Temenos (SIX: TEMN), the banking software company, today announced that it has been recognized as a leader in The Forrester Wave™: Digital Banking Processing Platforms (Corporate Banking) Q3 2020. Temenos’ position as a leader reflects its investment and innovation in a cloud-native platform with embedded AI technology to power the digital transformation of corporate banking.
Report author, Jost Hoppermann, Vice President and Principal Analyst, Forrester, wrote, Temenos “convinces with corporate banking functionality and forward-looking roadmap” and its “ability to support testing, delivery and upgrades both on premises and out-of-the-Cloud remains second to none”.
Max Chuard, Chief Executive Officer, Temenos, said: “We are proud to be recognized as a leader in the Forrester Wave report for corporate banking. In a world in which regulators are opening banking up to new competitors, there is heightened need for banks to accelerate digital transformation of their corporate banking services. Temenos has invested heavily to deliver the most advanced cloud and AI technology and rich corporate banking functionality. With Temenos Transact banks can reduce the number of systems and consolidate on a single cloud-native platform that provides the flexibility and agility to deliver tailored solutions to their corporate customers and improve automation and efficiency. This has never been more urgent than in the current crisis where banks have a pivotal role to play to implement government intervention programmes and rapidly increase lending to businesses, in particular SMEs. We believe this recognition as a leader by Forrester is a testimony that Temenos offers a leading corporate banking solution and is recognition of the success our technology is bringing to corporate banks and their customers around the world.”
Temenos Transact, which is available as SaaS or can be deployed natively in the cloud, enables banks to take advantage of the latest technologies such as Microservices and explainable AI (XAI) to respond much faster to the evolving market conditions and capitalize on new opportunities.
The Forrester Wave evaluates the top 9 corporate banking platform vendors against 37 criteria, according to their current offering, strategy and market presence. Temenos received the highest possible score in the execution roadmap criterion and also in the commercial model criterion. We believe this reflects our success in serving clients of all tiers around the world, such as Bank of Shanghai and Bank SinoPac. The Forrester report states that Temenos’ go-to-market approach is global and “shows a focus on North America – a region that saw both dedicated investments, a string of acquisitions, and relevant client contracts.”
According to the Forrester report: “Temenos convinces with functionality and forward- looking roadmap. [Temenos Transact] offers broad typical corporate banking functionality plus differentiating functionality such as cash management and factoring. [Temenos Transact] is available for on premises and cloud deployment in clouds from AWS, Google, Microsoft and further providers. [Temenos’] ability to support testing, delivery and upgrades both on premises and out-of-the-Cloud remains second to none….”
Temenos Transact is an integrated core banking system with deployable components, which cover all areas of corporate banking including corporate lending, trade finance, payments and cash and liquidity management, with the addition of embedded analytics and compliance. It also offers front to back capabilities for corporates to initiate all transactions ranging from trade finance to payments and cash sweeping.
Temenos was also recently named a ‘Global Power Seller’ and ‘Top Global Player’ based on Forrester’s Global Banking Platform Deals Survey 2020.