Fortis selects Temenos to support entire retail business, servicing over 15 million accounts
26 July 2006
Fortis selects Temenos to support entire retail business, servicing over 15 million accounts
GENEVA, Switzerland - 26 July, 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Fortis, one of the 20 largest financial institutions in Europe has selected TEMENOS T24™ to support its entire retail banking operations. With TEMENOS T24, the company’s modular core banking system, the bank can standardise processes across its European operations and centrally manage more than 15 million customer accounts.
Alain Deschênes, chief information officer, Fortis, says: “Retail banking is expanding internationally and this needs a unified cross-border view of IT. This contract kicks off our initiative to transform our retail operations across the seven European countries where we are already present. It will contribute to a modern core architecture that allows us to standardise our processes across the borders and centrally manage more than 15 million customer accounts. We believe that TEMENOS has the right technology architecture today to see us through the implementation and to support our future growth.”
Previously, Fortis was using a variety of different applications to support its retail operations. The bank required a system that would encourage collaboration across divisions and enable all customers to benefit from its core retail products. It also required a single-package product with an easy upgrade path to ensure it remained competitive without significant additional investment. Following a nine-month evaluation period, Fortis signed the deal with TEMENOS on 29 June 2006. The bank will implement the system using a phased approach, with The Netherlands operations expected to go live towards the end of 2008.
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-of-day batch processing and so can genuinely boast of providing real-time 24/7 non- stop banking.
Andreas Andreades, CEO, TEMENOS, adds: “I am delighted with this new partnership, which reconfirms TEMENOS as the vendor of choice for the world’s leading banks. I am particularly excited because European banks specifically are embarking on modernisation programmes that will change the way retail banking is conducted in Europe. By partnering with TEMENOS, Fortis can now take the lead in this revolution.”
According to the latest International Banking Systems sales league table, published in March 2006, TEMENOS has the largest core banking client base in the world with a stated 600 live sites. The company continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.
-ENDS-
About Fortis
Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners.
With a market capitalisation of EUR 34.7 billion (30/06/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 58,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. www.fortis.com
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
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