Major Japanese bank replaces Midas with TEMENOS T24™
20 March 2006
GENEVA, Switzerland - 20 March, 2006 - TEMENOS Group (SWX:TEMN), the provider of integrated core banking systems, today announced that a major Japanese bank and a long-standing Misys client, has selected TEMENOS T24 for its Indonesian subsidiary. TEMENOS T24 will enable the bank to have one centralised system with real-time processing that complies with all Central bank regulations.
Andreas Andreades, CEO, TEMENOS, comments: “By offering T24 in a pre- packaged version we can give Midas users a fast and low cost alternative to their migration issues even when compared with migrations to their existing vendor. By swapping over to T24 our client can now take advantage of T24’s modern technology and architecture together with a unique richness in functionality and flexibility.”
The bank signed the deal in February 2006 after undergoing a rigorous evaluation process for over a year to find a replacement for Midas v3.05. The bank required a system that could enhance operational risk control by eliminating the need to maintain the many and various in-house developed modules and at the same time act as a vehicle to market new products at a competitive pace.
The timeframe for this implementation is an aggressive 10 months. TEMENOS will install core TEMENOS T24 functionality and a number of modular components, covering deposit taking, lending and other commercial banking services. The implementation will utilise the TEMENOS T24 Model Bank concept, which ensures the system is pre-configured to enable the bank to quickly take advantage of the system’s benefits. TEMENOS will implement TEMENOS T24 on IBM 570.
This new client follows fast in the foot steps of Bank of East Asia, the largest independent bank in Hong Kong, which also chose to replace its Misys system with TEMENOS T24 in November 2005.
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.
In 2005, TEMENOS achieved US$91 million in Initial Licence Fees (ILF) signings, an increase of 47% compared to 2004 with an average deal size of US$ 2.7 million. TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.
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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