GENEVA, Switzerland – 7 October 2008 – Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that its Energy division, a former division of Financial Objects which Temenos acquired on 10 September 2008, has partnered with Redstone Managed Solutions to deliver its award-winning energycredit solution through software as a service (SaaS). This strategic alliance will enable smaller commodity trading organisations, such as wholesale energy traders or commodity trading divisions within banks or hedge funds, to take advantage of this leading credit risk management system. The SaaS delivery model will significantly decrease costs, enable rapid implementation times and reduce dependence on internal IT resources.
Roland Jones, head of Temenos’ Energy division comments: “In such a turbulent market it’s vital that all commodity trading organisations are effectively managing their exposures, limits and collateral on a daily basis. By partnering with Redstone, we have removed the barriers to entry for smaller trading teams. We expect strong uptake of our software as a service offering, as firms increasingly recognise the importance of effective credit risk management in protecting their organisation and improving their liquidity.”
Redstone Managed Solutions, a leading provider of integrated IT and communications solutions, will provide the managed service hosting infrastructure for energycredit, ensuring full disaster recovery and the highest levels of data security, uptime, availability and responsiveness. For clients that opt for energycredit through SaaS, the Temenos Energy division will provide extensive IT support, including upgrades to new service packs, technical administration and troubleshooting. Clients will also benefit from reduced implementation times of as little as six weeks for the preconfigured software.
Robert Cavan, Managing Director at Redstone Managed Solutions says: “energycredit is the most technically advanced solution of its kind, so its delivery as a managed service is a logical move. Its users can now gain the full benefits of the solution without having to worry about the application management. We are looking forward to working with the Energy team at Temenos and supporting its business across Europe.”
energycredit, which uses the latest Microsoft technologies, is a fully integrated credit risk management system for the commodity trading industry, incorporating oil, gas, power, coal, carbon and derivatives. The system enables organisations in this space to capture, monitor and report credit exposure by a variety of factors such as counterparty, external credit rating and commodity. More than 19 commodity trading organisations, including Calpine, EnBW, RWE, Shell Trading, Statoil and TXU, are already benefiting from energycredit.
About Redstone plc
Redstone plc (AIM:RED) is a leading provider of IT and Communications solutions for businesses and organisations of all types and sizes. The company currently employs in excess of 1,000 people across 14 offices across UK and Ireland. It has partnerships with major equipment suppliers including Cisco and Packetfront and has offices in Belfast and Dublin in addition to its offices in UK.
For more information see www.redstone.co.uk
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
For more information, contact:
Marketing Director – Energy division
Tel: +44 (0) 207 420 3308
Natalie Shamshoum/Flora Wilke
Metia for Temenos
Tel: +44 (0) 20 3100 3655/3715
Email: firstname.lastname@example.org / email@example.com
Temenos PR Manager
Tel: +44 (0) 207 423 3751