Techcombank successfully upgrades from TEMENOS Globus™ to TEMENOS T24™ in record eight weeks
14 February 2006
GENEVA, Switzerland - 14 February, 2006 - TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Techcombank has successfully upgraded from TEMENOS GLOBUS to TEMENOS T24, the company’s modular core banking system, in a record eight-week project. Techcombank, the third largest joint-stock commercial bank in Vietnam, runs the system in all of its 50 branches and transactional offices throughout Vietnam to support some 100,000 end-user accounts.
Techcombank first implemented TEMENOS GLOBUS, the company’s original core banking system, in January 2003 and upgraded to a later version of the system in mid-2004. Since then, the bank has grown its operations significantly and achieved revenue growth of 30% in 2004 and 178% in 2005. To support this continuing expansion, the bank chose to pursue the easy upgrade path to the latest version of TEMENOS T24.
Nguyen Duc Vinh, CEO, Techcombank, says: “TEMENOS’ technology has already enabled us to automate processes and improve business decision-making, financial analysis and profitability risk management. We were keen to stay with TEMENOS and felt that TEMENOS T24 was the ideal choice to allow us to address the local banking market’s future development. TEMENOS ensured the upgrade went smoothly, avoiding the need for us to carry out a lengthy and costly replacement project. We were impressed that the entire project took only eight weeks, four weeks ahead of schedule.”
With TEMENOS T24, Techcombank can now pursue a bank-wide initiative to increase operational efficiency by reducing costs and increasing revenue. In addition, the bank can effectively manage customer relationships through a single customer view, which allows it to monitor accounts with a 360 degrees view, and generate reports with minimal effort.
TEMENOS completed the project in December 2005 and provided the bank with full TEMENOS T24 functionality, plus several modular components, including multi-server and non-stop processing. The latest release, R5, was installed on HP UX hardware with jBASE 4.1 database.
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 60 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: “We now have over 60 clients live on TEMENOS T24, with many of them having upgraded from TEMENOS GLOBUS. Having completed this process multiple times, we can offer clients a smooth and fast upgrade process. This opens up more opportunities for the remaining TEMENOS GLOBUS clients to also take advantage of an upgrade to TEMENOS T24. Techcombank joins a growing list of banks that are using this latest technology to forge ahead with their growth plans.”
TEMENOS T24 is built on the solid business functionality of TEMENOS GLOBUS and offers a straightforward upgrade path. The company is committed to helping its existing clients embark on the road to TEMENOS T24.
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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
About Techcombank
Techcombank currently is the third largest joint stock banks in Vietnam. Founded in 1993, Techcombank now has registered capital of VND 830 billions (USD 52 million) and total assets of over 10,000 billions dong (USD 628 million), as at 31 January 2006. The bank employs nearly 1,000 staff and has a network of 50 branches and transactional offices spreading through 12 provinces and cities in Vietnam. With a clearly defined banking technology strategy implemented ahead of many competitors, Techcombank now has many competitive advantages in providing an extensive range of advanced banking products and services to more than 100,000 individual customers and 10,000 of corporate and SME customers. Techcombank is the first bank in Vietnam to successfully implement the upgrade of its core banking system from TEMENOS GLOBUS to the latest version of TEMENOS T24, Release 5, from TEMENOS. The Bank is one of the leading banks in Vietnam in terms of effectively applying a technology focused strategy to the bank's daily operations and management. The Bank sees technology as a platform to deliver fast, accurate, and high value-added services for its customers.
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