Cloud-Based Core Banking Becomes a Reality in Kenya

Cloud-Based Core Banking Becomes a Reality in Kenya PR Newswire GENEVA, October 11, 2012 GENEVA, October 11, 2012 /PRNewswire/ -- Fountain Credit Services becomes first institution in Kenya to run its operations in the cloud Temenos (SIX: TEMN), the market leading provider of banking software, today announces that Fountain Credit Services ('Fountain'), a new Microfinance institution (MFI) in Kenya, has launched on TEMENOS T24 for Microfinancing, hosted in the cloud. In doing so, Fountain becomes the first institution in Kenya to adopt cloud-based banking services. By running in the cloud, Fountain has significantly reduced its initial capital outlay - which typically accounts for two-thirds of start-up costs* - as well as its ongoing operating costs, through the 'pay-per-use' model. In addition, the cloud will support Fountain's plans for rapid expansion, as new users and branches can be added seamlessly onto T24, which is running on the Microsoft Windows Azure platform. In adopting the cloud-based model, Fountain demonstrates the viability of performing credit and lending in the cloud without an on-premise system - a trend likely to become commonplace among banks and other financial services providers in the region. The managed service for Fountain is hosted in Europe and operated by Temenos, delivered through an online connection to Fountain.