Temenos signs relationship agreement with Deloitte
17 February 2010
Agreement represents another key milestone for Temenos’ partnership programme, significantly increasing T24 management consulting capacity
Today, 17 February 2010, Temenos (SIX: TEMN), the market leading provider of integrated core banking systems and Deloitte, the leading professional services firm, have entered into a relationship agreement under which, Deloitte will provide consulting services around implementations of the award-winning TEMENOS T24 (T24) core banking platform. This will combine Deloitte’s capabilities for complex bank transformation programmes with the proven products, methodologies and tools that Temenos offers, to provide customers with a comprehensive end to end service.
The relationship agreement covers the UK and Switzerland, with plans to extend it to Belgium, Canada, Ireland, Luxembourg, the Middle East, Portugal, South Africa and South East Asia and ultimately globally using Deloitte’s network of member firms. It will benefit clients by bringing local market insight and regulatory understanding combined with a consistent level of service both within and across markets.
Deloitte and Temenos have worked together successfully in the past and this agreement formalises the relationship and provides the basis for a much closer collaboration in the future. The first activity is already underway – a global consulting project advising on a T24 rollout.
Over the next three years Deloitte will invest in the training and certification of a significant team of consultants on T24 who will work with the established Temenos methodology for the implementation of T24 Model Bank.
Tim Walker, Deloitte Partner and sponsor of the Core Systems Transformation Proposition, comments: “We believe that banks’ adoption of packaged solutions is set to accelerate as it offers a route towards radical improvements to their efficiency and their ability to offer new products and services and enter new markets. Temenos is a recognised leader in banking technology with a very large international installed base and we anticipate working closely with Temenos to help our clients successfully implement it and deliver the subsequent business benefits.”
Mike Head, Temenos Global Alliances Director, adds: “The relationship with Deloitte is extremely important for the Temenos community. It will greatly enhance choice for our customers, bringing them world class business management and project delivery skills. And, in extending our consulting capacity, it will help Temenos to scale our ability to deliver to our customers and will provide further input from the field regarding suggested and requisite product enhancements”
Jason Deering, a Deloitte specialist with banking platform implementation experience across a dozen markets and leader of the Deloitte Core Systems Transformation Proposition in the UK, commented: “The trend for package based implementation has moved from local, to regional, to global. Implementations will always benefit from a local presence that offers both insight and delivery capability. This relationship gives clients confidence of a consistent methodology, implemented by Temenos specialists and certified, local Deloitte professionals. This collaboration of skills will help to manage the risk of complex implementations and enhance certainty and quality. On that basis, the relationship is very exciting for our clients.”
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 51 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 Professional Services and Consulting organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2008, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies. 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.
About Deloitte
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's more than 168,000 professionals are committed to becoming the standard of excellence. We value innovative thinking, diverse insights and we strive to offer customer service through our expertise and professionalism.
Our Global Financial Services Practice serves 83% of financial service companies in the Fortune Global 500. We believe that a key factor in our continued success is structuring our services to match the local and global needs of our clients. We recognise the need to innovate constantly in order to respond to the rapidly changing financial services environment including the rising price of regulation, the challenges of legacy technology, the risk of industry consolidation, the threat of and opportunity for new entrants, and the value of alternative business models.
Our service lines bring together specialists with deep industry skills. Our propositions bring together specific these skills, with proven methods and tools, to solve some of the most complex challenges that our clients can face.
The Core Systems Transformation Proposition team based in London leverages our global capability to advise clients on all issues relating to the execution of application implementation and replacement programmes. Whether a client is considering is small single application project or a complex end to end transformation, our team can provide experience around strategy, business case, vendor selection, requirements definition, solution design, implementation and testing. We can help to shape programmes for success and optimise major investments in legacy or new technologies.
For more information on Deloitte’s point of view on bank’s core systems please refer to When legacy is not enough, or read more about our Financial Services perspectives at http://www.deloitte.com/financialservices.
Deloitte CST Proposition Contacts
Tim Walker
Partner, CST Proposition Sponsor
Tel/Direct: +44 (0)20 7303 7858
tjwalker@deloitte.co.uk
Jason Deering
Director, CST Proposition Lead
Tel/Direct: +44 (0)20 7007 8658
jasondeering@deloitte.co.uk
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
Tel: +44 (0) 207 423 3751
Email: pshuttlewood@temenos.com
Ben Robinson
Director, Strategic Planning
T: +41 (0) 22 708 1535
M: +41 795 207208/ +44 7803 887929
brobinson@temenos.com
Claire Barry
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
Email: cbarry@hudsonsandler.com
Lucy Willatt
Hudson Sandler for Temenos
T +44 (0)20 7710 8912
Email: lwillatt@hudsonsandler.com