Bank Standard in Azerbaijan goes live with TEMENOS T24
08 July 2008
GENEVA, Switzerland – 8 July 2008 – Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Bank Standard, the largest, non-government backed bank in Azerbaijan, is the first bank in the country to go live with TEMENOS T24 (T24). T24 now provides the bank with centralised core banking capabilities across its retail, treasury and internet banking operations. The system which went live in June 2008, has been implemented at the bank’s branch in Baku, Azerbaijan, with a further 13 sites, including the head office, to go live later in the year.
The bank has deployed T24 with an extensive set of modules including foreign exchange, funds transfer, loans and deposits, money market, nostro reconciliation, trade finance, securities and portfolio management, teller and internet banking. The system was implemented by Temenos’ Moscow-based team which brought local expertise to the process. T24 has successfully replaced the bank’s locally produced system, which lacked the scale and scope required to support the bank’s future growth. Based on this implementation, Temenos has created the Model Bank platform for Azerbaijan, which will be used as a standard for further implementations in the country. Temenos has secured two further wins in the region with its successful Model Bank for Azerbaijan.
Salim Kriman, Chairman, Bank Standard, says: “We realised very quickly that our existing system was preventing growth because of a lack of global standards. As well as expanding the business, we wanted to establish best practice processes. As an internationally established system, T24 is instrumental in helping us introduce these global standards into our business.”
The bank will deploy T24 in a further seven branches in 2008. This is part of a two-year expansion plan during which the bank will look to grow its assets and loans by 35-40 per cent and extend its branch network to 21 sites.
During a two year long evaluation period, the bank considered several local vendors and i-flex before signing the deal with Temenos in March 2006. The system runs on HP servers with an HP Unix operating system and Oracle database.
Andreas Andreades, CEO, Temenos, adds: “This project is important because it highlights Temenos’ partnership approach, which takes us far beyond the traditional remit of a technology vendor. We deliver a complete business solution that matches the local requirements, establishes best banking practices and helps banks optimise their business operations and be ready to scale properly to support their growth plans. This is why banks are now choosing Temenos over competitors and we are delighted to see our client base in this region expand.”
TEMENOS T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos’ Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24’s flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.
T24 incorporates modern technology including a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP (Simple Object Access Protocol) web services, and BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology ensuring business agility, continuity, data integrity and reduced downtime delivering a significant, immediate and ongoing return on investment.
-ENDS-
About Bank Standard
Bank Standard is the second-largest bank of Azerbaijan and the largest among private banks of the country. By position for April, 30th, 2008 the total amount of assets of bank made 628.3 million manats (757,7 million US dollars). The bank also is the leader of the private market in volume of the involved contributions, the given loans, net profit and volume of the cumulative capital.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 44 offices worldwide, Temenos serves over 600 customers in more than 120 countries.
Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe.
Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. 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
Peter McKenna
Temenos Marketing Director
Tel: +44 (0) 207 423 3842
Email: pmckenna@temenos.com
Evelina Amanatidou/Sole Chirco
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592/ 3718
Email: evelina@metia.com : sole.chirco@metia.com