In our digital-first world, every successful organization uses robust software and applications to power the business forward, innovate, reduce costs, and drive scalability. Banks and financial institutions are no different. Many financial organizations use Temenos Transact banking software to bring all their financial solutions into one platform. As with any software solution that has been around for dozens of years, it comes with its own set of baggage. Baggage that we refer to as technology debt.
We’ll look at common hurdles banks face with Temenos Transact and how you can overcome them.
What is Temenos Transact?
Temenos Transact known colloquially as T24, is a core banking system providing product definition, transaction processing, unparalleled operational scalability, reliability, performance, and functional depth. T24 is widely used by banks and other financial institutions around the world. It helps financial institutions streamline their operations, improve their customer experience, and increase efficiency, which can lead to significant cost savings and increased profitability.
Temenos T24 lets banks scale quickly, bringing your data and functionalities to a single platform. Financial institutions recognize it as one of the leading banking applications out there.
Challenges of migrating from Temenos T24
While Temenos T24 is a leader in core banking software, it comes with its challenges, including archiving content—whether it is struggling to access data, regenerating reports, or managing varying application groups. If you address Temenos T24’s core issues, you can reduce your technology debt, freeing up funding for innovation and achieving cost savings with more efficient applications.
Let’s explore a few of the top challenges with T24.
Accessing T24 data
Unlike other relational database management systems (RDBMS), T24 holds data within the database, requiring references to parse it. Because data records are stored in two columns as multi-value fields in the database, it’s challenging to access, convert, and extract them.
Regenerating T24 reports and statements
Extracting data from T24 is complex because of the two-column, multi-value field format and the need to use other products to access crucial reports and statements. Getting the data in an easily digestible and accessible arrangement is paramount but a big hurdle to overcome.
Managing different application groups and providing end-user access
If you don’t manage user roles and responsibilities, user provisions, and integrations properly, you may put yourself at risk of security threats, reduced productivity, and increased costs. But managing these functions is time-consuming, and any minor error can result in serious consequences.
Let’s break down this further to get a better insight:
- Complex access controls: Temenos T24 has multiple access control levels that make managing and granting access to specific applications or functions for different user groups cumbersome.
- Numerous user roles: Each user group in Temenos T24 includes varying permissions and responsibilities that require different access levels to applications and functions.
- A complicated provisioning process: Provisioning users in Temenos T-24 is time-consuming and complex, especially when you have hundreds of users with confusing access requirements.
- Not-so-seamless integrations: Integrating Temenos T-24 with other systems, like directory services, only increases the complexity of managing access for numerous user groups.
How does Platform 3 Solutions help?
Platform 3 Solutions’ technologies, skills, and expertise help organizations manage their core banking content from Temenos T24, allowing them to search and retrieve content on-demand and retire the T24 application and its complicated management of user groups and integrations. Using Archon, we can seamlessly extract or archive data from your core banking system. Archon extends to support TAFJ and TAFC T24 systems, providing features that convert multi-value fields into a clean and accessible XML file.
Archon allows access restrictions and functionality like the T24 archival system, creating a user experience for post-archival users. Of course, it also supports advanced compliance.
If you’re struggling with Temenos T24 or looking for a better solution, Contact us. Our experts can help you archive and extract data or build a better system overall.
Platform 3 Solutions is a global leader in end-to-end legacy application solutions, including data archiving and helping businesses like yours migrate seamlessly from costly legacy systems to innovative new platforms. We’re here to help reduce your technology debt by cutting costs, simplifying your operations, and decommissioning expensive and complicated technologies like Temenos T24.