Amazon Web Services (AWS) has joined with cloud banking software provider Temenos for an extended partnership, which will reportedly allow banks to process 100,000 transactions a second.
The multi-year agreement will see the full suite of Temenos’s banking solutions offered as part of AWS on an as-a-service basis.
Founded in 1993, the Swiss headquartered company’s solutions are used by both retail and commercial banks.
What does this offer users?
Temenos says the partnership makes use of regional AWS Availability Zones (AZ) to provide high availability within a single region, avoiding data sovereignty issues or the need to purchase additional infrastructure.
In addition, Temenos says its digital banking platform can scale to meet growing customer demands and enables banks to lower their total cost of ownership by reducing infrastructure management and enabling automated deployment using Infrastructure as Code (IaC) tools.
Temenos also claimed its solutions help banks reduce their carbon footprint and support them in achieving their ESG goals compared to on-premises deployments.
Cloud computing is seeing widespread adoption within the banking industry.
According to a Google Cloud study, 83 percent of the financial services companies surveyed report they are deploying cloud technology as part of their primary computing infrastructures, with US banks leading in terms of cloud adoption.
"Temenos delivers cloud-native digital banking solutions to thousands of the world’s leading financial services organizations, and we are excited to expand our relationship with them,” said John Kain, Head of Financial Services Market Development, Amazon Web Services.
“Combining the reliability, high performance, and security of AWS with Temenos digital banking solutions, we can offer banks the business agility they need to transition to the cloud with confidence and innovate faster than ever before."
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
Will McCurdy has been writing about technology for over five years. He has a wide range of specialities including cybersecurity, fintech, cryptocurrencies, blockchain, cloud computing, payments, artificial intelligence, retail technology, and venture capital investment. He has previously written for AltFi, FStech, Retail Systems, and National Technology News and is an experienced podcast and webinar host, as well as an avid long-form feature writer.