Yugabyte Partners With Banking Software Firm Temenos
Temenos, whose systems serve 1.2 billion people – one-third of the world’s banked population, has chosen YugabyteDB as a strategic database to power the core banking capabilities of Temenos open platform for composable banking.
The Temenos open platform allows banks of all sizes to compose, extend and deploy pre-built banking services and the broadest set of banking capabilities at scale.
As part of the new partnership, YugabyteDB will be available to banking clients who choose to run Temenos open platform on their own infrastructure, whether that is on their own public cloud instances, on-premises, or in their private or hybrid clouds.
Temenos has been deploying its highly-popular core banking capabilities for clients on cloud since 2011. By using cloud native architecture and tools, Temenos has enabled its impressive roster of 41 of the world’s top 50 banks to adopt flexible, scale-out solutions that align costs to changing business volumes and ensure high resilience to failure as standard.
Adopting Yugabyte technology takes this capability to the next level by delivering comparable flexibility and availability in the data layer.
Tony Coleman, Temenos Chief Technology Officer, said, “Yugabyte brings exceptional technology performance, scale, and resilience to this partnership. Along with its unrivalled global database expertise and its service capabilities, YugabyteDB was a natural fit with our vision for the future of our technology cloud based proposition.”
Tenemos’ decision to choose Yugabyte included:
- Yugabyte’s cloud-native data layer, which delivers unlimited horizontal scaling with banking-industry level resilience and security.
- Yugabyte’s fully managed service, which gives Temenos peace of mind.
- Yugabyte’s proven open source commitment and cloud vendor independence.
- YugabyteDB’s acknowledged full code compatibility with the open source PostgreSQL database query language–seen as an excellent foundation for full Temenos software interoperability.
Yugabyte CEO, Bill Cook added, “Temenos has long recognized the critical value of cloud-native for its demanding market. That’s because, as a true market leader and core banking platform innovator, it knows that only truly agile and modular deployment backed by cloud-vendor independence will help it serve the needs of the thousands of its bank users, at all tiers and market niches.”
He continued, “A horizontal scale-out cloud-native database was the required element to support Temenos’ ambitious plans, so we’re honoured to help integrate Yugabyte into its highly sophisticated architecture and so enable future mutual success.”
Temenos’ decision to award this partnership to Yugabyte was made after an intensive evaluation process, and evidenced how YugabyteDB meets the demanding performance criteria of one of the world’s most data intensive industries. The first phase of the partnership will see Temenos and Yugabyte engineers working together to simplify and scale Temenos’ offerings and make them more cost-effective.
The two teams look forward to achieving exacting standards of high performance and low latency for cloud and on-premises financial service client deployments, as well as avoidance of CSP lock-ins or dependencies for any Temenos service or client.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. 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 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic, and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence. Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business. For more information, go to: Temenos.
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global transactional applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance, and cloud native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail, e-commerce, and other verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners, Dell Technologies Capital, Sapphire Ventures, and others. For more information, go to: Yugabyte.