GENEVA, Switzerland – 2 September 2008 – Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that ACLEDA Bank, a fast-growing Cambodian financial institution, has deployed TEMENOS T24 (T24) to support its new operations in Laos. T24 has been installed in the first of several new branches based in Vientiane and was deployed in just two and a half months.
ACLEDA Bank worked with Temenos Professional Services consultants to implement the solution in record time, helping the organisation to meet its licensing deadline in Laos. The bank also uses the technology to comply with local regulatory requirements by generating reports for auditing. T24 is now enabling the bank to deliver a full range of commercial and retail banking services, including credits, deposits, fund transfers and cash management.
In Channy, President and CEO, ACLEDA Bank, says: “We are delighted to be using Temenos T24 to power our new presence in Laos. Having used the system for many years in our Cambodian operations, we know it to be a feature-rich, scalable and robust solution. It offers all the functionality we need to provide a wide range of services to our customers from day one. The deployment process was extremely quick, and we are confident that the software will help us expand rapidly in the new territory and beyond.”
ACLEDA Bank plans to use the Temenos technology to increase its presence in Laos from one to three branches before the end of 2008. Within five years, the organisation hopes to add a further four provincial branches, 11 district branches and 19 service units. It expects to service 150,000 loan clients over that period, and to grow its staff to 400 employees.
The bank implemented T24 Universal Model Bank, which includes pre-configured products and processes based on banking best practices and provides the bank with a single proven application to support front and back office activity. The system also integrates with SWIFT interface and is deployed on IBM pSeries using jBASE database.
Andreas Andreades, CEO, Temenos, comments: “As well as cementing our relationship with the bank and our presence in the region, this project demonstrates that we can deliver rapid, risk free implementation on an international scale. These capabilities make Temenos the ideal choice for banks looking to increase their global footprint quickly.”
T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos’ Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24’s flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.
T24 incorporates modern technology including a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP (Simple Object Access Protocol) web services, and BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology ensuring business agility, continuity, data integrity and reduced downtime delivering a significant, immediate and ongoing return on investment.
About ACLEDA Bank
With 214 branches and 5,139 staff, ACLEDA Bank is active in all 24 provinces/towns of the Kingdom of Cambodia. ACLEDA Bank is one of the fast-growing and leading retail banks in the country.
ACLEDA Bank Plc. is a public limited company, formed under the Banking and Financial Institutions Law of the Kingdom of Cambodia. Originally, it was founded in January 1993, as a national NGO for micro and small enterprises' development and credit. ACLEDA Bank Limited was licensed by the National Bank of Cambodia as a Specialised Bank on 7 October 2000.
On 1 December 2003, ACLEDA Bank has been granted a new license by the National Bank of Cambodia to operate as a full commercial bank and officially rename from ACLEDA Bank Limited to ACLEDA Bank Plc. The license has enabled ACLEDA Bank to launch many new financial services including cash management and trade finance to fulfill the needs of its existing and prospective customers. It has employed a world class banking technology from Temenos since February 2001 to bring transactions to life and has the largest branch network in Cambodia that gives customers a convenient access to any services and products of the bank.
For more information please visit www.acledabank.com.kh
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. For more information please visit www.temenos.com
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