Replace your legacy Misys Midas* system quickly, safely and economically
T24 Model Bank is the simplest and most effective execution of your Misys Midas replacement strategy. T24 Model Bank is a state of the art banking system with a long future ahead of it.
Why replace your Misys Midas Banking system?
Misys Midas was originally bought by international bank branches in the 1980s and 1990s. As this market contracted, Misys Midas was increasingly positioned as a universal banking solution. To provide a broader functional offering, other systems are deployed in conjunction with it, particularly Misys Trade Innovation. Maintenance is typically more complicated and more expensive than for a single platform solution as changing one piece of functionality in Misys Midas or elsewhere could mean that many other interfaces have to change along with it.
So how do banks upgrade from Misys Midas ?
Misys Midas Plus was offered as the chargeable upgrade path for Misys Midas users and became the focus of new strategic developments. Following a strategic announcement by Misys in March 2007, the available migration path for users of all three of the Core Banking systems currently offered will now be BankFusion, a new system developed by a company acquired by Misys in 2006. All Core Banking systems will still be supported, but any further enhancements must be funded. After further development, Misys intends to start delivering the new platform within two years.
T24 Model Bank provides comprehensive replacement of Misys Midas
TEMENOS T24 (referred to as T24) is a modern, upgradeable and evolving banking system which covers all areas of banking in an integrated manner on all modern technology platforms.
Temenos has built a Model Bank specifically designed to replace Misys Midas which can be deployed quickly and with low risk.
Model Bank is a fully featured copy of T24 which has a wide series of processes and products pre-configured. The Temenos Model Bank’s specially developed implementation methodology achieves fast and low-risk implementation of cutting-edge best practice. Model Bank can be used either as a starting point for a more bespoke implementation, or can be implemented "out of the box". Implementation time frames for model bank projects vary from 3 months to 9 months.
Temenos’ flagship T24 software has the following key characteristics:
Upgradeability
New versions of T24 software are released approximately every twelve months and banks can upgrade their version of T24 using an automated upgrade tool, which is included with the product. Most clients upgrade every 2-3 years to take advantage of all the new
enhancements in the system.
Constant Enhancement
Our clients and prospects collectively help us to ensure that the product remains "ever green" and continues to move forward to support the latest industry business practices and products.
Wide Coverage
T24 is a Universal Banking system. This means in the one system we cover not only traditional ‘Core Banking’ areas, but also all other areas such as Trade Finance, Retail Lending, Front Office, including retail branch management, and Securities Trading with full Treasury coverage. Temenos can also offer specialised support in other areas such as Basel II calculations and reporting.
Open Platform Support
T24 has been designed to operate on the widest selection of technology platforms possible. The product supports the full Microsoft technology stack, UNIX and Linux. All industry standard databases are supported including SQL-Server, Oracle and DB2. This allows our clients to choose the most cost-efficient and appropriate technology platform now, with the ability to review this choice in the future. Temenos remains committed to ensuring compatibility with a wide range of platforms.
For more information please contact:
salesteam@temenos.com