Swiss financial software company Temenos has introduced its advanced Responsible Generative AI solutions, as part of its AI-infused banking platform.

The secure solutions easily integrate with Temenos Core and Financial Crime Mitigation (FCM), improving the way banks interact with data, and advancing productivity and profitability.

Temenos said that its investment in R&D for AI initiatives has resulted in patented Explainable AI (XAI) solutions and is now extending its leadership to Generative AI for banking.

Building on its AI-infused platform, the company is enabling banks to deploy AI solutions faster and safer operations.

Temenos said that its Generative AI is transparent and explainable and allows users and regulators to verify the results produced.

The solutions enable users to engage in natural language queries to generate unique insights and reports, reducing the time to access and unlock the power of crucial data.

They can be applied in customer and middle office operations or product development, to help banks create products in real-time based on customers’ preferences.

Temenos Generative AI enhances user workflows, journeys, and day-to-day queries in core banking operations, enabling banks to advance productivity and account management.

Also, Generative AI enables financial crime mitigation by helping business users in extracting intelligence from data using free text.

Furthermore, Temenos intends to introduce its Generative AI solutions for Temenos Wealth and Temenos Digital, soon.

Temenos COO and product president Prema Varadhan said: “Temenos Explainable AI offers transparent, auditable insights while our Generative AI-infused platform delivers these insights instantly in an intelligent and personalized way.

“Temenos ensures responsible AI practices by providing explainability, security, safe deployment, and banking-specific capabilities.

“With our AI platform, banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalized customer experiences.”

In a separate development, Banque Internationale à Luxembourg (BIL), one of the largest banks in Luxembourg, has gone live with Temenos core banking and payments platform.

The bank switched to the new Temenos platform, replacing its 30-year-old legacy core banking system, after a complex transformation project.

With the new Temenos Banking Platform, BIL can integrate and automate a wide range of capabilities, including cash accounts, deposits, lending, securities, and treasury.

It can also handle large transaction volumes and deliver faster and enhanced operational efficiency with digitalised processes that will reduce costs and enhance customer experience.

BIL can serve as a payment hub for other financial institutions, processing up to 200,000 complex and multi-currency payments each day, using Temenos Payments Hub.

Furthermore, the bank will benefit from a higher, sustained level of investment in R&D, through Temenos’ single code base across core banking and payments.

Banque Internationale à Luxembourg CEO Jeffrey Dentzer said: “We’re delighted to complete the migration to Temenos’ modern, future-ready core banking platform.

“This was a major transformation project culminating in big bang go-live across all business lines. On the Temenos platform we deliver best-in-class products and services for all customers and ensure sustainable growth for many years to come.”

Temenos International president William Moroney said: “I’d like to congratulate the teams from Banque Internationale à Luxembourg, LTIMindtree and Temenos on a successful implementation of this large, complex transformation.”