North Shore Credit Union selects TEMENOS T24™ to drive product innovation

05 February 2007

GENEVA, Switzerland – 5 February, 2007 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that North Shore Credit Union (NSCU), one of the most profitable and innovative financial groups in Canada, has selected TEMENOS T24 to replace its existing system. TEMENOS will implement TEMENOS T24, the company’s modular core banking system, in NSCU’s head office in Vancouver and 12 branches across British Columbia to support over  40,000 members and some 150,000 accounts. The system will enable NSCU to increase product innovation, improve customer service and better integrate its multi-application environment.

Fred Cook, Chief Information Officer, NSCU, comments: “That TEMENOS has a proven track record in driving technical advancements was critical to us. The company does a great job of constantly incorporating new technologies so that its applications and underlying technology continue to be highly relevant in our marketplace. We needed a core solution that could integrate with our existing systems and allow us to continue towards our goal of increasing profitability and efficiency through the use of straight-through processing. TEMENOS T24 will help to give us an edge in a fiercely competitive market.”

TEMENOS T24 will replace VisionWest from Open Solutions. As a true innovator in the market, NSCU required a system that could provide not only standard retail functionality, but also the breadth and flexibility to allow the company to expand into new and profitable businesses. During the evaluation period, it considered a number of providers, including i-flex, Fiserv Summit, and Fincentric, before signing the deal with TEMENOS in December 2006. HP, a key NSCU technology partner, advised on technical infrastructure design and hardware specifications and will continue to work with NSCU and TEMENOS to help ensure that the application is successfully implemented on its platform.

TEMENOS will manage the project and is installing TEMENOS T24 Model Bank for Canada, which includes interfaces and functionality specifically developed for Canadian credit unions and mid-sized banks. The system will run on HP hardware using the Microsoft Windows platform.

Chris Catliff, president and CEO, NSCU, states: “The ability to improve and innovate customer products is a key advantage in our market so we needed a system that would enable us to excel in this area. TEMENOS’ commitment to the Canadian market was also a deciding factor in our selection process and we believe that TEMENOS T24 is a superior and effective banking system for the Canadian credit unions. We can now benefit greatly from TEMENOS’ vast experience of multi-national banking products and concepts.”

TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, 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.

Alex Groenendyk, president, TEMENOS Americas, adds: “We’ve developed  TEMENOS T24 Model Bank for Canada using our experience of delivering technology in the region since 2002. NSCU is the first Canadian credit union to utilise this approach, which provides complete functionality, including all required interfaces, for delivering products to the Canadian market. With TEMENOS T24, NSCU will be able to create new products quickly, expand into new business areas, and continue to meet its aggressive growth targets.”

TEMENOS has an international client-base of over 500 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.

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About North Shore Credit Union
With 12 branches in communities from Burnaby and downtown Vancouver to Whistler, Squamish and Pemberton, North Shore Credit Union (www.nscu.com) provides expert advice on banking, loans, investments and insurance. North Shore Credit Union has $1.8 billion in assets under administration, nearly 300 employees and 40,000 members. Its subsidiaries include United Mortgage Group, North Shore Capital Corporation, North Shore Leasing Ltd., Pacific Spirit Properties Ltd. and North Shore Insurance Services Ltd. NSCU is designated a Caring Company by the Canadian Centre for Philanthropy and is a proud member of Canada's IMAGINE program. The Credit Union has also been honoured numerous times as one of the most technologically innovative financial institutions in North America.

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