Volkswagen Financial Services goes live with T24 in seven months
07 January 2008
GENEVA, Switzerland, 07 January 2008 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Volkswagen Financial Services AG (VWFSAG) has gone live with TEMENOS T24 (T24) in their China subsidiary in just seven months, to support its captive finance loan service to corporate and retail customers.
Guy Broekmans, General Manager of Volkswagen Finance (China) Co. Ltd., said: “We are very impressed with T24’s flexibility, adaptability and speed of deployment. T24 covers the entire retail loan process from financial offer to the car buyer in the dealership over application processing, scoring, loan disbursements to automated direct debits and collection processes. In a second phase which will follow soon, car dealerships will be allowed to log onto a single, centralised system that uses application processing and workflow capability to process applications for loans. Temenos’ expert teams also customised T24 to integrate with existing general ledger and payment interfaces.”
During the evaluation period, VWFSAG considered several vendors before signing the deal with Temenos in March 2007. The implementation project was initiated on the 1st April 2007 and went live on 5th Nov 2007, rolled out by a joint Temenos/ VWFSAG team.
T24 provides a complete set of workflow driven processes for application, customer and risk-management with Browser over WAN/Internet capabilities to support Volkswagen’s Classic Credit and Flexible Credit products in China. The products are available for loan applications of customers via cooperating dealers in China for both new and used cars. The system runs on an IBM operating system and Oracle database.
Andreas Andreades, CEO of Temenos, adds: “Volkswagen Financial Services is a very important new client for Temenos. It is one of the largest clients for T24’s captive finance product and the largest specializing in automobile financing. This confirms the excellence of our solution in this important market. Additionally its extensive use of the process workflow portion of our new front office product T24 ARC to support their loan origination shows that our integrated and flexible approach is attractive to our clients and validates our decision to invest in this extension of our traditional product set.”
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 Volkswagen Financial Services AG
Volkswagen Financial Services AG, largest provider of automotive financial services in Europe, showed total assets of 43.9 billion euros, a profit before tax of 705 million euros and more than 4.57 million contracts as at December 31st, 2006. The company, which has around 5,000 employees, is responsible for coordinating the worldwide financial services activities of the Volkswagen Group. It is affiliated with companies in 36 countries through shareholdings, service agreements and co operations.
About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 600 financial institutions in 120 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). 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