8 June 2009 - Baltic International Bank (BIB) has gone live on global core banking software TEMENOS T24 as part of a development strategy to deploy a fully integrated systems infrastructure and maintain and enhance its functionality and improve the overall quality of transaction processing.
Now, banking transactions are routed through the new system. Т24 offers multiple advantages for the bank’s business. It enables the bank to provide higher quality service (since it decreases the time required for transaction processing) and update information shown on customer account statements much more rapidly.
“The implementation of a huge investment project is a confirmation of the Bank’s development strategy”, says the Chairperson of the Board Ilona Gulchak. The following comments are from the Director of Information Technology and Business Maintenance Albert Reznik: „With Т24, the bank now has the technical foundation required to raise the quality of its operational infrastructure, ensure fast and efficient transaction processing, reduce operational risks and optimise expenses associated with the support for and development of information technologies used by the bank.”
The deployment of the new banking system now provides support for the following business units: those dealing with accounts and payments, cash operations, loan and deposit operations, trade finance, and securities-based operations.
“We are delighted to be supporting Baltic International Bank. The private banking market is evolving massively, with both retail and private banks putting increased focus on the mass affluent market. In addition, high net worth clients want more control over their investments, with increased demands for immediate access to information via dynamic portfolio analysis and the ability to compare investment strategies. T24 now provides BIB with the integrated operational infrastructure needed to address these market changes both now and in the future at a significantly lower cost of ownership”, Keith Stonell, Regional Director, Temenos commented.
T24 is packaged core banking software which incorporates the best practical developments generated by Temenos. Its highly automated implementation approach delivers shorter implementations, ensures cost reduction and lower levels of risk. T24 is a system that provides scalability, enables banks to use the most effective and efficient business model, expand their intranets, monitor risks and keep expenses in check.
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.
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
For more information, contact:
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Evelina Amanatidou Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592