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Today, banking software company and Red Hat partner, Temenos, announced the integration of Red Hat Process Automation Manager into the Temenos Infinity digital banking platform. This comes as a result of a long-standing collaboration between Red Hat and Temenos and our shared commitment in helping organizations navigate this new world of digital banking by leveraging cloud-native, open source solutions.
As the banking industry experiences a new wave of digital disruption, driven by evolving technology, new startups and a rising demand from customers for fast and effective services, many financial institutions are turning to the cloud for support. In fact, IDC predicts that by 2025, 25% of tier 1 banks globally will deploy their data warehouses and analytics operations in the cloud1.
By integrating Red Hat Process Automation Manager with Temenos Infinity, banks can more easily tap into cloud-native technology to automate business operations such as onboarding and origination journeys in order to offer a more seamless digital experience for customers.
Delivering cloud-native digital banking
Red Hat Process Automation Manager utilizes microservices architecture to enable rapid modular deployment, scalability and resilience. The tool also offers business rules management, complex event processing and business resource optimization for process automation capabilities. Together, business users can more easily collaborate with developers so that applications can be aligned with business needs and reflect the necessary policies and procedures. From modeling, simulation and testing to deployment, monitoring and optimization, the web-based authoring environment allows project stakeholders to closely collaborate to build cloud-native business automation applications and microservices.
Developed from open source projects such as Drools and Kogito, Red Hat Process Automation Manager introduces cloud-native business automation technology to build modern business automation applications more efficiently. In addition, Red Hat Process Automation Manager is optimized for Red Hat OpenShift deployments with components available as container images and able to run on any cloud. Temenos Infinity, a digital banking platform that reimagines the customer experience by creating more consistent, seamless and human experiences across channels, is designed to support flexible banking architecture using advanced microservices and APIs. Together with Red Hat Process Automation, banks can more easily automate tasks and manage workflows to create straight through processing, streamline process management and improve customer satisfaction.
Process automation is especially crucial in the financial services industry as banks must adhere to industry regulations and standards. In addition to mitigating risk and managing processes for regulated environments, banks also need to provide customers with a frictionless user experience. Red Hat Process Automation Manager as part of Temenos Infinity enables cloud-based automation services so banks can better manage data and orchestrate processes to meet industry regulations, with minimal impact to the customer.
Building an ecosystem for the future
As we look to the future of digital banking, cloud-native offers a clear path for financial institutions to achieve success. At Red Hat, we believe in an ecosystem-driven approach to innovation. The integration of Red Hat Process Automation Manager with Temenos Infinity combines the power of Red Hat’s open source technology and community innovation with Temenos’ leading digital banking platform - offering banks an easier route to serve customers, and customers a more streamlined digital experience.
About the author
Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies.