Core systems

The bank says it has restored access, but it hasn’t explained how a fire-suppression system at one facility could cause a nationwide outage across all of its channels, or how its system as a whole could have been left so vulnerable to the incident.

Customers reported being unable to access online banking, mobile banking or their debit cards.

The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.

The banking software company has acquired Avoka, a software-as-a-service company that helps banks with digital customer acquisition and onboarding and will add to Temenos’ digital front office product.

The advocacy group argues that major core processors are not helping small banks keep pace with customers' technology demands.