International private bank, SIB, selects TEMENOS T24™ to replace core systems
08 September 2006
GENEVA, Switzerland – 18 September 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Stanford International Bank Limited (SIB), an international private bank based in Antigua, has selected TEMENOS T24 Model Bank to replace its core systems. TEMENOS T24, the company’s modular core banking system, will support over 40,000 client accounts across 127 countries. The system will enable the bank to increase operational efficiencies and deliver more effective client services.
Juan Rodriguez-Tolentino, president, SIB, says: “Our clients are our number one priority, and it is essential that we have the best technology to meet their needs effectively. TEMENOS’ true 24x7 availability will ensure that our clients, whatever their time zone, will not experience any downtime when we run our end-of-day processes. We selected TEMENOS T24 as the most advanced, robust and reliable system currently available following a two-year evaluation of 80 different applications. We are confident that by increasing automation, reporting and STP capabilities, TEMENOS T24 will also enable us, and hence our clients, to benefit from a reduced time to market for new products, greater reliability through multi-server support and non-stop processing capabilities.”
The bank signed the deal with TEMENOS in July 2006. TEMENOS will install TEMENOS T24 Model Bank, a pre-configured version of its modular software application, which allows for a faster implementation. The system will use IBM Intel processors running Oracle database software.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. 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 realtime 24/7 non-stop banking.
Andreas Andreades, CEO, TEMENOS, adds: “That SIB has selected TEMENOS T24 is a real endorsement of its ability to impact the client’s experience. Client service is a top priority for banks, and even more so for private banks where business is conducted through long term relationships. By delivering a strong technological foundation, TEMENOS T24 can help SIB better manage its clients and compete effectively in today’s private banking market.”
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. Over 40 private banks rely on its technology to service clients across 20 countries.
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About Stanford International Bank
Established in 1985 and domiciled in Antigua, Stanford International Bank Ltd. provides private banking services to international investors. The bank has a long tradition of one-to-one personal service and commitment to each client’s needs in an atmosphere of professionalism and trust. The bank provides a choice of high-performance accounts that offer the ultimate in wealth management and service.
The Bank is a member of the Stanford Financial Group of Companies, a global network of privately held, wholly owned financial service companies providing a wide range of coordinated wealth management and institutional services, including investment advisory services, trust administration, international private banking, tangible asset management, merchant banking, investment banking, equity and policy research, institutional sales and trading, commercial banking and insurance. The Stanford network employs approximately 3,000 professionals who serve clients in 127 countries in North and South America, the Caribbean and Europe. Securities products and services offered through Stanford Group Company, member NASD/SIPC. www.stanfordfinancial.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