Temenos, a provider of enterprise software for banks and financial services, has teamed up with UK-based professional services provider Deloitte to advance modernisation for US banks.
The collaboration aims to provide technology solutions to help US financial institutions advance the modernisation of their core banking and payment capabilities in the cloud.
Temenos and Deloitte Consulting will help financial institutions rapidly deliver modern digital experiences at a low cost and take advantage of new business models.
The partnership will also create new market opportunities such as Instant Payments and Banking-as-a-Service (BaaS).
It will enable a joint go-to-market strategy in the US, building on close international relations between the two companies.
The partnership will open a new channel to advance market penetration in the large banks segment, along with large-scale payment players, said Temenos.
Temenos Americas president Philip Barnett said: “We are excited to formally expand our relationship in the US market with Deloitte as the transition to cloud banking accelerates for financial services firms.
“With our joint go-to-market strategy with Deloitte, we will accelerate our penetration in the US market, specifically in the large banks segment.
“Together, we can support financial institutions with their payments’ transformation across multiple payment schemes and evolving regulations and we can help them to progressively modernise their core banking capabilities and accelerate the time to value.”
Under the partnership, the two companies will jointly provide large banks with an advanced approach to modernisation, addressing competitive, regulatory, cost and innovation drivers.
Temenos has a broad set of banking capabilities and an open platform that allows US financial institutions of any size to pursue any business model.
Deloitte will work closely with Temenos to implement their solutions using standardised, process-driven best practices for faster, low-risk deployment.
Clients can access Deloitte’s consulting strength and Temenos’ set of composable banking capabilities and Software-as-a-Service (SaaS) solutions on its cloud-native banking platform.
Deloitte Consulting managing director Steve Hillas said: “As the banking market moves to the cloud, Temenos offers a compelling proposition to US banks.
“With our know-how and deep experience with Temenos implementations, Deloitte can serve as an accelerator for banks to pursue a technology modernisation strategy, helping them to evolve their clients’ experiences, gain operational resiliency and position for ecosystem plays.”
