Temenos supports second VW Bank implementation and helps launch VW Bank Mexico

28 May 2008

ROME, Italy, 28 May 2008 - At its annual client forum, Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Volkswagen Bank S.A., Mexico’s first automobile sector bank, has on April 1st gone live with TEMENOS T24 (T24) and becomes Mexico’s first direct bank - providing branchless banking through its dealerships and call centres to Volkswagen employees and the general public. T24 is Volkswagen’s second Temenos implementation, after a deployment in China.

Volkswagen Bank S.A, has a full banking licence and has taken over part of the credit business from the Volkswagen Mexico Leasing Company, which offered loans and financing on cars purchased from Volkswagen Mexico. Volkswagen Bank S.A. is the first Mexican bank to operate using the direct bank approach - a branchless service via Volkswagen dealerships or call centres. Temenos Professional Services team also helped the bank integrate T24 with its existing CRM systems.

The bank chose T24 because it could be rapidly approved, in line with the time constraints set by the Mexican government. The bank was able to pass the Mexican government’s authorisation requirements in just three weeks including an audit of the IT facilities at the German headquarters, where the application is hosted. T24 now provides complete banking functionality, including customer accounts, loans and deposits, money market, limits, collateral, fund transfers, position management, accounting, data capture and non-stop processing.

Mark Lagarie, CIO, Volkswagen Bank, S.A. says: “T24 enabled us to implement a solution which meets the Mexican legislation requirements. As a branchless operation, the integration to our existing and complex system environment was crucial for us. Temenos consultants helped us to achieve this goal throughout the complete implementation cycle. We are looking forward to expanding the use of T24 in line with our business needs.”

Temenos’ Professional Services team has successfully implemented over 600 core banking systems in the past decade, which ensures that banks can take advantage of the benefits of their new banking system.

Volkswagen Bank S.A. aims to expand its presence across 200 car dealerships to further grow its customer base. It is looking to upgrade and expand its range of services beyond cheque accounts, loans and fixed term investments to include a full range of retail banking products.

Andreas Andreades, CEO, Temenos, says: “This has been a great opportunity to expand our relationship with the Volkswagen Group. We are proud to have been involved in such an innovative project – the first of its kind in Mexico and Temenos’ first automotive project in North America. It has helped Temenos cement its reputation in the automotive financing market and demonstrates the ability of T24 to meet the flexible requirements of this exciting, niche market in different geographies.”

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 Volkswagen Bank S.A., Institución de Banca Múltiple

Volkswagen Bank, subsidiary of Volkswagen Financial Services AG, largest provider of automotive financial services in Europe, started operations on April 1st as the pioneer institution in direct banking in Mexico.

The company has a wide experience in the financial services world in Mexico, going back to 1973. Volkswagen Leasing and Volkswagen Servicios Financieros have paved its way with the activities of financing and leasing in the automotive business.

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