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APIs · head to head

Temenos Transact vs Toqio

Temenos Transact logo

Temenos Transact

APIs

Established core banking system used by banks in over a hundred countries

From
On request
Rated
-
Full reviewWebsite
Toqio logo

Toqio

APIs

No code platform for building embedded finance products on your own providers

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Temenos Transact the codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.; Toqio toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • They diverge on capability: Temenos Transact covers Country model banks, Toqio covers No code product builder.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Temenos Transact and Toqio actually diverge.

Attributes where Temenos Transact and Toqio differ
AttributeTemenos TransactToqio
PlatformsWeb, Linux, Windows, REST APIWeb, iOS, Android, API

Identical on both: starting price (On request), pricing model (quote), free tier (No), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Temenos Transact

  • Country model banks
  • Multi-product core
  • Payments processing
  • API layer
  • Cloud deployment
  • Accounting engine

Only in Toqio

  • No code product builder
  • Provider orchestration
  • Account and card modules
  • Embedded financing
  • Back office tooling
  • Multi entity and multi brand
  • White label mobile apps
  • Marketplace of providers

What people use each for

The jobs each tool is most often brought in to do.

Temenos Transact

  • A bank in an emerging market needing local regulatory compliance without building it from scratchnot Toqio
  • An institution running Islamic banking products alongside conventional ones on one corenot Toqio
  • A bank that needs a large pool of experienced implementation consultants to de-risk a migrationnot Toqio
  • A group standardising subsidiaries in several countries onto one core banking systemnot Toqio

Toqio

  • A manufacturer offering branded working capital finance to its dealer networknot Temenos Transact
  • A B2B marketplace launching accounts and cards for its sellers without becoming regulated itselfnot Temenos Transact
  • A corporate that wants to switch card issuer without rebuilding its customer facing productnot Temenos Transact
  • A group launching the same embedded finance product across several markets with different local providersnot Temenos Transact

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Temenos Transact

  • The codebase originates in the 1990s, so banks on older releases face major upgrade programmes to reach current versions, and many defer them for years.
  • Total cost is dominated by implementation partner fees rather than licence, and those programmes routinely overrun their original estimates.
  • Product changes that cloud-native cores treat as configuration can require development work and a release cycle, which slows time to market for new products.
  • Heavy customisation is common and it makes every subsequent upgrade harder, creating a compounding cost that banks feel a decade after go-live.
  • Temenos has repeatedly restructured its product line and naming, so buyers must check carefully which components a proposal actually includes and which are separately licensed.

Toqio

  • Toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • Because it orchestrates rather than provides, the customer experience is only as good as the underlying bank or issuer, and Toqio cannot fix a partner's settlement delays or outages.
  • Pricing is quoted with no public rate card, so comparing it against building in house or against a bundled banking as a service provider requires a full sales process.
  • With around EUR 30 million raised in total it is a small supplier to underpin a financial product a large corporate expects to run for a decade, which raises real continuity questions in procurement.
  • No code configuration covers standard patterns well but bespoke customer journeys eventually require custom development, at which point the main advantage over building directly on provider APIs narrows.

Pricing, plan by plan

Temenos Transact

On request
  • Temenos Transact$undefined/year
    • Perpetual or subscription licence scaled by assets, accounts or users
    • Annual maintenance typically a percentage of licence value
    • Implementation delivered by partners and charged separately

Toqio

On request
  • Toqio platform$undefined/year
    • Quoted per customer, typically setup plus recurring platform fee
    • Regulated provider fees are separate and contracted by you
    • Card interchange and lending economics belong to your provider agreements

Which should you pick?

Choose Temenos Transact if

  • You need country model banks.
  • You work on Web, Linux, Windows, REST API.
  • You also want multi-product core.
Temenos Transact review

Choose Toqio if

  • You need no code product builder.
  • You work on Web, iOS, Android, API.
  • You also want provider orchestration.
Toqio review

Questions people ask

Is Temenos Transact or Toqio better?
Neither clearly leads. Temenos Transact starts at On request and Toqio at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Temenos Transact or Toqio?
Temenos Transact starts at On request and Toqio at On request.
Does Temenos Transact or Toqio run on more platforms?
Temenos Transact runs on Web, Linux, Windows, REST API. Toqio runs on Web, iOS, Android, API.
What is Temenos Transact best used for?
Temenos Transact is most often used for a bank in an emerging market needing local regulatory compliance without building it from scratch, an institution running islamic banking products alongside conventional ones on one core, a bank that needs a large pool of experienced implementation consultants to de-risk a migration, a group standardising subsidiaries in several countries onto one core banking system. Of those, a bank in an emerging market needing local regulatory compliance without building it from scratch and an institution running islamic banking products alongside conventional ones on one core are not what Toqio is typically brought in for.
What can Temenos Transact do that Toqio cannot?
Temenos Transact covers Country model banks, Multi-product core, Payments processing, API layer. Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing.

Answered from the vendors’ own pages

Temenos Transact: Is Transact the same as T24?

Yes. T24 was renamed Temenos Transact; older installations and much of the consultant population still use the T24 name.

Toqio: Does Toqio provide the banking licence?

No, deliberately. You contract your own bank, issuer or lender, which is why you can replace them without rebuilding the product.

Temenos Transact: Can it run in the cloud?

Yes, it is offered on public cloud, though many existing installations remain on-premises and moving them is a project.

Toqio: Who is it aimed at?

Large corporates and B2B ecosystem operators embedding finance for suppliers, dealers or marketplace sellers, not consumer fintech startups.

Temenos Transact: What drives the cost?

Licence scaled by size, annual maintenance as a percentage of licence, and implementation partner fees that usually exceed the software cost.

Toqio: How much does it cost?

Not published. Expect a setup fee plus a recurring platform fee, with all regulated provider costs on top and separately contracted.

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