SMBC selects TEMENOS T24™ for Asia Pacific Operations
17 April 2007
GENEVA, Switzerland – 17 April, 2007 - Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Sumitomo Mitsui Banking Corporation (SMBC) has selected T24 to support its Asia Pacific operations. The bank will install T24, the company’s modular core banking system, in all 13 of its Asia Pacific branches across seven countries as part of a major project to implement an advanced standard platform. SMBC, one of the largest banks in Japan, is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group.
The bank intends to run a common platform that supports its operations across the different countries. To do this in a short period, the bank needs a wholesale banking package that can seamlessly integrate with its existing applications. T24 will provide the flexible and advanced technology required to manage its branch network and lower its total cost of ownership.
The bank also needed a scalable system that could flexibly cope with various local products and regulations which are often unique in each country in Asia, as well as connect to the regions using a thin-client structure, allowing for lower maintenance and faster upgrades. After considering a number of providers, SMBC signed the deal with Temenos in December 2006.
Temenos will work with SMBC to gather common requirements from all the branches. Temenos will then consolidate these requirements in the T24 build and install core functionality, including deposit, loan and trade components, as well as interfaces to internal and external systems and networks.
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 realtime 24/7 non-stop banking.
Andreas Andreades, CEO, Temenos, adds: “A key consideration for banks when reviewing their technology is cost of ownership. Running multiple systems across multiple branches can not only be a challenge when co-ordinating operations but also put up barriers to cost-effective upgrades and maintenance. By running T24 as a single platform across its branch network, clients will have a scalable infrastructure that can grow with its business.”
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 SMBC
Sumitomo Mitsui Banking Corporation (“SMBC”) is a joint stock corporation with limited liability (Kabushiki Kaisha) under the laws of Japan. SMBC is one of the world’s leading commercial banks, with ¥104 trillion in consolidated total assets as at 31st March, 2006. SMBC provides an extensive range of wholesale and retail banking services in Japan and overseas to its customers. In Japan, SMBC accepts deposits, makes loans and extends guarantees to corporations, individuals, governments and governmental entities. It also offers financing solutions such as syndicated lending, structured finance and project finance. SMBC also underwrites and deals in bonds issued by or under the guarantee of the Japanese government and local government authorities, and acts in various administrative and advisory capacities for certain types of corporate and government bonds. Internationally, SMBC operates through a network of branches, representative offices, subsidiaries and affiliates to provide syndicated lending, project finance and portfolio management services while participating in international
securities markets.
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