BaaS solution popular with Aussie banks achieves record-breaking transaction volumes

Temenos Banking Cloud

Temenos Banking Cloud has achieved a record-breaking 150,000 transactions per second in a recent simulated run, which included processing a total of 200 million embedded finance loans and 100 million retail accounts, the BaaS developer revealed following its latest benchmark tests.

The benchmark scenario, based on Microsoft Azure cloud and Mongo DB Atlas infrastructure, simulated a client with 50 million retail customers, 100 million accounts and a Banking-as-a-Service (BaaS) offering for 10 brands and 50 million embedded finance customers on a single cloud instance.

The benchmark, Temenos confirmed, included not just core transaction processing, but also a composed (that is, modularised) solution combining payments, financial crime mitigation (FCM), data hub and digital channels.

Temenos solutions have been widely adopted by a number of Australian Tier 2 and digital-only FSIs, including Bank of Queensland, the BoQ-owned Virgin Money Australia, Alex Bank, Judo Bank, the CBA-owned Bankwest, Beyond Bank, Hume Bank, MyStateBank, RACQ, and Police Bank.

New Zealand’s TSB Bank has also deployed Temenos’s retail banking solution, Temenos Infinity.

“The performance benchmark with Microsoft and MongoDB shows the unmatched scalability of Temenos’ cloud-native and composable platform, helping banks massively scale and cater for the high volumes of transactions in the BaaS world where multiple brands are hosted on a single platform,” Temenos said in a statement.

The company boasts that it is the “only software company to offer a single platform for any type of bank, retail, corporate or wealth”.

The cloud-native and modularised solution is, Temenos said, suitable for a bank of “any size” and made available on all major public cloud providers for banks to run themselves or as a SaaS solution via Temenos Banking Cloud.

“No other banking technology vendor comes close to the performance and scalability of Temenos Banking Cloud,” said Temenos chief technology officer Tony Coleman.

“We consistently invest more in cloud technologies and have more banks live with core banking in the cloud than any of our peers.

“With global non-cash transaction volumes skyrocketing in response to fast-emerging trends like BaaS, banks need a platform that allows them to elastically scale based on business demand, provide composable capabilities on-demand at a low cost, while reducing their environmental impact.”

“This benchmark with Microsoft and MongoDB proves the capability of Temenos’ platform to power the world’s biggest banks and their BaaS offerings with hundreds of millions of customers, efficiently and sustainably in the cloud.”