Major international private bank in the Caribbean goes live with TEMENOS T24

30 June 2008

Stanford International Bank, Ltd. goes live with TEMENOS T24 with its flexible state-of-the-art technology

GENEVA, Switzerland, 30 June 2008 - Temenos Group (SWX: TEMN), the provider of integrated core banking systems,  today announced that Stanford International Bank, a member of the Stanford Financial Group, a global financial services network with $43 billion in deposits and assets under management or advisement, has selected TEMENOS T24 ™ (T24) to replace its legacy systems. The bank went live at its headquarters in Antigua in February 2008

T24 now supports 60,000 customer accounts with assets of over $7 billion US. The success of this implementation has lead to Temenos establishing a strategic alliance as the banking software partner with the bank’s affiliated company, Stanford Financial Group.

T24 has been deployed in the bank’s operations and client services divisions to deliver increased automation, advanced reporting and efficient straight-through processing.

Juan Rodriguez-Tolentino, President of Stanford International Bank, says: “We were looking for modern technology that would help us reduce the time it takes to design new products. We also needed a robust, fully redundant, high availability infrastructure that offered exceptional rates of straight through processing.  After a thorough selection process, T24 emerged as the system that could meet these requirements. We also wanted a partner that could deliver outstanding customer service and felt that Temenos was best positioned to deliver this level of support.”

Stanford International Bank went through a rigorous selection process considering 80 vendors worldwide before selecting Temenos and signing a deal in July 2006. Temenos Professional Services team deployed T24 in 15 months. Based on the banks’ specific requirements, Temenos Application Management (TAM) initiated the customisation processes. Temenos’ onsite and regional Professional Services team in NY completed the project. T24 is now running on Microsoft and IBM servers. The new color consolidated customer account statements are being produced through an interface between T24 and an updated Stanford’s in-house application.

Temenos’ strong Professional Services team, now numbers more than 1,000 professionals and has successfully implemented more than 600 core banking systems over the past decade, and amassing hundreds of years’ experience, which ensures that banks maximise the benefits of their new banking system.

Andreas Andreades, CEO of Temenos, adds: "Stanford International Bank is clearly benefitting from T24’s rich functionality and technology advantage in serving private banks worldwide. We are delighted to be working together with the Stanford Financial Group, extending the use of T24 in the group.”

T24 is a functionally rich, scalable, and proven integrated banking system. 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, Simple Object Access Protocol (SOAP) web services, 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 Stanford International Bank

Stanford International Bank is a member of Stanford Financial Group, a privately held, wholly owned global group of independent financial services companies founded in 1932 by Lodis B. Stanford, grandfather to the current sole shareholder Sir Allen Stanford. Stanford's core businesses are private wealth management and investment banking for institutions and emerging growth companies. Stanford provides private and institutional investors with global expertise in asset allocation strategies, investment advisory services, equity research, international private banking and trust administration, commercial banking, investment banking, merchant banking, institutional sales and trading, real estate investment and insurance. Stanford serves clients from over 100 countries on six continents.

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

Peter McKenna
Temenos Marketing Director
Tel: +44 (0) 207 423 3842
Email: pmckenna@temenos.com

Sole Chirco/Alisha Benson
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3718 / 3739
Email: sole.chirco@metia.com / alisha.benson@metia.com