Banking software provider Temenos announced this week that Baxter Credit Union implemented Temenos’ Lifecycle Management Suite in Microsoft Azure. This makes the $2.8 billion credit union the first financial institution to take the Lifecycle Management Suite into the cloud.
This week’s launch includes the Collection, Service, and Loan Origination modules and comes after nine months of testing to ensure the functionality and security of the new technology. Because the implementation has reduced Baxter CU’s IT overhead, the credit union “will be able to focus their time and effort on optimizing and providing the best products and services.”
Jeff Johnson, the credit union’s CIO, said that because Baxter CU uses the Lifecycle Management Suite on a daily basis, they wanted to begin hosting it on Microsoft Azure. Johnson added that this will offer the credit union “the ability to scale more efficiently, reduce system response time, enhance disaster recovery abilities and run on optimally-sized hardware.” The move also aligns with Baxter CU’s “strategic initiative” to move all of its technology into the cloud. You can check out the detailed case study for further information on the implementation.
At FinovateEurope 2015, Temenos demoed its Connect Mobile Banking suite. The platform focuses on user experience and uses native and web technologies to optimize the performance of hybrid mobile apps. Temenos has recently signed Federacion Nacional de Cooperativas de Ahorro y Credito, Al Masraf, and Aktia as clients. The company added open banking, PSD2-based services to its MarketPlace initiative to its platform in May.
Founded in 1993 and headquartered in Geneva, Switzerland, Temenos employs 4,300+ people in 63 offices to serve clients in 145+ countries. David Arnott is CEO.