Temenos and TLC Consulting join forces to deliver Basel II compliant banking solutions
12 October 2004
ATLANTA, Ga. – October 12th 2004, TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, and TLC Consulting (TLC), an independent consultancy specialising in risk and regulatory compliance, today announced that they have formed a strategic alliance to offer TEMENOS T24™ customers a selection of credit risk banking solutions which are compliant to the worldwide adopted Basel II accord.
This alliance responds to the industry’s need for a core banking system solution with integrated credit risk. TLC will be one of a selected number of companies in the Basel II space with the ability to extract transactional and historical data direct from TEMENOS T24™ system through an interface supported by TEMENOS. The data will be imported into TLC’s barracuda software which will calculate current exposure, applying transaction, facility and counterparty level mitigation and calculating Risk Weighted Assets (RWA) for the Standardised, Foundation or Advanced approaches to Basel II. barracuda provides a predefined, Basel II specific, data taxonomy and acts as the data 'concentrator' for all the data from disparate source systems required to properly calculate RWA under Basel II.
TEMENOS T24™ is a functionally rich, scalable, integrated, modular banking system with full audit trail reporting and security management capabilities enabling banks to reduce operational risk. The joint offering with TLC will offer to customers of TEMENOS T24™ the ability to adhere to the Basel II accord and will give prospects the ability to do so at the start of the roll out of their new system.
Andreas Andreades, CEO of TEMENOS says: “TEMENOS recognises banks’ requirements for compliance and their search for a solution from a trusted vendor that knows the entire banking space including market and credit risk. Our alliance with TLC enables TEMENOS to provide a complete banking solution that is Basel II compliant and helps customers solve their regulatory requirements, providing a reliable picture of their credit risk exposures.” Stuart Holman, sales director, TLC Consulting adds “We are extremely proud to be associated with TEMENOS. This alliance combines TLC’s expertise in Basel II compliant software with TEMENOS proven track record and knowledge of banking industry.”
-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
About TLC Consulting
TLC is an independent software house and business domain consultancy serving the banking sector. The TLC approach is distinguished by a combination of deep business knowledge and experience and technology expertise applied in a structured way. TLC’s primary focus is in the areas of Credit, Operational and Market Risk for Basel II compliance.
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