Temenos, a leading provider of enterprise software for banks and financial services, has announced a strategic partnership with UK-based professional services provider Deloitte to drive modernization efforts for financial institutions in the United States. The collaboration, recently unveiled, seeks to offer cutting-edge technology solutions to enhance the core banking and payment capabilities of US financial institutions through cloud-based innovations.
The primary objective of this partnership is to empower financial institutions in the US to achieve cost-effective modernization and expedite the delivery of contemporary digital experiences.the two companies will join forces to help institutions capitalize on emerging business models, leveraging the potential of Instant Payments and Banking-as-a-Service (BaaS).
One of the key outcomes of this collaboration is the creation of a joint go-to-market strategy in the US, building upon the strong international relations between Temenos and Deloitte. This strategic move aims to foster market penetration in the large banks segment and collaborate with major players in the expansive realm of payment services.
Philip Barnett, President of Temenos Americas, expressed enthusiasm about expanding the partnership in the US market, citing the accelerating transition to cloud banking for financial services firms. He emphasized “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 modernize their core banking capabilities and accelerate the time to value.”
Under this collaboration, both the companies will collaboratively offer large banks an advanced approach to modernization, addressing competitive, regulatory, cost, and innovation drivers. Temenos, with its broad set of banking capabilities and an open platform, allows financial institutions of any size to pursue various business models. Deloitte, renowned for its consulting strength, will work closely with Temenos to implement solutions using standardized, process-driven best practices, ensuring faster, low-risk deployment.
Steve Hillas, Managing Director at Deloitte Consulting, highlighted “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.”
The Temenos and Deloitte collaboration signals a significant step towards fostering technological advancement in the US banking sector. The partnership's comprehensive approach to modernization is poised to reshape the landscape, providing financial institutions with the tools they need to navigate the evolving demands of the industry.
