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Temenos Transact description
Temenos Transact is a comprehensive banking software used by financial institutions worldwide. It offers a wide range of features covering various banking needs like managing accounts, processing transactions, and handling loans. Designed to be flexible and scalable, it caters to banks of all sizes and helps them adapt to changing industry demands. Its focus on digital innovation aims to provide a modern and efficient banking experience.
Who is Temenos Transact best for
Temenos Transact is a robust core banking system ideal for large financial institutions needing comprehensive and customizable solutions. Users praise its real-time processing and broad functionality but note slow login times and complex administration as drawbacks. It excels in handling lending, loans, and other core banking needs.
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Best fit for enterprise-level financial institutions.
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Ideal for banks seeking comprehensive core banking solutions.
Temenos Transact features
| Supported Temenos Transact supports account creation through APIs and core banking functionalities. |
| Supported Temenos Transact supports loan applications for various lending needs. |
| Supported Loan status tracking is supported through the Corporate Lending module. |
| Supported Account balances can be viewed in real-time and via APIs. |
| Supported Temenos Transact supports loan disbursement as part of its lending management features. |
We evaluate the sentiment that users express about non-functional aspects of the software
Reliability and Performance
Temenos Transact reviews
We've summarised 69 Temenos Transact reviews (Temenos Transact G2 reviews) and summarised the main points below.
- User-friendly interface and easy to use.
- Highly customizable to specific banking requirements.
- Real-time processing capabilities.
- Comprehensive banking functionalities covering lending, loans, retail, trade, treasury, and compliance.
- Strong security features and access controls.
- Slow login times, impacting transaction processing speed.
- Limited data retention within the core application, only 1 year.
- Large data reports are not supported.
- Complex configuration and administration.
- Lack of a monitoring process to proactively identify issues.
Temenos Transact pricing
The commentary is based on 2 reviews from Temenos Transact G2 reviews.
Temenos Transact offers robust banking solutions with customization and excellent support. While generally praised for its functionality, some users note the software's cost can be a concern. No pricing details are publicly available, suggesting it may be tailored to individual clients.
Users sentiment
Temenos Transact alternatives
CoreBankBetter for managing basic banking operations. Less comprehensive feature set for lending and loan management. Temenos Transact alternative for smaller banks focused on essential functionalities.Read more
ServiceNow Financial Services OperationsBetter for streamlining operations and automating workflows. Has more momentum currently. Lacks features for loan disbursement, account opening, and loan applications.Read more
FinfluxMore focused on lending automation and digital workflows. It has seen significantly more momentum recently. Better for small businesses. A Temenos Transact competitor and alternative.Read more
QuickBooks Desktop EnterpriseBetter for basic accounting in various industries like manufacturing and retail. A Temenos Transact alternative for mid-sized businesses needing payroll, inventory management, and reporting features.Read more
FlinksMore focused on data analysis via API for financial institutions. Has grown website traffic faster, but has less momentum in employee growth. Provides more integrations with Canadian banks.Read more
TaktileBetter for smaller businesses needing streamlined decision workflows in finance. Higher rated by users and has faster employee growth, indicating strong momentum. Easier implementation and better customer service.Read more
Temenos Transact FAQ
What is Temenos Transact and what does Temenos Transact do?
Temenos Transact is a core banking system designed for financial institutions of all sizes. It offers comprehensive functionalities for account management, transaction processing, lending, and more. Highly customizable and scalable, it helps banks adapt to evolving industry needs and improve operational efficiency.
How does Temenos Transact integrate with other tools?
Temenos Transact integrates with other tools through APIs and its core banking functionalities. This allows for seamless data exchange with various systems, including those for account opening, loan applications, and real-time balance viewing. It also supports integrations for loan disbursement and lending management features.
What the main competitors of Temenos Transact?
Alternatives to Temenos Transact include CoreBank, iCBS, ServiceNow Financial Services Operations, and Flinks. These competitors offer similar core banking capabilities, financial data analysis tools, and operational management platforms for financial institutions.
Is Temenos Transact legit?
Yes, Temenos Transact is a legitimate core banking software used by financial institutions globally. It's known for its comprehensive features and customizability, but potential users should be aware of reported slow login times and complex configuration. Consider exploring alternatives if these are critical concerns.
How much does Temenos Transact cost?
I couldn't find pricing details for Temenos Transact. Contact Temenos directly to discuss pricing options and determine if Transact is worth the investment for your needs.
Is Temenos Transact customer service good?
Customer reviews on Temenos Transact highlight excellent customization and support. However, some users mention that technical support could be improved. While the software is praised for its comprehensive banking solutions and data management capabilities, cost is a potential concern.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.