Why pick Luxoft as your Temenos upgrade partner?

May 11, 2023 by Rammohan Duraikannu and Ian King

How a core banking system upgrade relieves the pressure / Luxoft blog

 

Modern banking requires constant innovation and changes to its products and services to keep in-line with client’s preferences. It’s imperative that the core banking systems supporting these functions are agile, scalable, resilient and portable. Banks around the globe have launched initiatives and programs to modernize their core banking systems and embrace newer technologies to quickly adapt and deliver products and services to the market.

Temenos continually invests in the Transact core banking solution to address client needs through the new modules, features and functions available with every major annual release. An annual benchmarking exercise on various stacks is performed to ensure the application complies with modern tenets of architecture (agile, scalable, resilient and portable). Banks running on Temenos always have access to the newest features to power modern banking requirements, so they must upgrade regularly to stay ahead of the competition.  

In most cases, Temenos upgrades have a broader scope than the simple release upgrade process and that scope varies for each client. Clients can perform a technical upgrade to update the underlying technology infrastructure, a functional upgrade that enhances product and service capabilities, reengineer their architecture, or re-platform.  

Whatever the bank’s objective might be, Luxoft is a reliable and innovative partner, enabling each firm to reach its target state through our various banking software services 

Luxoft’s Banking and Capital Markets teams partner with banks around the globe to assist their digital transformation journeys through platform modernization and developing new operating models that focus on improving the customer experience. As a Temenos partner, Luxoft is well placed to apply the knowledge and expertise gained from these implementations with other Temenos clients. 

 

Luxoft – Temenos overview

 

In 2020, Luxoft signed a global strategic agreement for an expanded partnership with Temenos to accelerate the digital transformation strategy for our large bank customers. Luxoft is also one of the very few global certified upgrade partners, certification being achieved in record time thanks to our wealth of experience and understanding of the upgrade process.  

Why pick Luxoft as your partner for upgrades?

 

A-team 

Our Transact upgrade experience is second to none. Luxoft‘s dedicated and dynamic upgrade team has developed a unique insight into the upgrade process through performing complex transformations and upgrade projects, improving performance with minimal downtime.  

Here’s a quick overview of our team’s expertise: 

Luxoft Transact upgrade team’s expertise in numbers

 

Time-tested methodology

Being a certified upgrade partner, Luxoft follows the TIM approach enriched with value-added processes. Broadly speaking, the approach consists of four distinct phases: 

Luxoft’s four-phase Tenemos upgrade approach

Value adds: 

Tooling 

The upgrade tools developed by Luxoft. Each tool is purpose-built to ensure a quality upgrade.  

Upgrade analyzer 

Scoping tool which helps extract and create a detailed overview of the Transact setup/configuration, local developments, impact on release upgrade, etc. Helps deliver accurate scoping and estimation. 

Data comparison 

Transact-specific comparison tool to compare data between source and target systems. Helps to validate the data integrity post-upgrade process. 

GL comparison 

Exclusively developed to provide insight into financial reporting lines in Transact and identify transactional-level differences between pre- and post-upgrade. 

Object explorer 

Provides a detailed catalog of the components implemented in a Transact environment including parameterization with dependency information. Helps identify used/unused components for cleanup/decommissioning or for decomposing the core. 

Upgrade automation 

Luxoft’s automation framework enables future upgrades, minimizing the effort and time spent on the upgrade process. This value-add service is offered on request as the setup and execution steps vary with each Transact implementation.  

Automation process 

Temenos upgrade automation process: Technical details for three stages / Luxoft

Trusted partner for the digital transformation journey

 

Banks can take advantage of many new Temenos features and frameworks by implementing them as part of the upgrade. Framework deployment provides banks with new modes of API-driven integration and the use of microservices. This ensures systems are more scalable and flexible. In addition, some of the upgrade core features reduce the bank’s dependency on local customizations, utilizing total Transact functionality. 

Luxoft works with clients to build an upgrade strategy and tailor the roadmap to provide incremental business capability in-line with business priorities. Together, we address technology obsolescence and rearchitect the landscape to future-proof the application. This progressive digital roadmap is designed to minimize impact on BAU operations and allow for the upskilling of existing IT support and operations teams. 

 

Free scoping exercise

 

An upgrade can take anything from a few months to a couple of years to complete. Understandably, prospects need an idea of the cost and timescale of an upgrade process. So, we undertake a free scoping exercise to get to know the system and client requirements. 

The client completes a questionnaire, providing a detailed description of their current- and desired end-state architecture. Then Luxoft prepares a client-specific upgrade analyzer tool, designed and executed in the client’s environment to provide the required transformation data and insights. 

Like to take it further?

 

To learn more about the world’s #1 core banking system software, visit our Temenos Services page. Or, if you’d like to arrange a Temenos demonstration, health check or upgrade, contact us.

 

For more Banking and Capital Markets insights, see Luxoft on LinkedIn

Authors
  Ian King , Temenos Practice Director, Banking and Capital Markets, Luxoft
Ian King
Temenos Practice Director, Banking and Capital Markets, Luxoft

Ian leads the Temenos practice within Luxoft. He brings over 30 years of experience in many roles within banking and capital markets, having worked at several large financial institutions before moving into consulting. Ian has operated in all aspects of the technology business, from infrastructure, application support and development, plus project and program management, to leading a Temenos capability of over 240 people. He’s looking to grow our capabilities and bring exceptional value to all Luxoft clients.

Rammohan Duraikannu , Director, Temenos CoE, Banking and Capital Markets, Luxoft
Rammohan Duraikannu
Director, Temenos CoE, Banking and Capital Markets, Luxoft

Ram leads Luxoft’s Temenos Center of Excellence team in India. He has over 23 years of Temenos experience and has performed multiple roles in various Temenos engagements, ranging from implementation, upgrades, enhancement, product development and system audits across multiple geographies. Ram has led Temenos CoEs for many years, setting up knowledgeable teams to deliver projects and accelerators to complement our services.

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