Temenos launches TEMENOS T24™ Model Bank - an effective upgrade solution for Equation users
09 February 2006
GENEVA, Switzerland – 9 February, 2006 - TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced the general availability of a pre-customised version of TEMENOS T24 which allows users of Equation, a retail banking software product from Misys, to replace their system quickly and at a low cost. Traditionally, banks look to upgrade to the latest version of their incumbent solution. However, by selecting TEMENOS T24 rather than upgrading their incumbent solution, they can access a technically and functionally rich system while benefiting from a low risk, cost efficient and fast-tracked implementation.
Recently, Bank of East Asia, the largest independent local bank in Hong Kong, chose this route to upgrade from its Equation legacy system. BEA had been searching for a replacement for Equation since March 2005 and evaluated several providers. Joseph Chow, general manager, BEA UK Operations, says of the decision: “We needed a flexible, fully integrated system to support our banking operations, including retail, commercial and corporate activities. In addition, the system had to be easy to implement as well as providing a platform for future growth.” The BEA implementation project is acting as a pilot scheme for this pre- customised version of TEMENOS T24.
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 are pleased to have had the opportunity over the past few months to identify and implement a fast, low risk and cost effective migration process for users of Equation. We are very pleased that today we can make this pre-packaged version of TEMENOS T24, a technologically advanced system, generally available.”
TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING. In 2005, the company achieved US$ 91 million in Initial Licence Fees (ILF), an increase of 47% compared to 2004.
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Notes to editors
See further information on TEMENOS T24 Model Bank
Equation and Misys may be trademarks registered or unregistered of Misys Plc or an affiliated company of Misys.
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