Banking software company, Temenos, has extended its strategic relationship with the world’s leading provider of enterprise open-source solutions, Red Hat. This latest move would see Temenos integrate Red Hat Process Automation Manager with Temenos Infinity cloud-native digital banking services.
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As a result of this integration, business processes underpinning onboarding and origination journeys are modeled and delivered via Red Hat Process Automation Manager, an industry-standard enterprise-grade tool that can enable banks to deliver faster, frictionless digital and onboarding journeys across multiple channels.
The collaboration further enables Temenos and Red Hat to leverage their respective technologies and expertise to accelerate the growth of digital banking on hybrid cloud infrastructure across banking segments. Temenos is the top-selling digital banking platform worldwide, and Red Hat is widely adopted within the banking sector. All of the Fortune Global 500 commercial banks and more than 90 percent of the Fortune 500 use Red Hat technologies.
More broadly, Temenos and Red Hat are streamlining the path to open, cloud-native banking. Temenos digital banking services are built for the cloud in containerized microservices. On Red Hat OpenShift, these cloud-native applications can run across multiple clouds or in a hybrid, on-premise, and cloud environment.
To scale efficiently and deliver a simplified, more seamless digital experience that customers expect from their bank requires a high degree of automation, from identity checks and screening to credit scoring and risk assessment. This integration with Red Hat Process Automation provides the tools banks need to model the flows and policies required for the onboarding and origination of a wide range of products. With a flexible solution landscape, ranging from simple retail and SME loans to complex credit solutions.
Red Hat Process Automation Manager on Temenos Infinity enables automation everywhere, helping users improve accuracy, increase productivity, and volume processing. It can also assist customers with their compliance requirements, such as fair lending practices and cost savings—all under one extensible and flexible platform.
In addition, Red Hat Process Automation Manager unlocks the benefits of open-source solutions, such as Drools, a powerful rules engine. This means Temenos’ banking customers can benefit from Red Hat innovation and the collective output of the entire open-source community to future-proof their infrastructure.
Joaquin de Valenzuela Muley, SVP & Business Line Director – Temenos Infinity, said: “We are excited to extend our strategic collaboration with Red Hat. Together, we help banks deliver the digital experiences their customers want and scale efficiently. The integration with our digital banking platform solves a real pain point and opens the door to joint engagements with financial institutions including tier-1 banks that need a hybrid cloud solution.”
Kelly Switt, Global Senior Director, FSI Ecosystem and Strategic Partnerships, Red Hat, commented: “Red Hat’s collaboration with Temenos is built on a shared belief in the power of open source to fuel the next generation of digital banking services. By combining Temenos’ leading digital banking services with Red Hat’s enterprise-grade open-source technology, we can enable banks to deliver enhanced digital experiences for customers and scale more efficiently across the open hybrid cloud to meet industry demands today, tomorrow, and beyond.”
