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Temenos takes T24 to the cloud
7 February 2011
Global banking software provider Temenos has launched Temenos T24 (T24) on the Microsoft Windows Azure platform, making it the first core banking system to go into production with customers on Azure.
The combination of T24 and the Windows Azure platform, including SQL Azure, allows banks to remove the high data centre costs associated with running a multi-application environment by moving these operations to a consumption-based pricing model. Banks will no longer need to expend time and budget on provisioning and operating hardware resources, as running T24 natively on the Windows Azure platform enables them to scale resources effectively and increase volume according to customer demand. This technological development builds on Temenos’ experience of core systems applications in hosted environments and will offer far reaching operational and financial gains to certain banking markets across the globe.
“We are extremely pleased to be taking T24 into the cloud – a move which will offer an exciting future for specific banking markets and open up new opportunities for Temenos,” said Andreas Andreades, chief executive officer, Temenos. “As a key strategic technology partner, we are delighted to be leveraging our relationship with Microsoft, which not only reinforces T24’s close compatibility with Microsoft technologies to offer banks a core platform that operates extremely effectively in the cloud, but also highlights our dedicated investment to evolve T24 in response to market and customer change.”
As part of the launch, Temenos has embarked on its first cloud migration to move a network of 12 Mexican financial institutions from a traditional hosted environment onto the Windows Azure platform. Five of these – Sofol Tepeyac, Grupo Agrifin, Findeca, Soficam and C.Capital Global – are in the first phase of migration, which is currently underway and is expected to be completed by Q2 2011. The remaining seven will migrate later in 2011.
Speaking about the migration of his company’s banking system to Windows Azure, Bart Narter, senior vice president at Celent, said: “Celent has noted that there is an increase in demand for outsourced core banking systems in many geographies. Hosting T24 on Microsoft's Azure platform gives financial institutions anywhere in the world the ability to deploy the system on a per use basis. Giving customers this option opens up entire new markets for both Azure and T24.”
“We are excited to see a market leader like Temenos actively taking its clients to cloud-based solutions on the Windows Azure platform. This will provide a differentiating edge to banks, helping them lower costs, enhance operations, and build new, mission-critical business opportunities with flexibility and a rapid time to market,” said Karen Cone, general manager, Worldwide Financial Services, Microsoft. “This is a very natural progression for Temenos, whose T24 platform and its architecture offer a close fit to a cloud environment. It also enables the company to make a quick and smooth transition of its existing outsourced clients into the cloud.”