Following this announcement, the partnership between Temenos Banking Cloud and InCountry Data Residency-as-a-Service will deliver Software-as-a-Service (SaaS) core banking capabilities in countries without Temenos available regions, or hyperscallers.
In addition, it will also enable banks and financial institutions to digitally develop while keeping PII and PFI fully isolated and secure in each country.
Currently, the financial services industry has struggled with the process of digital transformation, due to the increasing data residency and cross-border data transfer restrictions. At the same time, it isn’t practical or possible for companies to operate a complete Software-as-a-Service (SaaS) stack in every country where the existing and emerging data protections include the requirement to locate individuals’ Personally Identifiable Information (PII) or Personal Financial Information (PFI) in the region.
For regional and global banks and financial institutions, this can represent a regulatory impossibility to host all of their clients’ PII and PFI in a single SaaS region. This can further lead to fragmentation of core banking systems.
With this in mind, Temenos and InCountry will focus on a partnership that will give the Temenos Banking Cloud the possibility to offer a compliant and secure solution. This is expected to bring a modern SaaS stack that will solve data residency and cross-border data transfer challenges. At the same time, InCountry will deliver a complete data residency tool, so that the Temenos Cloud Banking hosted in one country will be enabled to fully isolate PII and PFI within another country.
In addition, InCountry’s data residency solution is set to offer deep-edge services for large files, analytics, processing, threaded email, and more. The company currently operates in countries across the globe with two points of presence in each region, with an active-active failover. Furthermore, InCountry delivers fully sovereign operations in China, with the use of the Alibaba Cloud tool, as well as UAE with Core G42. The firm will soon launch a Sovereign Cloud in Saudi Arabia with the Saudi Cloud Computing Corporation product. InCountry will also provide on-premises deployments, as well as secure, single, and efficient tenant deployments in government-preferred clouds, for an accelerated regulatory approval process.
At the same time, InCountry will deliver support for regulatory approval in complex jurisdictions, such as the Saudi Arabia Monetary Authority and the Cyberspace Administration of China. The company implements a secure software development life cycle, as well as 24/7 technical operations with active threat monitoring.
The access to individual records and fields will be controlled by Temenos Banking Cloud’s authentication and fine-grained authorisation feature. In addition, an important benefit provided by InCountry is the Data Firewall solution, which will offer Data Loss Prevention by using IP addresses and VPN detection in order to recognise PII leakage with country-specific artificial intelligence (AI) models.
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