Swedbank selects TEMENOS T24 for Finnish operations
30 January 2008
GENEVA, Switzerland, 30 January 2007 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Swedbank has selected TEMENOS T24 (T24) to support its Finnish corporate banking operations, including internet banking capabilities. The bank has opted for the T24 Model Bank, with pre-configured products and processes for a fast, low-risk migration, following the successful implementation of T24 at Swedbank’s Shanghai branch, which went live in June 2007.
Swedbank is the leading bank in Sweden, Estonia, Latvia and Lithuania serving nine million private and 480,000 corporate customers. As part of its international expansion strategy, Swedbank established a branch office in Helsinki in October 2005 to support its strong customer base of Swedish corporates in Finland and the Baltics.
Madis Tapupere, head of CIO strategy and architecture for Swedbank says: “Our Finnish operations have been successful and we are now looking to expand our customer base in this region, offering a broader and more complex product mix in response to our customers’ needs. T24 will enable us to centralise our banking operations, achieve banking best practises and provide a full range of corporate banking services to this market.”
Swedbank signed the contract with Temenos in September 2007 and the project is expected to go live by Q3 2008. T24 will replace the bank’s in-house system which has been in place for two years.
A joint implementation team will roll out the T24 Model Bank solution, which includes pre-configured products and processes for banking best practise in order to reduce implementation time and costs, minimise customisation and lower the project risk. The bank has selected corporate banking modules including loans, cash management and financial calculations.
T24 will be deployed on a Sun Unix Solaris platform, located in Swedbank’s head office in Stockholm, using an Oracle database. This architecture will enable the bank to run all international branches from a central location without the need to deploy a full server platform for the system in each site. With one set of interfaces, centralised operations and expertise for T24, the bank will reduce time to market for new products. Regional customisation is being carried out for local clearing and local banking networks, including support of local banking standards for cash management.
Andreas Andreades, CEO Temenos, adds: "We are delighted to further expand our partnership with Swedbank. The breadth and depth of functionality in T24 has proven itself suitable for the bank’s operations across the globe. Swedbank has confirmed yet again that our Model Bank approach combined with our strong professional services team is the obvious choice for replacing core banking systems.”
TEMENOS T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. 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 is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
-ENDS-
About Swedbank
Swedbank is a leading Nordic-Baltic banking group with 8.8 million retail customers and 441,000 corporate customers in Sweden, Estonia, Lithuania and Latvia. In Sweden the group has more than 470 branches. In the Baltic countries the group has another 280 branches. Outside of the Nordic-Baltic home markets, the group is present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Moscow, New York, Oslo, Shanghai, St.Petersburg and Tokyo. As of December 2005, the group had total assets of SEK 1,200 billion and approximately 16,000 employees. www.swedbank.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:
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