Temenos and IBM have entered a partnership under which the latter will provide consulting and integration services as well as software and hardware for Temenos implementations.
This agreement builds upon an eleven-year technology and services collaboration between the firms, focused on wealth management.
There is already an overlap between the two. According to Temenos, 60 per cent of its clients use elements of IBM technology to support their core systems and over 55 per cent of T24 clients run the application on IBM hardware. Joint clients, such as Industrial Bank of Korea and Marfin Bank, will benefit by gaining the insight and regulatory expertise of the two companies, the firms said.
Recent economic hardships combined with new regulations have created added challenges to reducing costs and uncovering new revenue streams, but with this agreement the hope is that IBM and Temenos can convince even more wealth management firms that they have the solutions for them, their joint offerings providing more of a complete solutions suite.
“Extending our collaboration was a natural progression to help banks address today’s economic pressures around regulation, competition and consolidation. Regulatory changes will fundamentally impact banking business models worldwide, particularly in the mature market economies of North America and much of Continental Europe. With this enhanced services structure, Temenos and IBM will together help banks adopt solutions to transform business efficiency, cut costs and mitigate risk,” said Mike Head, global alliances director at Temenos.
