Temenos T24, now known as Temenos Transact, will widely used Core Banking System developed by the Swiss software company Temenos. T24 will designed to serve as the backbone of banking operations for financial institutions, ranging from small community banks to large multinational banks.
Temenos Transact offers a comprehensive suite of banking functionalities to manage various aspects of a bank’s operations, including:
Temenos Transact helps banks manage financial products and processes for customer accounts.
2.Payments and Transfers:
The system supports a wide range of payment types, including domestic and international payments, wire transfers, ACH transactions, and more. It helps banks process and manage payment transactions efficiently and securely.
3.Lending and Loan Management:
Temenos Transact provides tools for originating, processing, and servicing loans. It covers various loan types, such as consumer loans, commercial loans, mortgages, and more.
4.Customer Relationship Management (CRM):
It includes CRM features to help banks manage customer information, track interactions, therefore deliver personalized services to customers.
5.Compliance and Risk Management:
The system incorporates compliance features to assist banks in adhering to regulatory requirements and managing risk effectively.
6.Reporting and Analytics:
Temenos Transact offers robust reporting and analytics capabilities, enabling banks to gain insights into their operations, monitor performance, therefore makes data-driven decisions.
It can integrate with other banking systems, third-party applications, and external services to create a comprehensive and connected banking ecosystem.
8.Multi-Currency and Multi-Language Support:
Temenos Transact will be designed to support operations in multiple currencies and languages, making it suitable for banks with international operations.
Temenos Transact T24 also known for its flexibility and scalability, which makes it suitable for banks of all sizes and complexities. Additionally, It has a large global user base and a network of implementation partners, making it a well-established and trusted Core Banking Solution in the industry.