Banque Libano-Française selects Temenos to support advanced SOA core banking project
09 October 2007
TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Banque Libano-Française (BLF) has selected Temenos’ modular core banking system, Temenos 24 (T24), to support some 250,000 accounts across 32 branches.
With T24, the bank will benefit from customer-centric banking services, a faster time to market for new products and standardised operations, all based upon an advanced service oriented architecture (SOA). T24’s SOA capabilities will be used to support the bank’s vision of highly automated process management using the BPEL (Business Process Execution Language) standard and Oracle’s Fusion workflow engine and middleware. Datawarehousing will also be provided by Oracle in partnership with Temenos.
BLF is one of the leading banks in Lebanon and a key player in the Lebanese economy. It provides services in commercial and corporate, retail, investment, private, and correspondent banking. Farid Raphael, Chairman BLF, comments: "Our selection of T24 reflects our continued commitment to IT investment with the aim of delivering the best possible banking services to our customers. As well as having the flexibility to support growth and respond to the demands of both our regional and global markets, the system will allow us to consolidate all of our banking activities, including purchasing and asset management functionality onto one platform.”
During a rigorous selection process, BLF considered 14 local and global vendors, including Misys, before signing the deal with Temenos in August 2007. The bank will initially implement T24 across its Lebanese branches, replacing its in-house system that has been in use for over 20 years. BLF will then roll the system out to its global network of branches across France, Geneva and Cyprus.
Temenos will install T24 functionality, including Basel II compliance and anti-money laundering modules, over SOA, in conjunction with Oracle® Enterprise Service Bus and Oracle Business Process Execution Language (BPEL) Process Manager. The bank will also utilise Oracle Applications for Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) functionalities.
The bank will use Temenos 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.
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: "The strategic choice of T24 by BLF, one of Lebanon’s leading banks, underlines Temenos’ continued investment and commitment to Lebanon and the Middle East. Temenos’ open technology standards have allowed us to cater to the bank’s advanced technical requirements by enabling T24 to be deployed over a modern SOA, fully integrated with our partner Oracle’s Fusion middleware and BPEL workflow engine. This is further confirmation that Temenos’ high level of investment in T24 technology is appreciated by its clients”.
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About Banque Libano-Française
Banque Libano-Française is one of the leading banks in Lebanon and a key actor in the Lebanese economy. It provides services in commercial and corporate, retail, investment, private, and correspondent banking. Over the years, the Bank has been steadily increasing its capital through internal cash flow generation. As of December 2006, its shareholders' equity exceeded 400 Million USD and its total assets reached more than 5 Billion USD. The Bank has 800 employees, a local network of 32 branches as well as subsidiaries in France, Switzerland, and Cyprus. For more info: www.eblf.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
Evelina Amanatidou
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com