Temenos and Deloitte join forces to modernise US financial institutions

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Powerhouses Temenos and Deloitte are teaming up to accelerate the aim of modernising payment and core banking in the cloud across the US

Banking software company Temenos has recently attracted some of the largest financial institutions in the country, with its open platform that enables banks to pursue any business model. 

Its platform can be deployed on any public cloud or through ‘Temenos Banking Cloud’, as a SaaS offering (software solutions that are delivered and accessed through an internet browser or web portal). 

The enterprise software specialist’s core banking customers in the US include Commerce Bank, Varo Bank and Convera. A partnership with Deloitte, a multinational professional services network, allows the organisations to deliver the aim at a lower cost and more efficiently.

Globally, the two firms have a long history of working together to help banks transform and modernise their core banking and payment capabilities. In 2020 the organisations partnered with BOQ subsidiary Virgin Money Australia, which was seeking to reposition as a ‘digital challenger bank’ incumbent. 

In the deal, Temenos was tasked with delivering an AI platform that would provide front-to-back software as a service. Deloitte Digital assisted with the “configuration, integration and build out of Virgin Money Australia’s digital ecosystem”. 

Philip Barnett, Americas President at Temenos, commented: “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.”

The agreement will allow clients to access industry experience from both organisations as well as ‘market-leading modernisation’.

Barnett added: “Together, we can support financial institutions with their payments’ transformation across multiple payment schemes and evolving regulations, and help them to progressively modernise their core banking capabilities and accelerate time to value.”

Steve Hillas, Managing Director at Deloitte Consulting, said: “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.”