Sumitomo Mitsui Banking Corporation goes live on TEMENOS T24 in Asia Pacific and Australia
13 September 2010
GENEVA, Switzerland 13 September 2010 – Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Sumitomo Mitsui Banking Corporation (SMBC) has gone live on TEMENOS T24 (T24) in Singapore, Malaysia, Vietnam and Australia as part of a major project to integrate multiple IT systems onto a single platform. T24 Model Bank will provide SMBC with new functionality and high scalability across eight countries in Asia Pacific. SMBC, one of the largest banks in Japan with a presence in 33 countries globally, is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group, one of the world’s leading banking groups.
“We are delighted to have successfully rolled out T24 Model Bank in Asia Pacific. The single, pre-configured platform will enable rapid delivery of a consistent set of original products and services across our entire network, whilst flexibly accommodating country specific requirements to meet local needs. Running a single instance of T24 will dramatically cut maintenance costs, provide a real time view of all credit exposures across each corporate relationship and deliver greater understanding of counterparty risk. We move to the next phase of deployment in full confidence that T24 will help us remain at the forefront of product and service innovation to support our customers”, SMBC commented.
Prior to implementing T24 Model Bank for Corporate Banking, SMBC largely ran its operations on distributed in-house systems but also used a small number of third party products. Integrating operations on the Model Bank platform is delivering standardised, automated processes across the region as well as integrated customer and risk information, empowering staff to make better informed decisions.
Temenos worked jointly with SMBC to gather common requirements from all branches and integrate these to build a standard T24 platform for the group with core functionality including deposit, loan and trade components. The two organisations then focused on country-specific implementations to deliver rapid branch roll out of a single system, enabling the benefits of T24 to be realised quickly across SMBC’s network.
T24 Model Bank, including trade finance, cash management, commercial lending, guarantees and fund transfer, was deployed on an open system including UNIX servers and an Oracle database. Temenos is now working jointly with SMBC to roll out the platform across the rest of the region.
“Having worked closely with SMBC, we are delighted these important milestones have been achieved, paving the way for the continued successful roll out of T24 across the rest of its business network. Temenos’ Model Bank is the only core banking product available today which covers the full spectrum of corporate banking functionality and best practice in one single package to provide complete multi-country operational consolidation. Its broad functional coverage will reduce the need for complex interfaces between different SMBC business entities and the system centralisation delivered through T24 will minimise related IT costs and be vital to maintaining SMBC’s market leading position; we look forward to working with them on the next phases of deployment.” says Andreas Andreades, CEO, Temenos
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About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) was established in April 2001 through the merger of two leading banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited. Sumitomo Mitsui Financial Group, Inc., was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly owned subsidiary of SMFG. In March 2003, SMBC merged with the Wakashio Bank, Ltd. SMBC’s competitive advantages include a strong customer base, the quick implementation of strategies, and an extensive lineup of financial products and services that leverage the expertise of strategic Group companies in specialized areas. SMBC, as a core member of SMFG, works together with other members of the Group to offer customers highly sophisticated, comprehensive financial services.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 56 offices worldwide, Temenos serves over 1000 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 is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers. For more information please visit www.temenos.com
Temenos contacts:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Petra Shuttlewood
Temenos PR Manager
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Email: pshuttlewood@temenos.com
Sarah Bowman
Associate Director, IR
T: +1 646 472 8069
M: +1 646 752 5463
Email: sbowman@temenos.com
Claire Barry
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
Email: cbarry@hudsonsandler.com
Lucy Clark
Hudson Sandler for Temenos
T +44 (0)20 7710 8912
Email: lclark@hudsonsandler.com