gaining immediate benefit from Temenos' ongoing investment in the platform. Furthermore, the single Temenos platform allows for faster and lower cost updating and maintenance, which means a lower total cost of ownership and higher agility.
Once on the new architecture, banks are ready to move to the cloud or to Software-as-a-Service deployment models, when required. In this way, banks can benefit from business agility and quicker time to value, whether they choose to run on a public cloud or private cloud or opt for a hybrid approach.
Temenos LEAP offering has already been successfully proven in modernization projects for clients such as Qatar's Lesha Bank, a long standing Temenos customer that moved to the latest banking platform to streamline its processes and offer innovative products. Furthermore, a leading tier one bank recently reconfirmed its commitment to Temenos with an agreement to move to the latest Temenos Banking Platform to modernize its corporate banking business in the private cloud.
Bola Rotibi, Chief Analyst, CCS Insight, said: "As banks look to keep up with new market trends and increasing competition, many are held back by the need to modernize legacy systems making it difficult and costly to innovate or launch new products quickly. Organizations need the support of solutions and strategies that can ease the transformation process effectively and efficiently. Programs such as Temenos LEAP, with its AI-enabled, standardized approach accelerate the move for Temenos clients to a modern, cloud-native platform and allow them to gain the business agility to operate more efficiently and stay at the forefront of technological changes. By leveraging the elastic scalability of the cloud and the sophisticated, automated support that AI-based operations afford, can they embrace innovation more successfully."
Andreas Andreades, Chief Executive Officer, Temenos, said: "With LEAP, banks can benefit from a proven, low-risk, quick time to value, AI-based modernization approach to move to the advanced, cloud-native technology of the latest Temenos Banking Platform. Temenos' platform enables clients to future-proof their business and leverage a modern architecture to be ready to take advantage of cloud or SaaS opportunities. Powered by AI, banks can optimize for operational efficiency all through extreme automation of manual tasks making new software deployment faster and easier, less-resource intensive and drive down costs.
"LEAP dramatically changes the traditional modernization model in keeping with our engineering tradition to find solutions that enable banks to be future-ready in an affordable and risk-managed manner with a short time to value."
Temenos is the global market leader in banking software, ranked #1 in eight categories in the most recent IBSi Sales League Table 2023.
About Temenos
Temenos (SIX: TEMN) is the world's leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
For more information, please visit www.temenos.com.
___________________________
1 The Temenos Value Benchmark, an industry leading benchmark, consists of 70,000 data points from 146 banks globally across segments and interviews with 1300+ C-level execs
