Amrahbank selects TEMENOS T24 Model Bank
12 May 2009
GENEVA, Switzerland 12 May, 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Amrahbank Joint Stock Company (‘Amrahbank’), one of the fastest growing banks in Azerbaijan with 28 branches and offices and 300 staff serving 18,000 customers, has selected TEMENOS T24 (T24) Model Bank to improve the level of service that it offers to its retail and corporate clients as well as back office processes. Established in 1993, Amrahbank offers a variety of retail and corporate banking services such as deposits, loans, credit cards, money transfers, documentary transactions, mortgages and investment services.
As a fast growing organisation with plans to expand its branch network across all the major regions of Azerbaijan, Amrahbank required a modern core banking system with a broad range of functionality to support its growth plans, improve customer services and increase operational efficiency. The bank wanted a proven solution that could fully integrate its branch network and the various divisions within the bank on a single system, to replace its existing legacy system that had become slow and inflexible with limited functionality and reporting capabilities. Following a rigorous selection process the bank opted for T24 Model Bank to fully leverage its integrated CRM and business intelligence capabilities to deliver an enhanced customer experience.
“One of the pre-requisites of our selection process was to find a modern core banking system to provide up-to-date, high quality information and services to our customers, as well as improved functionality, processing and security in the back and middle office. We also wanted the ability to offer new products and services to our customers and will be using T24 to launch a new internet banking service. Temenos’ global reputation and presence in our local market made it an obvious choice for us,” said Mr. Emil Mammadov, CEO, Amrahbank.
As a second phase to the project the bank plans to implement T24’s Islamic Banking module to support its fully fledged conversion into a Shari’ah compliant bank once the necessary local legislative basis has been established. This will allow Amrahbank to benefit from the untapped Islamic banking market in Azerbaijan and neighbouring countries in the future, as well as increased cooperation between Azerbaijan and countries of the Middle East.
“We are delighted to welcome Amrahbank as a Temenos customer. As a fully integrated front, middle and back office core banking solution, T24 will ensure consistent high levels of service for Amrahbank’s customers. Its flexible architecture will enable the bank to deliver new products and services quickly to keep pace with the changing requirements of its retail and corporate customer base, while improving internal processes such as reporting and business analytics for increased operational efficiency,” said Andreas Andreades, CEO, Temenos.
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. 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, all resulting in a significant delivering a significant, immediate and ongoing ROI.
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About Amrahbank
Amrahbank is one of the oldest (est. 1993) and leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions and investment advisory services. Amrahbank is one of the most profitable banks of Azerbaijan (featuring in the top 3 banks by Return on Equity - 31 Dec 2008), has one of the largest branch networks (across Baku and different regions of Azerbaijan) and equity base. The Bank is a member of various professional organisations such as the Deposit Insurance Fund, Mortgage Fund, National Entrepreneurship Fund and Azerbaijan Banks Association. A recent strategic partnership with the International Investment Bank based in Bahrain (through a 49% shareholding), has played a key role in further developing many areas of Amrahbank including corporate governance, international cooperation and product and services quality.
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 52 offices worldwide, Temenos serves over 700 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.
Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies. 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
Associate Director, IR & Business Strategy
T: +41 (0) 22 708 1535
M: +41 795 207208/ +44 7803 887929
brobinson@temenos.com
Petra Shuttlewood
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: pshuttlewood@temenos.com
Evelina Amanatidou Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com