Private Monaco bank, CMB, selects TEMENOS T24™
14 June 2005
MONACO – 14 June, 2005. At its annual client forum, TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Compagnie Monégasque de Banque (CMB), an established private bank in Monaco, has selected TEMENOS T24 to replace its legacy core systems. The bank signed the deal in Q1 this year and has now commenced the implementation of TEMENOS’ flagship modular core banking system in its Monaco head office and its two Monaco branches. TEMENOS T24 will enable CMB to increase process efficiency through automation, and more easily meet its customer and operational reporting requirements.
Mr. Also Menduni, CIO, CMB, says: “We realised that we needed a replacement for our existing system that could meet the expanding demands of modern banking. Specifically, our architecture had become outdated and the ability to add new capabilities was restricted. We selected TEMENOS T24 because it is built on an open platform and can easily be integrated into our other systems. It can also be adapted to our customers’ needs and accommodate ongoing functional enhancements.”
CMB had been looking for a replacement that could provide real-time processing capabilities. TEMENOS will install core TEMENOS T24 functionality and a number of modular components, including an Asset Management Front End module. This offers a single customer view, performance attribution and modelling that allows CMB to more effectively manage and interact with its customer base, and provide a more complete view of banking and brokerage activity. The bank will also be able to more easily extract data for reporting and management purposes with the single data repository functionality.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-ofday batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
TEMENOS commenced the implementation in April 2005 and the modular approach of TEMENOS T24 will allow the company to deliver the project within tight timescales. The system is being implemented on IBM servers with jBASE database software.
Andreas Andreades, CEO, TEMENOS, says: “As a local private bank, CMB excels in delivering the local expertise and customer service that many global banks struggle to provide. By replacing its core systems with a modern, scalable architecture, it can further increase this competitive advantage compared to global players that often operate with old, inflexible systems.”
The announcement was made on the opening day of the TEMENOS client forum in Monaco, which unites over 500 worldwide bankers, key investors, industry analysts and business partners.
TEMENOS consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years. In 2004, TEMENOS was ranked the international leader in terms of licensing, with an average deal size of more than double the market average.
-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 CMB
CMB was founded in 1976 on the initiative of the Banca Commerciale Italiana and leading international partners. It is currently controlled by Mediobanca, Italy’s premier investment bank, rated AA- by Standard and Poor’s. Since its establishment, CMB has become the bank of reference within the Principality.
Thanks to its Monégasque status – SAM (Société Anonyme Monégasque) – with a capital of more than ¼110 million, CMB has a broad autonomy to manage its activities, transactions and decisions. Beyond private banking, CMB has been specializing for many years in assets analysis and management, corporate finance and financial engineering. CMB has developed a thorough knowledge of international financial markets and through its command of hi-tech means of telecommunication, is directly linked with the most important financial markets. This enables CMB experts to help clients seize every possible investment opportunity, whilst constantly ensuring maximum confidentiality and security. CMB’s role is to guide its clients through all their plans and help them benefit from the numerous advantages offered by the Principality.
The bank is headquartered in the heart of Monaco, with two other branches in the downtown area.
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