Temenos, a software provider for the financial services industry, has acquired TriNovus, a software-as-a-service (SaaS) technology provider, with the aim of entering the US SaaS banking market.
Under the agreement, Temenos will increase its customer base in the US as well as provide it with the complementary products and local expertise to accelerate growth and launch a SaaS offering for the US market based on its real-time T24 core banking platform.
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T24 is Temenos’s insight solution for business analytics and its profile and screen anti-money laundering (AML) applications.
The acquisition of TriNovus will provide Temenos with: SaaS core processing expertise and the platform to launch T24. It will also provide ancillary solutions, such as statement rendering, and relationships with other third-party providers, which will enable Temenos to offer a comprehensive SaaS offering to US financial institutions and US$ 17 million of contracted revenue backlog and significant forecasted standalone growth.
CEB TowerGroup senior research director, Robert Hunt, said: "US banks are confronted with increasingly complex regulations, customer demand for new relationship-based products, and the growth of lower cost direct banks and non-bank competitors."
"Financial institutions can prosper in this new environment, but only by moving to a new operating model that supports the introduction of new value-added products, improves customer service, and significantly reduces operating expenses.
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By GlobalData"This model cannot be realized without modernizing the banks infrastructure, including the streamlining of operations and replacement of legacy software with modern, real-time core systems."
