Temenos, the provider of banking software, announced the availability of TEMENOS T24 (T24) on the Microsoft Windows Azure platform, making T24 the first core banking system to go into production with customers on Azure. 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.
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.
As part of this 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.
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, commented Karen Cone, general manager, Worldwide Financial Services, Microsoft Corp. 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.
D.C.