Central Bank of Botswana goes live with TEMENOS T24™
26 May 2005
GENEVA, Switzerland - 24 May, 2005, TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Bank of Botswana has successfully gone live with TEMENOS T24, the company’s flagship modular core banking system. Bank of Botswana, the central bank for the country, has implemented the system in all of its branches, including the head office, main branch, and satellite branch. The flexibility of TEMENOS T24 now enables the bank to integrate the system with its other applications and carry out additional functions, including customised reporting, transaction backdating and back-up procedures.
Julius Ghanie, IT director, Bank of Botswana, says: “We required an integrated banking solution for our banking, accounting and financial markets departments to replace our incumbent system. We selected TEMENOS because it has proven experience in the central banking market, having implemented central bank solutions in countries such as Swaziland, Zimbabwe, Zambia, and Pakistan. In addition, TEMENOS T24 is able to increase our overall efficiency, particularly by eliminating the need to capture information manually into different systems.”
Bank of Botswana was previously using Bankmaster, a retail banking solution from Misys, but had been searching for a replacement system since 1999 before signing with TEMENOS in May 2004. The bank mostly used Bankmaster for data capture and reporting, and for the maintenance of its corporate customer accounts. As the bank’s requirements grew, it needed a system that could provide customised reporting and the flexibility to integrate with the bank’s other applications. It would also have to handle the complexities of backdating transactions, and running day-end and backup procedures.
TEMENOS has provided the bank with TEMENOS T24 core functionality, plus a range of modular components that will enable the bank to reduce overtime work and improve financial reporting. The additional components include funds transfer and standing orders, open financial server, teller, document management, and securities and portfolio management. Some 5,000 accounts will use TEMENOS T24, which was implemented using IBM servers and jBASE database software.
In addition, the bank was looking for a currency vault management solution as part of the new system. It reviewed a number of vendors for this module, including i- flex, and selected TEMENOS because the company had already developed a solution for other central banks, such as State Bank of Pakistan. This now interfaces with the bank’s clearing, financial markets and accounting systems.
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.
Andreas Andreades, CEO, TEMENOS, says: “Increasingly, local banks are adopting modern, integrated technology to replace legacy systems that no longer meet the demands of today’s banking. By combining this with their regional expertise, they have a distinct advantage over the global banks, which often have fragmented and out-dated technology that makes it difficult to compete at a local level.”
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 Bank of Botswana
The Bank of Botswana was established in1975 under the Bank of Botswana Act, 1975, and Mr H.C.L. Hermans was appointed its first governor. The establishment of the central bank was preceded by negotiations for a monetary agreement with South Africa in 1972. On September 6, 1974, the first president of Botswana, Sir Seretse Khama, announced the government’s decision to withdraw from the Rand Monetary Area. In April 1975, the Bank of Botswana and Financial Institutions bills were passed to legislate the establishment of a central bank and the framework to govern financial institutions that would fall under the supervision of the central bank respectively. The bank launched the national currency, the Pula, on August 23, 1976, replacing the South African rand, which had been used as a national currency and had been circulating freely in the country. The bank seeks to promote and maintain monetary stability; a safe, sound and stable financial system; an efficient payments mechanism; public confidence in the national currency; and sound international financial relations. It aims to provide efficient banking services to its various clients, and sound economic and financial advice to government.
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