In a move aiming to redefine banking operations, Temenos has launched its latest innovation: Temenos Positions.
This financial processing solution is tailored to address the challenges faced by institutions with intricate, multi-core systems spanning various lines of business in both retail and corporate banking.
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Temenos Positions is an immediate source for managing and distributing balances, instruments, and financial movements across a bank’s complete system environment, regardless of its technological framework.
This enables banks to reduce operational risk, improve financial efficiency, and develop and introduce complex financial products and services, therefore enhancing profitability and customer experience.
Moreover, numerous banks use outdated technology stacks with many core systems functioning in silos, posing significant barriers to core transformation due to the complexity of changing the complete IT infrastructure. This leads to a lack of a comprehensive perspective of real-time financial conditions, significant integration and reconciliation expenses, and manual processing.
Banks can start a gradual modernisation path and handle their immediate operational efficiency needs with Temenos Financial Positions without having to completely revamp their main banking platform.
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By GlobalDataTemenos Positions is a solution that uses Temenos’ core banking platform to handle sophisticated use cases including back value processing and numerous balance types.
It is intended for server-less deployment, allowing for up to 30% quicker deployment times and supporting cloud-native installations.
The launch is expected to streamline operations, reduce costs, and enhance the banking experience for both institutions and customers.
Jost Hoppermann, Hoppermann Advisory, stated: “Most banks are burdened by a legacy debt of multiple core systems from different generations, and many need to manage the co-existence of legacy and modern cores. With Temenos Positions, Temenos is offering a lean solution that will help isolate different architectural elements, move off older back-end capabilities, and add new front-end capabilities in a smoother way. A real-time data source of truth is essential for evolutionary transformation in banking. This will also help banks to deliver an improved customer experience, with real-time updates on account balances, enhancing transparency and trust.”
Tony Coleman, chief technology, and innovation officer, Temenos, added: “The inconvenient truth for many banks is that they have no real-time positions or funds authorisation across the enterprise. Temenos Positions solves this problem by providing a real-time source for all balances and funds authorization. Engineered to handle a vast number of instruments and high-volume processing, Temenos Positions can process high volumes of instruments efficiently and at scale. It does this without Close of Business processing, just a simple date flip, making it ideal for banks with large transaction volumes.”
