HCLTech inks deal with Swiss Temenos for digital transformation of banks

Indian IT services firm HCLTech on Wednesday has partnered with Switzerland-based banking software firm Temenos to drive digital transformation in banks and other financial institutions.   

In June 2020, the two companies have signed an exclusive agreement for seven years in which HCL has been granted a licence to develop, market and support Temenos multi-experience development platform (MXDP) primarily for non-financial services firms.  

Now, as part of the extended partnership, HCLTech will offer its cloud hosting, implementation and integration capabilities to Temenos’ open banking platform that includes core banking, digital banking and wealth management solutions, to enable banks and other financial institutions to scale up their digital transformation. HCLTech will also support Temenos’ clients in their transition to the cloud to help them deliver omnichannel customer experience.  

“We are delighted to double down on our successful partnership with Temenos to enable financial institutions adapt to the digital-first economy and evolving customer preferences. The HCLTech-Temenos collaboration brings best-in-class capabilities to clients in the financial services industry, backed by proven track record and trust,” said Sudip Lahiri, Executive Vice President and Head – Europe, Financial Services, HCLTech.   

Ross Mallace, Executive Vice President, Global Head of Partners, Temenos said that Temenos’ cloud-native banking platform combined with HCLTech’s expertise will help banks of all sizes to accelerate modernization timelines, reduce total cost of ownership and sustainably grow their business.”   

On the latest initiative, HCLTech and Temenos are already partnering with several global banks and have set up the HCLTech-Temenos Center of Excellence (CoE), which has over 250 subject matter experts.