Temenos T24 is Now Transact: What This Means for Banks

The banking industry is rapidly evolving, driven by the need for digital agility, innovation, and customer-centric solutions. Temenos, a global leader in banking technology, has transformed its trusted Temenos T24 core banking system into the advanced, cloud-native Temenos Transact platform. This marks a significant milestone in modern banking, helping financial institutions discover online banking opportunities and deliver seamless digital experiences.

Built with open APIs, real-time processing, and AI-powered insights, Temenos Transact enables banks to operate with greater flexibility, efficiency, and security. It supports institutions of all sizes—from retail and corporate to private and digital-only banks—offering the scalability and performance needed in a fast-changing financial ecosystem.

Here’s what this transformation means for banks:

• The evolution from Temenos T24 to Transact and how it aligns with digital transformation.
  
• Core features that power modern, cloud-native banking systems.
  
• Operational improvements that enhance speed, accuracy, and automation.
  
• Key benefits such as scalability, compliance, and improved customer experience.
  
• The future of core banking and how Temenos Transact drives innovation and agility.
  

Introduction: The Evolution from T24 to Transact

In today’s rapidly evolving banking landscape, financial institutions need agile, modern, and scalable systems to stay competitive. Temenos T24, a long-standing core banking system, has been a trusted solution for banks globally, offering stability, reliability, and flexibility. Digital transformation is changing the banking industry. Temenos updated and renamed its platform to Temenos Transact. This new system is cloud-native and uses APIs. It is a modern digital core banking system.

• Temenos T24 has served as a foundation for global banks for decades.
  
• The transition to Temenos Transact aligns with digital banking transformation and modern financial services.
  
• Customer experience, operational efficiency, and compliance are central to the new platform.
  

This change lets banks add mobile banking, internet banking, AI in banking, and other digital tools easily. It also improves their main operations.

What is Temenos Transact?

Temenos Transact is the next-generation core banking system software, building on T24’s proven architecture. It is designed for financial institutions of all sizes, from private banking to banking for small business, offering comprehensive solutions for retail, corporate, and wealth management operations.

Key points:

• Supports both traditional banks and challenger banks.
  
• Built with cloud-native architecture, allowing Temenos Transact SaaS implementation.
  
• Provides Temenos Transact migration support for existing T24 users.
  
• Enables integration with Microsoft Azure, Google Cloud, and Temenos Infinity for enhanced digital capabilities.
  

Benefits include:

• Real-time transaction processing systems.
  
• Advanced data mapping and data migration tools.
  
• Open APIs to support modern banking software platform integration.
  
• Modular features like the treasury module, liquidity module, and loan origination.
  

Key Features of Temenos Transact

Core Banking Functionality

Understanding what is core banking system is essential to modern financial operations—it serves as the centralised banking core system that manages deposits, withdrawals, loans, and customer data in real time. This powerful system connects various banking channels, ensuring smooth and consistent service across all touchpoints. It also powers what is online banking, enabling customers to access their accounts, transfer funds, and perform transactions anytime, anywhere. Together, these systems enhance efficiency, security, and provide a unified digital banking experience.

• Comprehensive core banking system features such as account arrangements, pricing arrangement, customer configurations, and document management.
  
• Supports retail lending, wealth management, and infinite banking concept initiatives.

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Cloud-Native Architecture

Cloud-native architecture empowers banks to build flexible and scalable digital platforms that deliver the best online banking experience. It allows institutions to enhance their online banking services with faster performance, easier updates, and stronger security. Even complex investment banking services benefit from this approach, as it ensures agility and reliability in handling large-scale financial operations.

• Fully supports SaaS implementation and Temenos Transact for digital banking transformation.
  
• Scalable infrastructure for growing financial institutions.
  

Digital Front Office & Omnichannel Banking

Temenos Transact’s digital front office enables banks to offer seamless services across multiple channels, including mobile banking, internet banking, and branch networks. This Omnichannel Banking approach ensures consistent customer experience and faster service delivery. By integrating real-time data and personalised insights, banks can engage customers more effectively and improve overall satisfaction.

• Seamless mobile banking and internet banking experience.
  
• Enhances customer experience through digital channels.
  

AI and Machine Learning

Temenos Transact leverages AI in banking and machine learning to enhance decision-making and automate key processes. These technologies help banks improve customer acquisition, streamline customer onboarding, and deliver personalised online banking services for every banking account. By analysing data in real time, banks can predict customer needs, optimise operations, and provide a smarter, more efficient banking core system.

• Improves customer acquisition, customer onboarding, and predictive analytics.
  
• Supports big data analysis and personalised banking solutions.
  
  

Regulatory Compliance

Temenos Transact is designed to help banks meet strict regulatory and compliance requirements with ease. The platform automates key compliance processes, ensuring that financial institutions adhere to both local and international banking regulations. It also provides built-in tools for monitoring, reporting, and preventing financial crimes, helping banks maintain transparency and trust while safeguarding customer data.

• Ensures full compliance with global and regional regulatory standards.
  
• Offers automated reporting and robust financial crime prevention tools.

Advanced Platform Ecosystem

Temenos Transact offers an advanced platform ecosystem powered by Temenos software, integrating tools like Temenos Infinity, Temenos Infinity Engage, and Temenos Exchange. This ecosystem enables banks to innovate rapidly, launch new products efficiently, and deliver seamless online banking services. By leveraging Open APIs and modular architecture, institutions can enhance their banking core system and improve overall customer experience.

• Integrates with Temenos Infinity Engage, Temenos Exchange, and Temenos Transact Framework.
  
• Supports Enterprise Product deployment and performance testing.
  

How Transact Transforms Core Banking Operations

Temenos Transact is designed to modernise the core banking system, enabling banks to operate more efficiently, reduce manual intervention, and accelerate digital initiatives.

Key points:

• Automates transaction codes and payment gateways.
  
• Streamlines account arrangements and loan origination processes.
  
• Integrates relational database systems for better data mapping and management.
  
• Improves regulatory compliance with automated reporting and auditing.
  
• Supports banking as a service, enabling banks to launch new products faster.
  

Operational advantages:

• Reduced operational costs and errors.
  
• Faster data migration and system upgrades from T24 banking package.
  
• Enables real-time customer service across multiple channels.
  

For example, a regional bank used Temenos Transact to add digital front office features. This improved customer onboarding and allowed customers to find banking services through mobile apps.

Key Benefits of Temenos Transact for Banks

1. Enhanced Customer Experience

Tomenos Transact is committed to enhancing the interaction between the banks and their clients by delivering tailored and smooth digital access to them. Banks can be faster, more convenient, and customized with the help of such features as internet banking, mobile banking, and AI-based solutions. The digital front office features also guarantee the same quality and consistency of customer care in all channels.

• Seamless internet banking and mobile banking access.
  
• personalised services using AI in banking and machine learning.
  
• Better customer service with integrated digital front office.
  

2. Operational Efficiency

Temenos Transact simplifies work processes in financial institutions by automating certain tasks and minimising human input. Banks are able to work more efficiently with better transaction processing systems, faster data migration, and automated loan origination. It also helps in understanding and managing processes like what does ACH stand for in banking, reducing mistakes in setting up accounts and pricing arrangements, while improving overall productivity and operational reliability.

• Streamlined core banking system software processes.
  
• Faster data migration, improved transaction processing systems, and automated loan origination.
  
• Reduces errors in pricing arrangements and account arrangements.
  

3. Scalability

Tomenos Transact is created to expand across the sizes of the banks: big financial institutions and small business-based and individual banking. Its modular design enables banks to add more services and business to their existing systems without completely reworking them. This makes it flexible, enables the expansion of the transaction volumes and serves as the means of accommodating new lines of business.

• Supports expansion for financial institutions, private banking, and banking for small business.
  
• Modular design allows growth without overhauling the system.
  

4. Innovation Enablement

Temenos Transact enables the banks to embrace modern banking models and innovate at a high rate. It promotes banking as the service, the idea of infinity banking, and Omnichannel Banking so that the institutions can provide new products and services effectively. With the help of Temenos Infinity and Temenos Infinity Engage, banks will be able to improve their products and be competitive in the dynamic banking system.

• Facilitates banking as a service, infinite banking concept, and Omnichannel Banking.
  
• Leverages Temenos Infinity and Temenos Infinity Engage for product innovation.
  

5. Regulatory Compliance

Temenos Transact assists banks to remain highly compliant with the rules and regulations of the industry with reduced operational risks. Banks will be able to guarantee adherence to the standards of local and international standards with help of automated reporting, data retention policies, and strong financial crime prevention tools. This enhances confidence among consumers and authorities as well as protecting sensitive financial information.

• Automated reporting and data retention policies.
  
• Strong financial crime mitigation and compliance capabilities.
  

6. Cloud and SaaS Benefits

Temenos Transact is built on a cloud-native architecture, providing banks with scalable, flexible, and cost-efficient solutions. Through SaaS (Software as a Service) implementation, financial institutions can launch new services faster, reduce dependency on outdated legacy systems, and streamline their overall IT infrastructure. This modern approach enables banks to innovate continuously, enhance customer experiences, and quickly adapt to the evolving digital banking landscape.

• Supports rapid deployment through Temenos Transact SaaS implementation.
  
• Minimizes reliance on legacy systems and complex IT infrastructure.
  

Case Studies and Industry Examples

Global adoption of Temenos Transact highlights its effectiveness:

• Retail Banking Transformation: A leading bank implemented Temenos Transact for digital banking transformation, enhancing mobile banking and internet banking services for millions.
  
• SME Banking: A bank offering banking for small business streamlined loan origination and account arrangements, reducing processing time by 60%.
  
• Wealth Management: Integration with Temenos Infinity Engage enhanced customer service, customer onboarding, and digital Omnichannel Banking experience.
  
• Enterprise Product Deployment: Financial institutions leveraged Enterprise Product solutions and Temenos Transact Framework to expand digital offerings with minimal downtime.
  
• Migration Success: Banks using Temenos Transact migration support transitioned from the T24 banking package seamlessly.
  

The Future of Core Banking with Temenos Transact

The future of core banking is digital, agile, and customer-centric. Temenos Transact equips banks to meet these demands by providing a robust platform for innovation and transformation.

Key points:

• Supports open banking, AI in banking, and digital front office solutions.
  
• Enables challenger banks and fintechs to compete effectively with modern core banking system capabilities.
  
• Integration with Temenos Exchange and Open APIs allows faster deployment of new products.
  
• Best Temenos Transact service providers and Temenos Transact consulting partners help banks implement solutions efficiently.
  

Future outlook:

• Advanced machine learning for predictive banking.
  
• Enhanced big data analytics for customer insights.
  
• Expansion of Temenos Transact SaaS implementation across multiple geographies.
  
• Continuous innovation in customer experience and digital banking modernization.
  

Conclusion

The transition from Temenos T24 to Temenos Transact represents a major leap forward in digital core banking system innovation. Temenos Transact combines cloud-native design, AI-powered banking software, and strong regulatory compliance. It helps financial institutions give better customer service and work more efficiently.

With Temenos Transact migration support, banks can upgrade smoothly from T24, leveraging features like mobile banking, internet banking, Omnichannel Banking, and AI in banking. Working with top Temenos Transact service providers and consulting partners helps banks adopt the system successfully. It also speeds up digital banking changes.

Temenos Transact isn’t just a rebrand—it’s a complete reimagining of the core banking system, positioning banks to thrive in the modern banking industry while staying compliant,
innovative, and customer-focused.