Temenos T24 Core Banking
Temenos T24 (T24) is a complete front- to back-office, CRM and product lifecycle management software platform that powers core banking operations.
Consistently ranked as the first or second best-selling core banking software platform worldwide for the past 14 years (International Banking Systems Sales League Table), T24 has been developed using a complete service-oriented architecture that’s modular so banks can deploy and integrate the required functionality alongside the needs of their business.
Running 24/7 and in real-time, it equips you for the banking technology and market challenges of today and tomorrow.
T24 can be implemented and managed on premise or deployed as software-as-a-service (SaaS) – a cloud-based delivery model. SaaS offers quick, easy access to T24 core banking software without the need for significant internal IT resources and expensive infrastructure, making it the ideal deployment choice financial institutions that wish to move fast without the burden of complicated in house IT systems.
T24 integrates seamlessly with both back office data and self-service channels to provide a consistent customer experience. It is completely compatible with your existing banking systems, enabling you to deploy and control a flexible range of multi-channel, next generation banking services for your customers – efficiently, securely, cost effectively and profitably.
T24 can be implemented as a model bank version with built-in industry best practice processes, or as a highly configurable version that Temenos tailors to your specific requirements, ensuring efficiency and compliance with all internal and external regulations – or as a combination of both.
T24 is based on an advanced technology architecture that provides platform independence, real-time interfaces, extreme usability, high performance, excellent productivity for configuration and deployment and modular components. It has the flexibility to support the needs of any bank – from the smallest greenfield operation to the largest multinational.
T24 has an unrivalled track record worldwide in:
- reducing the cost of ownership
- enhancing productivity
- mitigating risk
- expanding channels-to-market
- lowering costs
- improving customer service
- optimising up-sell and cross-sell opportunities
- driving growth
- boosting profitability
Coded to provide a balance of high performance, extensibility and upgradeability, T24 is based on industry standards. Hardware and database agnostic, T24 runs as a message-driven bean in Java standard JEE application servers.
Applications can interact with T24 through industry standard OData or web services interfaces and can integrate with T24 using event-driven messages.
T24 has its own browser-based user interface providing responsive design for desktops, tablets and smartphones. Being platform-agnostic means banks can choose the best vendor or environment for their needs, and change without altering their T24 investment, maximizing its longevity. T24 users can also tailor their functionality and flexibility without compromising their ability to upgrade to later versions. T24 provides highly productive design tools for model-driven development and change deployment.
Multiple sector deployment
Temenos T24 provides a high performance foundation for you to manage users, customers, processes, risks, delivery channels and applications – as well as deploy a full range of banking services across specialized lines of business.
T24 is the most widely deployed core banking software globally (International Banking Systems annual core banking sales report), and this experience continues to be incorporated into T24, giving it the most comprehensive coverage across retail, corporate, wholesale, universal, Islamic, private wealth management and microfinance banking.
T24’s core banking solutions include:
- T24 is a massively scalable straight-through-processing solution. Robust transaction processing engines facilitate highly automated transaction handling from multiple channels and devices, driving growth and profitability for the bank. Key features include user configurable automated exception handling and a transaction recycling mechanism, plus protection from unwanted costs and potentially fraudulent transactions.
Regulation and compliance
- T24 provides an IFRS solution with the capability to classify and measure financial instruments, recognize the profit and loss, and enable full disclosure, as well as supporting your local GAAP accounting treatment. It also provides support for regulatory frameworks, such as Basel II and III, and regulatory reporting including:
- FATCA compliance (for US-source income), through comprehensive functionalities relating to client identification, calculation of the withholding tax and reporting requirements
- MiFID compliance, through a process that ensures trades are placed on MiFID-compliant stock exchanges and are executed at the best price.
Despite the sophistication of self-service channels, human contact through the front office remains the channel of choice for many clients.
It is also critical for handling complex transactions, where advice or consultation is required. T24’s customer onboarding and origination solutions enable the efficient acquisition of new clients and new business.
Processes are highly automated, but user definable, with configurable decisions to ensure efficiency and compliance with all internal and external regulations. For day-to-day transactions, T24 provides branch and call centre staff with a complete 360° view of a client’s business and activities.
Temenos T24 (T24) is a complete front-to-back office, CRM and product lifecycle management platform that powers retail, corporate, wholesale, universal and private banking operations. Running 24/7 and in real-time, T24 combines comprehensive business functionality with an advanced, secure, scalable and modular architecture that future-proofs your banking operations to meet the infrastructure and market challenges of today and tomorrow.
- Designed specifically for Islamic Banks
- Single core banking system
- Shari’a compliant and commercially flexible
- Handles Islamic and non-Islamic financial services
The Temenos award-winning core banking software platform is configured for processing all wealth management needs from front to back office. T24 Private Wealth Management supports banking for the mass affluent through to high-net-worth individuals by providing front- to back-office support for the full range of traditional banking and wealth management financial products.
- Dramatically reduces time to market of new products and services
- Enables your business to grow more rapidly while keeping IT costs low
- Excellence in client experience via 360-degree client view
- Fully supports latest generation of client-facing systems
- Significantly reduces admin burden of regulation by automating compliance tasks and offering a real-time, integrated view of your business
Temenos’ multi-award winning T24 core banking range offers a single, integrated architecture that allows you to deliver this exceptional corporate banking experience, building customer loyalty, enhancing agility, fuelling innovation and extending your competitive edge.
- Cash management – set up rules to globally to maximise the return on surplus liquidity
- Corporate lending - full rapid, cost-efficient and precise lifecycle management of lending process
- Forfaiting and Factoring - enables the exporter to simultaneously be fully protected against interest and/or currency rates moving unfavorably during the credit period
- Syndicated lending - complete management of syndications, throughout life of loans
- Trade finance - supporting complex trade finance structures
- Delinquency management - monitors, ages and manages your customer repayment obligations
With over 200 Microfinance and bank client sites in 36 countries, Temenos T24 for Microfinance and Community Banking is configured for the specific requirements of these organisations. Temenos T24 provides an enterprise information system to build out - from emerging new starters, to converting established financial intermediaries, to very large scaled-out mass market retail banking operations.
- Start-up model, pre-built model bank with configured products and services
- Quick implementation; additional modules can be selected and added
- Ability to set your own rates, terms, conditions and product delivery mix
- Cloud deployment option, saving up front IT costs
Temenos has built a specific module called FATCA, a fully integrated module of the Temenos T24 core banking system, which helps FFIs to comply with FATCA legislation.
- FATCA module is a fully integrated module of the T24 Core Banking System
- FATCA module is fully maintained by Temenos
- Banks will be fully FATCA compliant as per regulatory requirements
- Quick time to market – banks can have Phase I implemented in 25-30 days
- Banks can concentrate on their business rather than solutions development