The Mauritius Commercial Bank Limited selects T24 to replace its Core Banking platform
03 December 2007
Geneva, Switzerland, 03 December 2007 – TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that The Mauritius Commercial Bank Limited (MCB) has selected TEMENOS T24 (T24) to replace its core banking platform, supporting the Bank’s Retail and Corporate operations. T24 will support MCB’s 42 branches, 130 Automatic Teller Machines and approximately 1 million customer accounts based in Mauritius, Rodrigues and its international operations.
Established in 1838, MCB is the leading Bank in Mauritius with over 40 percent market share of lending and local currency deposits. It also has a presence in Madagascar, Mayotte, Mozambique, Reunion Island, Seychelles and Paris.
Antony Withers, Chief Executive of MCB said: “Here at MCB we have a tradition of being a leader in adapting to changes and innovating to satisfy customer needs. We fully understand that our future success will depend on our ability to deliver a comprehensive range of services across the bank’s retail, cards, corporate and international businesses in a quicker, cheaper and more efficient manner for our increasingly sophisticated domestic, regional and global customers.
“Towards this end, we were looking for a proven, integrated core banking platform that could support all of our operations and be implemented within a relatively short timetable with minimum risk. We turned to Temenos following references from several leading Retail and Corporate banks and found T24 to be the ideal solution. As well as allowing us to place our customers at the centre of our business, T24 will provide new features across our remote channels and ensure that we can roll out new and innovative products to the market quickly and effectively.”
MCB considered five vendors during a rigorous evaluation period, including Infosys, before signing the deal with Temenos on 31 October 2007.
Andrew Heathcote-Marks, CIO of MCB said: “In the final analysis we found the T24 solution more suitable to MCB’s requirements as it is a flexible, parameter-driven system that will allow us to benefit from Temenos’ regular upgrade releases.. Custom-built solutions that deviate from this approach create dependencies and drive up the cost of ownership, which we wanted to avoid. We were also impressed with Temenos’ Model Bank approach, as we believe that this will lower the implementation risk and allow us to selectively adapt our processes to international best practices.”
The implementation project will be launched in December, starting with a preliminary business process review by a Temenos Management Consulting Services team to ensure target-specific business processes for optimisation and the best use of the capabilities of T24. The system will be implemented by a joint MCB/ Temenos team using the T24 Model Bank implementation methodology, which draws on Temenos’ experience of over 600 implementations and includes pre-configured products and processes for banking best practice, in order to reduce implementation time and costs and lower the project risk. T24 will be deployed on a Unix platform and Oracle database, and is expected to go live at the end of the first quarter of 2009.
Andreas Andreades, CEO Temenos, adds: "I am delighted to welcome MCB to Temenos and T24. This is our first customer win in Mauritius and one that reconfirms Temenos leadership in Retail and Corporate banking. We firmly believe that our superior package approach differentiates us from all other competing vendors and delivers to the bank an evergreen system with the lowest cost of ownership. I am confident that it will exceed MCB’s expectations and allow the Bank to remain the leader in its market.”
He continued: “This sale demonstrates that we continue to see no impact on demand for our products from the subprime crisis and we remain confident in our forecasts for 2007 and beyond."
T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. 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 is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
-ENDS-
About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 600 financial institutions in more than 120 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 Amantidou
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com