TEMENOS T24™ to support quarter of a million accounts at Kazakhstan's ATF Bank
06 September 2005
GENEVA, Switzerland – 6th September, 2005, TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that ATF Bank, a commercial bank in Kazakhstan, Central Asia, has selected TEMENOS T24 to replace its legacy core systems. The bank will implement TEMENOS T24, the company’s flagship modular software application, at its head office, 18 branches and 13 sub-branches, serving some 250,000 end-user accounts.
TEMENOS T24 will enable the bank to automate its principle business processes, reduce the time to market for new products and ensure it is compliant with international financial reporting standards. TEMENOS will provide retail, corporate and treasury functionality, with local clearing and central bank returns capabilities.
Mr Isataev Timur, chairman of the board, ATF Bank, says: “We needed a replacement core banking system with a successful track record of supporting retail banking activities. We chose TEMENOS T24 because it will allow us to centrally manage our multi-branch and multi-currency operations and meet the requirements of the National Bank of Kazakhstan. It will also help raise our international rating, putting us in an excellent position to ward off competition from global players.”
During the selection process, which began in the final quarter of 2004, the bank considered a number of providers including i-flex, ICICI Infotech, Financial Network Services and Misys before signing the deal with TEMENOS in June 2005. The bank required a system with an advanced means of interaction between the credit and payment processing modules and the ability to sort STP processes for mass operations. It should also allow the bank to integrate with external systems for the exchange of payments with correspondents in Kazakhstan and abroad.
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. Since its launch in 2004, over 40 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: “Core banking in emerging markets is growing rapidly. This is largely because banks in countries such as Kazakhstan don’t face the obstacles caused by old inflexible legacy systems that many western and global banks do. However, as modern banking becomes more demanding, banks that do take the risks and invest in future systems will prosper, while those that don’t will increasingly struggle to compete.”
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 ATF Bank
ATFBank is a joint-stock company that was established in 1995 and is a leader in the banking system of Kazakhstan. The bank is a universal commercial financial institution that offers to its customers leasing, insurance and pension services provided by its partner companies “ATF-Leasing”, “ATF-Policy” and “Otan” Non-Government Pension Fund. ATFBank is the fourth largest in Kazakhstan in terms of assets. The Bank’s assets have already reached US$1.96 billion as at 30 June, 2005, with the bank’s own capital totalling US$208 million. The bank’s profit totals approximately US$12 million. Operational efficiency, competent staff and long-term relations ensure the confidence of each and every client in ATFBank.
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