An Binh Bank selects TEMENOS T24™ Model bank
17 July 2007
GENEVA, Switzerland – 17 July 2007 – Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that An Binh Bank, one of Vietnam’s largest banks, has selected TEMENOS T24 (T24) to provide centralised core banking across its retail and corporate banking operations. T24, the company’s modular core banking system, will enable the bank to
increase its customer base, introduce new products rapidly, improve customer service and reduce operating costs.
Mr Luu Duc Khanh, chief executive officer, An Binh Bank, says, “We have ambitious plans to quadruple our customer base by 2009. T24 enables us to move from a distributed system, with multiple interfaces and manual processes, to a single centralised system across all branches. This will allow us to increase the efficiency and productivity of our operations 24/7, and bring innovative products to the market quickly, which are key to our customer and revenue growth.”
during a complex, nine-month selection process, An Binh Bank considered a number of providers, including i-Flex and System Access, before signing the deal with Temenos in December 2006. T24 will replace a locally-developed system from a Vietnamese supplier which was unable to support corporate banking, centralised core banking and new types of products.
An Binh Bank will implement T24 Model Bank, which includes pre-configured products and processes for banking best practice, in order to reduce the implementation time and costs, minimise customisation and lower the project risk. Temenos will also provide the T24 Vietnam Country Platform, with specific functionality to meet local banking requirements and regulations, delivering a fully-regionalised system.
Temenos is leading the implementation of the system, which is expected to go live in Q3 2007 at the bank’s headquarters in Ho Chi Minh City and across its network of 31 branches. Using T24 Model Bank, Temenos will install T24 core functionality, which includes comprehensive retail and corporate banking capabilities, on an Oracle 10 database and IBM AIX hardware.
T24 is a functionally rich, thin client, 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 nonstop 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 realtime 24/7 non-stop banking.
Andreas Andreades, CEO, Temenos, adds, “An Binh Bank is our seventh client in Vietnam, alongside Military Bank, SacomBank and Techcombank, and establishes Temenos as the leading banking software provider in Vietnam. This is a result of our commitment to the Vietnamese banking industry, demonstrated through the establishment of our local office, staff presence and investment in technology. We can now offer T24 Model Bank with the T24 Vietnam Country Platform to omprehensively cover local banking and regulatory requirements.”
Temenos has an international client-base of over 580 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, T24 and Temenos™ CoreBanking
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About An Binh Bank
An Binh Joint-Stock Bank (ABBANK), is one of the leading joint-stock banks of Vietnam and one of the ten banks with the largest registered capital of Vietnam. After 13 years of growth and development since establishment in 1993, ABBANK has made great advances in its business performances and results in the last three years, marked by significant milestones such as: Electricity of Vietnam Group (EVN) became a strategic shareholder of ABBANK with 30% of shareholdings in 2006; ABBANK and An Binh Securities (ABS) has successfully issued VND 2000 billion bond for EVN in 2006; EVN bond issued by ABBANK has been selected by Asia Money 1.2007 as the best local currency bond of Asia in 2006.
Currently ABBANK has a network of 31 branches and transactional offices in nine provinces of Vietnam, serving 5,000 business clients and 50,000 individual customers. www.abbank.vn
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