Temenos Benchmarks Its Cloud-native Digital Banking Software on AWS and Proves Its Ability to Handle Over Half the World’s Banking Transaction Volumes on a Single Instance of the Software
GENEVA--(BUSINESS WIRE)--Nov 21, 2019--
Temenos (SIX: TEMN), the banking software company, today announced its high water benchmark performance results for cloud-native, cloud-agnostic Temenos T24 Transact, the next generation core banking product and Temenos Infinity, the breakthrough digital front office product in a benchmark exercise with Amazon Web Services (AWS). In the benchmark test of its microservices architecture, Temenos processed 50K transactions per second (TPS), and demonstrated its ability to elastically scale up and down based on business demand, ensuring banks only pay for the resources they use and benefit from up to 10x lower infrastructure costs.
The benchmark validates that Temenos T24 Transact running on AWS Cloud, using NuoDB database technology, the in-memory distributed SQL database, enables banks to benefit from unlimited processing capacity and lower total cost of ownership (TCO) enabled by AWS. The benchmark demonstrates 100x faster response times to client requests with its microservices architecture. Temenos continually invests in R&D to leverage new technologies that deliver lower TCO and tangible business benefits to banks. The company has a strategic partnership and a minority stake in NuoDB.
Key benchmark highlights:
The banking industry is witnessing an unprecedented growth in online transactions, led by new digital channels, open banking and new technologies. Digital banking is driving global transaction volumes away from cash and increases the look-to-book ratio. According to CapGemini non-cash transactions grew globally by 12% during 2016-2017 and reached 539 billion, the highest in the past two decades. Based on these calculations, Temenos’ benchmark proves its ability to handle over half the world’s banking transaction volumes on a single instance of the software. Furthermore, consolidation in the banking industry results in the creation of mega banks with even higher demands in transaction processing.
Max Chuard, CEO, Temenos, commented: “This benchmark highlights Temenos’ relentless innovation and investment in cloud technology. Cloud is becoming a game-changer, enabling banks to accelerate their digital transformation and optimize performance and cost. Temenos has always given the banking community greater choice of next-generation cloud technologies working with NuoDB and all major cloud providers. We have achieved Advanced Technology Partner status in the AWS Partner Network and have collaborated to meet the needs of banks of all sizes, including top tier banks. The benchmark results with AWS demonstrate that our modern, cloud-native, cloud-agnostic architecture, coupled with a distributed database, elastically scales allowing banks to benefit from operational efficiencies and significantly lower infrastructure costs. We can support the highest volumes of transactions and operational requirements of any bank in the world now and in the future.”
Bob Walmsley, President and CEO, NuoDB: “Temenos’ commitment to innovation and research is fundamental to the advances we’ve made in this latest benchmark. Our joint development enables Temenos customers to achieve lower TCO for the solution using our distributed SQL database to dynamically scale in and out to align with the variable workloads inherent to banking application requirements.”
Temenos has been pioneering in the cloud since 2011 and the results of this benchmark are yet another first. Temenos was the first software provider to put a core banking system in the public cloud and the first to launch a payment hub, fully embedded into a core banking platform, in the cloud. Temenos has deployed more banks in the cloud than any other vendor.
– Ends –
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191121005336/en/
CONTACT: Media Contacts
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
KEYWORD: SWITZERLAND EUROPE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT SECURITY TECHNOLOGY SOFTWARE FINANCE BANKING
Copyright Business Wire 2019.
PUB: 11/21/2019 03:30 AM/DISC: 11/21/2019 03:30 AM