JPMorgan Commits $30 Million to Implement Central Platform for Global Services
22 April 2008
[ This is a JPMorgan Press release, posted by Temenos ]
Firm’s Investment will Support Treasury Management and Liquidity Services Around the World
NEW YORK – April 22, 2008 – JPMorgan, a full-service provider of cash management, trade finance, and treasury solutions, today announced that it will make a $30 million technology investment to implement a centralized operating platform supporting expansion of the bank’s global treasury management and liquidity services businesses.
This core banking solution will bring uniformity to the firm’s product offerings, enable JPMorgan to offer a consistent set of services across the world, and utilize robust infrastructure to deliver richer data and real-time reporting to clients. Work has begun to deploy the platform with pilot efforts planned for later this year.
JPMorgan will work with Temenos, a global provider of banking software systems, to implement the new platform. In addition to this $30 million commitment, the firm will make additional significant technology investments to support international expansion.
“The global marketplace is where we expect to see significant growth in our business going forward, and we recognize that having the most robust technology capabilities possible will be a key driver in achieving our goals,” stated Sue Webb, executive vice president, global core cash management, JPMorgan Treasury Services. “We are making a significant investment in our technology in order to support our clients’ businesses around the world. Working with an industry-leading software provider like Temenos will enable us to meet our clients’ evolving needs, regardless of where they do business.”
“We are proud to support JPMorgan’s expansion by providing a platform that allows them to continue to distinguish themselves through their global banking services,” stated Andreas Andreades, CEO, Temenos. “With the growing world economy, being able to offer mission-critical applications that enable world-class banks like JPMorgan to offer their clients one view into their global businesses is more important than ever. We look forward to supporting JPMorgan, helping them to deliver a dynamic, market-leading solution to their clients around the world.”
JPMorgan will use Temenos’ T24 Model Bank solution, which includes pre-configured products and processes that reduce implementation time and costs, minimizes customization and lowers project risk. It offers a functionally rich thin client and integrated banking system ideally suited for global banking operations. These features will allow for a single version of the system to be rolled out around the globe, offering a single client view across an enterprise. Its modular features allows for accommodation of local requirements and variants including regulatory and tax requirements.
-ENDS-
About JPMorgan Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Treasury Services (JPM TS) is the world’s largest provider of treasury management services. JPM TS is a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
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:
Media contacts for JPMorgan:
Aurora Johnson
Office: +1 626-359-0732
Mobile: +1 626-864-2434
email: aurora@aurorajohnson.com
Contacts for Temenos:
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
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com