Temenos Payments Hub becomes first payments solution to be available on IBM Cloud for financial services

Temenos today announced that Temenos Payments Hub has become the first dedicated payments solution to deliver innovative payments capabilities on the IBM Cloud for Financial Services®, an industry-specific platform designed to accelerate financial institutions’ digital transformations with security at the forefront. Now, with the Temenos Payments Hub on IBM Cloud for Financial Services, the solution is available across IBM’s hybrid cloud infrastructure, running on Red Hat OpenShift with IBM Power as well as LinuxONE.

„Temenos Payments Hub is designed to offer the first step for banks to take advantage of the new payments initiatives such as the FedNow Instant Payments Service in the US and SEPA Instant in Europe and offer secured, digital banking services to customers. With Temenos Payments Hub, banks can progressively modernize their payments capabilities and their integration with new payments schemes and rails.” according to the press release.

This collaboration with IBM cements Temenos’ long history of helping clients to transform with cloud, enabling the availability of Temenos’ payments solution on the public cloud and offering clients the confidence that the Temenos platform can help them address their stringent regulatory requirements. With Temenos Payments Hub on IBM Cloud for Financial Services, banks can combine IBM’s expertise in providing secured, cloud infrastructure with Temenos’ innovative payments solutions.

IBM Cloud for Financial Services aims to help reduce risk throughout the supply chain by addressing resiliency, performance, security and regulatory compliance obligations for financial institutions. The IBM Cloud® Framework for Financial Services has an industry-defined security and a streamlined compliance controls framework, built in collaboration with the IBM Financial Services Cloud Council, a 140-plus member group bringing together CIOs, CTOs, CISOs and risk experts from over 80 financial institutions to help mitigate systemic risk across the financial services industry. Only ISVs and SaaS providers that are validated to be in alignment with the Framework are eligible to deliver offerings on the IBM Cloud for Financial Services.

Temenos Payments Hub has been validated to be in alignment with IBM’s Framework and by running Temenos Payments Hub on IBM Cloud for Financial Services, the solution aims to enable clients to stay agile and at the forefront of innovation.

„This can help them deliver fast, reliable, and transparent payment services to their customers, without the need to build and maintain custom security and compliance controls themselves. This can also help banks to quickly take advantage of new innovations such as instant payments, while also providing a secured platform to progressively modernize their payments capabilities on a single code base across Temenos’ composable banking platform.” the company explains.

Ross Mallace, EVP Global Head of SaaS & Partner Ecosystem, Temenos, said:

“Following on from a number of recent wins for SEPA Instant processing in Europe and our certification for the FedNow program in the US as well as a win with a global payments leader, Temenos sees tremendous growth opportunities in the payments space. With Temenos Payments Hub, banks can quickly implement instant payments services like FedNow and can then proceed to progressively modernize their payments capabilities. We continue to invest in our single code base across payments and core banking, which is helping banks accelerate time to value.”

By meeting the requirements of the IBM Cloud Framework for Financial Services, Temenos is the first payments solution on IBM Cloud for Financial Services, further reinforcing Temenos’ commitment to helping clients with their payments transformation, while also making it more accessible to the large number of financial institutions already working with IBM.

Prakash Pattni, MD, Financial Services Digital Transformation, IBM Cloud, commented:

“With Temenos Payments Hub now available on IBM Cloud for Financial Services, we are continuing our longstanding collaboration with Temenos to help financial institutions around the world deploy next-generation banking technology, improve customer experience and reduce costs. The payments ecosystem is at an inflection point for transformation and we believe this collaboration can be a catalyst for change – helping organizations on their payments modernization journey. With our work together, IBM and Temenos are committed to empowering banks to embrace instant payments in a hybrid cloud environment while helping the banks address challenges in security, governance and compliance.”

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In addition to the Temenos Payments Hub, Temenos open platform, running on Red Hat OpenShift, is available on IBM Power, LinuxONE and IBM Cloud for Financial Services to enable banks to realize the benefits of hybrid cloud. Temenos is actively working with IBM Infrastructure and IBM Consulting to support core banking modernization in a managed hybrid cloud. The combination of Temenos open platform and IBM’s hybrid cloud infrastructure aims to help accelerate banks’ digital transformation by providing enhanced security, operational efficiency and innovation. It is also designed to enable modernization of technology stacks and coexistence with hybrid cloud platforms.

Temenos Payments covers the complete payments lifecycle from order intake to clearing and settlement. It combines deep end-to-end functionality with the most advanced cloud-native, cloud-agnostic, Explainable AI, and API-first enabled payments technology. Temenos Payments can scale massively handling all payment types and schemes, helping banks to gain greater efficiency and lower costs. Temenos was recently ranked the #1 best-selling payments system in the global IBS Sales League Table for the fifth year in a row.