Temenos, a provider of banking software, has launched Temenos 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 CCapital Global – are in the first phase of migration, which is currently underway and is expected to be completed by 2Q11. The remaining seven will migrate later in 2011.
“Celent has noted that there is an increase in demand for outsourced core banking systems in many geographies. Hosting T24 on Microsoft’s Azure platform gives financial institutions anywhere in the world the ability to deploy the system on a per use basis. Giving customers this option opens up entire new markets for both Azure and T24,” said Bart Narter, senior vice president (SVP) banking, Celent.
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