Temenos (SIX: TEMN), the banking software company, today announced the winners of the largest Temenos Innovation Hackathon to-date, which used the extensive ecosystem of open APIs available on its Developer Portal. The winning team was recognized for its highly innovative offline payments app out of 157 participating teams made up of almost 800 participants from Temenos development teams across offices in Bangalore, Chennai and Hyderabad.
The winning team was awarded first prize out of six finalists selected to perform a live demo to Temenos’ executive committee. Using the open API ecosystem and sandbox development environment available on the Temenos Developer Portal, in conjunction with the agility of the newly acquired Kony platform, the winning team were able to rapidly develop an impressive digital offline payments app with ambitious potential to transform and streamline the customer journey.
Teams that participated in the 48 hour hackathon from 18-20 October were tasked with designing an innovative prototype for a standalone banking-related application or an innovation around Temenos’ existing product portfolio. Participating developers had access to more than 700 published API end points which are readily available to the Temenos Development Community on the Temenos Developer Portal.
Judges scored teams on their prototype’s innovation value and ambition of scope, its demonstrability and the app’s overall potential value to financial institutions and end-users. Runners-up presented solutions including advanced fraud detection using graph database techniques, next-generation chatbot-enabled software configuration, sentiment analysis for customer retention using machine learning and innovative budgeting and payments solutions.
Max Chuard, CEO, Temenos, commented: “Temenos has a relentless focus on innovation – that’s why we invest 20% of our revenue into R&D, the highest rate in the banking software industry and more than twice the industry average. Our continued commitment and passion for development brings this innovation not just to our own software, but also gives banks the freedom to innovate. We believe that our customers are at the leading-edge of the banking industry when it comes to innovation, which is why it is so important for us to continue to foster a culture of creativity within Temenos. I am proud to announce the winners of our largest Innovation Hackathon to date and recognize the creative talents of our Indian developer team, who are at the heart of our product organization.”
Temenos’ open API ecosystem provides a community of developers from banks, fintechs and partners the ability to collaborate, innovate and integrate faster than ever before and build out their digital banking capabilities. In addition to its extensible library of APIs, Temenos Developer Portal delivers live, cloud-based sandboxes, demos, trainings and code clinics, empowering developers to innovate at speed and accelerate time to value to quickly transform customer journeys.
Temenos has an extensive history of innovation and a track record of industry firsts behind its name. In 2002, Temenos became the first to offer a core banking system with real-time 24/7 processing; it was the first to launch a core banking offering in the cloud in 2011, and also launched the first combined payments hub and core banking platform in 2017. Temenos MarketPlace, which provides access to over 100 complementary financial software solutions from over 80 fintech partners, was also the first of its kind in banking.