TEMENOS T24™ supports centralisation of Schroders’ Private Banking operations
06 June 2007
GENEVA, Switzerland – 6 June 2007 – Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Schroders Private Banking has upgraded from Temenos Globus™ to Temenos T24 (T24) to centralise its IT infrastructure. Temenos has installed T24, its modular core banking system, in Schroders’ new Private Banking Service Centre in Zurich to support the firm’s UK, Guernsey and Swiss private banking subsidiaries. By replacing multiple legacy systems and minimising its system landscape, the bank has unified service levels across its subsidiaries, centralised its reporting and improved its operational performance.
Heinz Scheiwiller, Head of Schroders Private Banking Service Centre, says: “Rationalised back-office processes have become an ambition at most banks, but we’ve gone one step further by equipping our service centre with both multi-bank and multi-country capabilities. This is possible in part because of T24’s capacity to process a single hub with multiple, cross country and cross time-zone companies so that we’re running three banks from one platform".
Schroders Private Banking has operated independent installations of Globus, Temenos’ original core banking system, in London and Zurich since 2003 to support its London, Guernsey and Swiss subsidiaries. However, each subsidiary had a different technical architecture and the bank also deployed a number of other applications to support areas such as order management, regulatory reporting and risk management.
After reviewing its Operations in 2005, Schroders Private Banking decided to centralise its Infrastructure and streamline its business. Its priorities were to bring all three country operations into a single service centre and consolidate its systems. This would reduce costs through increased efficiencies and fewer data centres with a simpler system landscape. The bank selected Temenos T24 and began centralizing its back office operations in Zurich in early 2006.
Schroders Private Banking installed the system on Sun Solaris servers in its Zurich Service Centre, which is fully operational with some 70 staff. The single platform enables each bank to take advantage of products and innovations offered by the others, strengthen a single corporate identity and make cost-justifiable interesting new improvements that each individual bank could not have initiated independently.
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, “Cost of ownership is a key issue for banks and Schroders Private Banking has made some impressive gains in this area. By upgrading to T24 and rolling it out across the business, the bank has a much stronger and more efficient technical infrastructure, allowing it to deliver a more competitive offering. Having already made major cost reductions, the bank is also in a position to invest in new product initiatives and share best practices across its businesses.”
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 Schroders
Private Banking Schroders Private Banking, a division of Schroders plc, manages £8.77 billion, as at 31st March 2007, on behalf of successful individuals and wealthy families around the world. We offer intelligent solutions and focus on delivering results, providing a highly personalised, dedicated service to every one of our clients.
Investment Management is at the heart of Schroders Private Banking’s business and this investment led proposition is supported by extremely professional capabilities in wealth structuring and specialised banking service. Strategic asset allocation plays an important role in every portfolio ensuring client risk profiles and investment needs are matched.
Further information about Schroders Private Banking is located at www.schrodersprivatebank.com
About Schroders plc
Schroders is a global asset management company with £132.3 billion under management as at 31 March 2007. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
We apply our specialist asset management skills in serving the needs of our clients worldwide. With one of the largest networks of offices of any dedicated asset management company and over 250 portfolio managers and analysts covering all the major investment markets, we offer our clients a comprehensive range of products and services.
Further information about Schroders can be found at www.schroders.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
Chris Patmore
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596
Email: chris.patmore@metia.com