United Nations Federal Credit Union selects TEMENOS T24 for its domestic and international core processing

06 July 2004

NEW YORK – July 6, 2004 – TEMENOS Group (SWX:TEMN), a provider of integrated, modular and core banking systems, today announced that United Nations Federal Credit Union (UNFCU) has partnered with TEMENOS T24 full core and retail banking and branch system to provide its members with functionally-rich, multiple currency financial service capabilities in real time.

The alliance with TEMENOS, based in Geneva, Switzerland, is the initial step in UNFCU’s plan to become the first credit union in the United States to offer its members loans and deposits in foreign currencies, namely Euros, Swiss Francs and U.S. dollars. TEMENOS T24 also provides UNFCU with the opportunity to further expand upon its multi-currency offerings going forward.

UNFCU and TEMENOS signed the agreement on June 9, 2004. Implementation of TEMENOS T24 is currently underway and is expected to be complete in 12 to 15 months.

“Our dynamic partnership with TEMENOS complements UNFCU’s mission to provide innovative, financial products and services to members in 210 countries and territories,” said Michael J. Connery, Jr., president and CEO of UNFCU. “Operating in multi-currencies via TEMENOS’ open systems architecture will enable our institution, subject to receiving regulatory approvals, to conveniently meet members’ demands and compete more effectively in the global retail banking arena.”

Currently, more than half of UNFCU’s 65,000 members reside overseas and continue to drive the institution’s membership growth. UNFCU plans to expand its liaison office presence at UN hubs in Geneva, Switzerland and Rome, Italy in 2005.

A recent ruling by the National Credit Union Administration (NCUA), allowing credit unions to open international branches, proved a catalyst for UNFCU. The institution issued a request for proposal with the assistance of TowerGroup last December and selected TEMENOS among a field of top competitors.

“TEMENOS is a proven leader in technology with extensive European banking experience,” said James Fenimore, senior vice president of Operations at UNFCU. “TEMENOS T24’s ability to support all of our core products and system modifications efficiently and in real-time led to our strategic partnership,” said Robert Fallon, UNFCU’s vice president of Information Technology.

Functionality
TEMENOS T24 will be deployed from UNFCU headquarters in New York City and is uniquely equipped to handle domestic processing and the growth of UNFCU’s international member base from a single New York site. The platform is licensed for as many as 160 UNFCU concurrent users and some 5,000 registered Internet users. TEMENOS T24 also provides UNFCU with the option to add users over the next five years.

Mark Gunning, U.S. regional manager, TEMENOS, says: “We are proud to boast UNFCU as a client and look forward to a long, strategic relationship as UNFCU expands its global footprint.”

Andreas Andreades, CEO, TEMENOS, adds: “The deal is a significant step in our strategy for the North American market and confirms TEMENOS’ credentials in domestic core processing, where we have made a substantial investment in the ‘North American Platform’ version of TEMENOS T24. We are particularly pleased to be working with a credit union in the U.S., where we see substantial potential for our open system architecture. We believe we can leverage our expertise, supporting credit unions in Ireland, Spain and Mexico as well as other international financial services institutions to benefit UNFCU.”

-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 United Nations Federal Credit Union
UNFCU is a cooperative financial institution with more than US $1.9 billion in assets, which has served the financial needs of the United Nations community since 1947. UNFCU offers a wide array of products and services to its members who currently number more than 65,000 in 210 countries and territories around the world. Membership is open to staff of the UN, affiliated agencies, retirees and their families. UNFCU is headquartered in New York City and has liaison offices in Geneva, Switzerland, Vienna, Austria and Nairobi, Kenya.

The National Association of Federal Credit Unions (NAFCU) named UNFCU the 2003 Federal Credit Union of the Year based on its performance, innovative products, outstanding member service and community outreach. UNFCU also received the CUNA Mutual Group and CUNA Lending Council's 2003 Credit Union Excellence in Mortgage Lending Award in the large asset category and the 2004 NAFCU Innovation Showcase Award. More information is available on the UNFCU Website at www.unfcu.org.

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