Temenos the global provider of banking software is believed to be the first vendor to offer a banking solution in the Cloud. The company announced the availability of TEMENOS T24 (T24) on the Microsoft Windows Azure platform earlier this week.
Temenos says this technological development builds on its 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.
