Temenos introduces TEMENOS T24 and new corporate image

02 July 2003

Geneva, Switzerland, 2nd of July 2003. Anticipating the changing needs of global financial institutions, TEMENOS announces today TEMENOS T24, its radically new banking system, which removes the need for End-of-Day (EOD) processing, a necessity for core banking software over the last thirty years.

On the 30th of September 2003, TEMENOS will launch TEMENOS T24 at its annual TEMENOS Client Forum in Berlin, Germany. It will introduce a radically new banking system for the new millennium, offering the same rich business functionality as TEMENOS GLOBUS™ but on a state-of-the-art technology platform. The launch follows 3 years of development effort and more than USD24 million of investment.

André Loustau, TEMENOS’ Chief Technology Officer, has been leading the development of TEMENOS T24. He comments: “My vision for TEMENOS T24 was to isolate the banking functionality from the technology and make the technological infrastructure as flexible as we could”. The pace of technology change continues to accelerate and it is important that a bank’s core system platform not only meets its current business and technology needs but also those of the future. Loustau adds “ We believe we are unique in our achievement to offer a truly non stop solution to Banks, something which clearly sets us apart from competition. This will allow Banks to consolidate their global processing needs in single hubs and generally reduce their core system processing costs significantly.”

TEMENOS T24 is built on open architecture, offers low cost of ownership and uses established standards such as HTTP, XML and J2EE. The design of TEMENOS T24 offers multiple application server support offering horizontal scale-ability and supporting huge numbers of users with true non-stop resilience. Probably the most innovative aspect of TEMENOS T24, however, is that it will totally remove the need to run EOD processing. “This will be a profound shift from the Bank’s point of view. This really is “non-stop” computing, from a banking IT architecture perspective, with a single database and no shadow balances”, says André Loustau.

“All at TEMENOS believe that TEMENOS T24 will be the most exciting news in the industry this year and to introduce this new system, we have decided to re-launch our corporate identity”. Chairman and CEO, George Koukis comments. He added: “TEMENOS over the past ten years, has established itself as an international leader in the banking software industry and has achieved outstanding results in terms of operational growth and revenues as well as industry recognition and client focus. Today with TEMENOS T24, a new era opens up for TEMENOS. Together with our Clients, Partners and Employees we are embarking on a new and promising journey.” To reflect the change, TEMENOS has launched its new web site and corporate brochures and invites you to discover TEMENOS T24 further on www.temenos.com.

TEMENOS T24 is already live in three locations and under implementation in four others. Flagship clients that have taken on the TEMENOS T24 components over the past 12 months include ING Group and Samsung Capital. TEMENOS T24 is launched with conversion tools that will allow our existing clients to automatically upgrade. Release ’04 of TEMENOS T24, our first generally available release, will be offered to new clients effective in July 2003.

-ENDS-

About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com

For more information, contact:

Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com

Ben Robinson
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: brobinson@temenos.com

Bianca Morgan
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: bmorgan@temenos.com

Chris Patmore
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596
Email: chris.patmore@metia.com