StatoilHydro and EnBW go live with energycredit
19 January 2009
GENEVA, Switzerland – 19 January 2009 – Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that its Energy division, a former division of Financial Objects which Temenos acquired on 10 September 2008, has successfully implemented the energycredit solution at StatoilHydro and EnBW Trading GmbH, the trading arm of EnBW Energie Baden-Wuerttemberg AG. Following successful installation projects, these energy trading organisations are now reaping the benefits of improved and automated credit exposure management and the mitigation of counterparty risk.
StatoilHydro, a top ten global energy company from Scandinavia, has successfully completed its second and final phase of the energycredit implementation across its credit operations in Norway, the US, the UK and Singapore. The first phase of the project completed at the end of last year and entailed the consolidation of information held in spreadsheets and databases, as well as the implementation of a counterparty evaluation workflow process, the credit scoring application and reporting engine. The second phase of the project saw the deployment of the energycredit’s collateral, counterparty exposure and limit management systems.
“This was a strategic project for our credit department and extremely timely given the current turmoil across the markets,” said Bjorn Sandmoe, Head of Corporate Credit at StatoilHydro. “With energycredit, we benefit from a global view of our counterparty exposures and we know where our collateral is on a daily basis. This is absolutely essential in the current climate. Furthermore, by automating our operations, energycredit should allow us to focus on our core business.”
energycredit consolidates data – including oil exposures – from seven different sources. This will increase the operational efficiency within the credit area, through improved workflow, data quality and exposure reporting.
Energie Baden-Wuerttemberg AG (EnBW), the third largest energy supplier in Germany, took three months to implement energycredit Scoring, replacing previously cumbersome and time consuming manual processes. Now live, the system has fully automated and streamlined EnBW’s credit scoring operations across all its counterparties, including all related workflow and reporting processes. The company now benefits from increased accuracy and quick access to credit assessments and counterparty ratings. Additionally, the energyrisk team developed and installed a portfolio simulation tool for EnBW, enabling its credit risk team to stress test rating models and determine the impact this will have across portfolios of different weightings and scoring methodologies.
Julia Von Oertzen, Credit Risk Manager at EnBW Trading GmbH commented: “With some six million customers and hundreds of counterparties, we required a scalable and bullet-proof credit scoring system to reduce our risk and support our business growth. energycredit has addressed these requirements and we look forward to extending our use of the product in the future, particularly to improve our margin call processes through its collateral management capabilities.”
Roland Jones, Head of Temenos’ Energy division stated: “We’ve enjoyed very positive working relationships with both StatoilHydro and EnBW and look forward to continuing these, as both firms look to bolster their credit risk strategies further. These implementations are testament to both firms using the best possible methods to reduce risk and ultimately protect their organisations in an unforgiving market.”
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About StatoilHydro
StatoilHydro is an integrated technology-based international energy company primarily focused on upstream oil and gas operations.
Headquartered in Norway, StatoilHydro have more than 30 years of experience from the Norwegian continental shelf, pioneering complex offshore projects under the toughest conditions. StatoilHydro has about 29,500 employees in 40 countries and is the world’s largest operator in waters more than 100 metres deep. Total production equals more than 1.7 million barrels of oil equivalents per day. StatoilHydro’s culture is founded on strong values and a high ethical standard. The company aims to deliver long-term growth and continues to develop technologies and manage projects that will meet the world’s energy and climate challenges in a sustainable way. StatoilHydro is listed on NYSE (STO) and Oslo Stock Exchange (STL).
About Energie Baden-Wuerttemberg AG (EnBW)
Energie Baden-Wuerttemberg AG (EnBW) (EnBW) is a holding company engaged in the energy sector, with subsidiaries operating throughout Germany and in Central and Eastern Europe. The company's activities are divided into three business areas: Electricity, Gas and Energy as well as Environmental Services. For more information on EnBW please visit http://www.enbw.com/content/en/index.jsp
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.
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
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: 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