AmBank Group upgrades from TEMENOS Globus™ to TEMENOS 24
22 October 2007
GENEVA, Switzerland – 22 October 2007 – Temenos Group (SWX: TEMN), a provider of integrated core banking systems, today announced that AmBank Group, a major banking group in Malaysia, is to upgrade from Temenos Globus to Temenos T24 (T24) to support its Kuala Lumpur operations. With T24, the company’s modular core banking system, the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. In addition, the upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
Mr Teng Chean Choy, director, Group Treasury, AmBank Group, says: “Temenos’ technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We’re keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering.”
AmBank Group first installed Temenos Globus, the company’s original core banking system, in 2000 and signed the deal with Temenos in June 2007 to install T24. With a team of dedicated professional services staff, Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank’s local requirements.
T24 is a functionally rich, thin client (i.e. processing power will be centralised at server not PC), scalable, integrated, modular banking system. It is built on open system principles, 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 which some clients may have chosen to use.
Andreas Andreades, CEO, Temenos, adds: “AmBank Group joins our growing list of long-standing clients who have chosen the upgrade path from Globus to T24. We provide banks with a smooth transition process, enabling them to future-proof their systems with minimal risk and cost.”
Temenos has an international client-base of over 590 financial institutions and continues to attract global tier one and regional banks as a result of its superior products, T24 and Temenos™ CoreBanking.
-ENDS-
About AmBank Group
Established in August 1975, AmBank Group is the sixth largest banking group in Malaysia and comprises AMMB Holdings Berhad (listed on Bursa Malaysia Securities Berhad) and its subsidiaries AmInvestment Group Berhad (also listed on Bursa Malaysia Securities Berhad), AmBank (M) Berhad, AmAssurance Berhad and AmIslamic Bank Berhad. The Group provides a wide range of investment banking, commercial and retail banking as well as related financial services which also include Islamic banking business, underwriting of general and life insurance, stock, share and futures broking, investment advisory as well as asset, property and unit trust management. AmBank Group’s full-fledged Islamic banking subsidiary, AmIslamic Bank, commenced operations on 1 May 2006, continuing a heritage of Islamic banking begun in 1993 and offered through the services of AmBank. Islamic investment banking services are also offered through AmInvestment Bank Group. AmBank Group’s core philosophy incorporates a deep-seated commitment to the satisfaction of its wide range of customers, with numerous customer-driven initiatives woven into all forms of communication and interaction with all customer groups. A leading example is the Customer F.I.R.S.T programme where AmBank Group staff are Friendly, Innovative, Responsive, Simple and Trustworthy.
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