GENEVA, Switzerland, 9 February 2009 – Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that the AmBank Group, the sixth largest banking group in Malaysia, went live with TEMENOS T24 (T24) to support the Group’s Treasury division.
AmBank Group provides a wide range of investment banking, commercial banking, retail financing, business banking and related financial services. These include Islamic banking, underwriting of general and life insurance, stock and futures broking and investment advisory, as well as asset, property and unit trust management. The group is 19.17%-owned by Australia and New Zealand Banking Group Limited.
The Group has been a Temenos Globus™ (Globus) client since 2000 and in November 2008, it successfully upgraded three entities of the AmBank Group to T24 - AmBank, AmInvestment Bank and AmInternational (L) Ltd. T24 will help the bank take new products to market quickly and has enabled the elimination of unnecessary local code, making it easier for the bank’s IT team to support its Treasury business functions and lower its operational costs. Furthermore, T24’s functionality also supports the bank’s local regulatory requirements.
Mr Teng Chean Choy, Director, Group Treasury, AmBank Group, says: “We have built a strong relationship with Temenos, particularly when it became our direct service provider in 2004. Its high level of service and technology has served us well for many years so when we decided to upgrade our core Treasury system we immediately chose Temenos. By using T24, we can expand our business by rapidly taking to market a wider product range. We now have an excellent platform from which to launch new products and services and improve customer service, which will help us retain our market position and increase market share.”
T24 is running on HP Unix servers using jBase database software. The upgrade was jointly managed by the bank and Temenos Professional Services team.
Andreas Andreades, CEO, Temenos comments: “We are excited to be cementing our relationship with AmBank Group. This project highlights the calibre of Temenos Professional Services, which deliver rapid, low-risk implementations, making it easier for banks to renew their core technology and be in a position to offer more sophisticated services to their clients. With our fully upgradeable, packaged software, we ensure that banks future-proof their technology and can take advantage of increased functionality year-on-year. This T24 deployment proves our ability to support the needs of large, established banks by delivering flexibility and adaptability coupled with low deployment risk.”
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. 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, all resulting in a significant delivering a significant, immediate and ongoing ROI.
About AmBank Group
Established in August 1975, AmBank Group is the sixth largest banking group in Malaysia* and comprises AMMB Holdings Berhad (listed on Bursa Malaysia Securities Berhad) and its business brands AmInvestment Bank Group, AmBank, AmAssurance and AmIslamic . The Group provides a wide range of investment banking, commercial and retail banking as well as related financial services which also include Islamic banking business, underwriting of general and life insurance, stock, share and futures broking, investment advisory as well as asset, property and unit trust management. AmBank Group’s full-fledged Islamic banking subsidiary, AmIslamic Bank, commenced operations on 1 May 2006, continuing a heritage of Islamic banking begun in 1993 and offered through the services of AmBank. Islamic investment banking services are also offered through AmInvestment Bank Group. AmBank Group’s core philosophy incorporates a deep-seated commitment to the satisfaction of its wide range of customers, with numerous customer-driven initiatives woven into all forms of communication and interaction with all customer groups. A leading example is the Customer F.I.R.S.T programme where AmBank Group staffs are Friendly, Innovative, Responsive, Simple and Trustworthy.
*by assets, as at 30 September 2008
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 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 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.
Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies. For more information please visit www.temenos.com
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