Swedbank selects TEMENOS T24™ to launch Shanghai Operations
12 September 2006
GENEVA, Switzerland – 12 September 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Swedbank, a leading Nordic-Baltic universal bank, has selected TEMENOS T24 to support the launch of its Shanghai office as a fully functioning branch. TEMENOS will install TEMENOS T24 Model Bank, a pre-configured version of its modular core banking application, which allows for a faster implementation. The system will enable the bank to introduce new products quickly and meet local Chinese reporting requirements.
Christer Cragnell, CIO, Swedbank, says: “We are now in the process of upgrading our local representative office in Shanghai to provide full corporate banking services in China. We chose TEMENOS because its system will help us provide market-leading services to customers, while ensuring low total cost of ownership.”
During the seven-month evaluation period, the bank considered a number of providers before signing the deal with TEMENOS in June 2006. Swedbank will implement TEMENOS T24 as a greenfield site to initially support foreign currency corporate banking services. TEMENOS will install core TEMENOS T24 functionality, including trade finance, cash management, treasury, payments and corporate services. The system will run on the Sun Unix Solaris platform, hosted in the bank’s IT centre at its Swedish head office, which will link to workstations in its Shanghai branch.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented 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 real-time 24/7 non-stop banking.
Andreas Andreades, CEO, TEMENOS, adds: “Our pre-packaged Model Bank methodology is proving popular with banks looking to quickly benefit from an integrated core banking system. We’ve developed specific versions to meet the needs of our vertical markets and have already successfully installed the Chinese product at the Bank of Shanghai. By adopting TEMENOS T24, Swedbank will be in an exceptional position to capitalise on the increasing opportunities in the region.”
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.
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About Swedbank
Swedbank is a leading Nordic-Baltic banking group with 8.8 million retail customers and 441,000 corporate customers in Sweden, Estonia, Lithuania and Latvia. In Sweden the group has more than 470 branches. In the Baltic countries the group has another 280 branches. Outside of the Nordic-Baltic home markets, the group is present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Moscow, New York, Oslo, Shanghai, St.Petersburg and Tokyo. As of December 2005, the group had total assets of SEK 1,200 billion and approximately 16,000 employees. www.swedbank.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