Cognizant, a professional services company headquartered in the US, has announced a five-year strategic engagement with Temenos to develop and market the Temenos Country Model Bank in Australia.
The Country Model Bank is an extension of Temenos’ core banking platform, designed to help financial institutions accelerate implementation by offering pre-configured, region-specific banking functions intended to reduce cost and risk.
Financial institutions in Australia face growing regulatory demands and challenges linked to legacy systems that limit their ability to adapt.
By combining Temenos’ cloud-native banking technology with Cognizant’s implementation and market expertise, the Country Model Bank is intended to provide a pre-configured framework that supports modernisation while aiming to lower costs and operational complexity.
As Temenos’ preferred upgrade partner in Australia, Cognizant will further develop regionalised functionality, tailoring the platform to meet the requirements of local financial institutions.
“We are delighted to collaborate with Cognizant, strengthening our commitment to delivering agile and future-ready banking solutions in Australia,”
said Will Dale, Managing Director, APAC, Temenos.
“Together, we are driving digital transformation that enhances efficiency and scalability for financial institutions.”
Archana Ramanakumar, Global Head of Industry Solutions at Cognizant, highlighted the significance of the partnership, noting over 15 years of collaboration with Temenos globally.
She said:
“This will be a true game-changer for Australian financial institutions that are on their digital transformation journey, delivering a pre-integrated, market-ready solution that aims to significantly reduce risk in core modernisation initiatives.”
Featured image credit: Edited by Fintech News Singapore, based on image by aboodi vesakaran via Unsplash
The article first appeared on Fintech News Singapore
