Temenos Transact which until recently was known as T24 is one of the most popular and established core banking solutions around the world. In recent years it has undergone quite a few changes and got some nice improvements. Now it is cloud native and cloud agnostic, there is also Temenos Banking Cloud offering as well as Temenos has pretty much simplified integrations with other systems thanks to APIs and micro services. So... does Fintech needs such banking solution that always was mostly targeted towards banks?

Although this blog post is more about Temenos Banking Cloud offering vs Temenos Transact installation on-premises or in private cloud, though the same actually applies to any solution offered on Software as a Service or Platform as a Service bases vs installation in your own data centre or in private cloud.

As you may already know Temenos Transact, known also as T24 and in past GLOBUS as well, is one of the few core banking solutions where customers can do their local development to better support various business requirements and be more independent from the vendor. Until recently majority of local development was done in Infobasic, but now Temenos is pushing Java API for this.

Back in the days of Temenos Globus and older Temenos T24 versions, there was only one mean to interact with the Temenos solution - good old OFS. In most cases some middle layer was needed to translate messages from different systems into OFS that was understood by T24.