Temenos demonstrates ongoing commitment to BIAN by showcasing the first phase of Model Bank development to help ease the journey for banks moving to a service-oriented architecture
GENEVA, Switzerland, 16th July 2009 – TEMENOS (SWX: TEMN), the global provider of integrated core banking systems and a founding member of the Banking Industry Architecture Network (BIAN), today revealed a set of development initiatives undertaken to align T24 Model Bank with the first set of BIAN standards published on Monday. This includes the recent launch of T24 R09, the latest release of TEMENOS T24 (T24), signifying the first release of a set of Model Bank banking services, which have been aligned with the work being done through BIAN on the banking Services Landscape. Its work highlights the company’s dedication to the Service Oriented Architecture (SOA) model and supports BIAN’s aim to help accelerate the adoption of standards for the industry.
BIAN was established in 2008 by leading global banks including Deutsche Bank, Credit Suisse, and ING and technology vendors including SAP, Temenos and Microsoft, to act as an independent body committed to the promotion and development of industry standards in support of SOA (Service Oriented Architecture) roadmaps. The association’s main objective is to ease the journey of banks moving to an SOA by building a community that will openly share domain and technical expertise in the application of SOA principles and methodologies.
Robert Hunt, Senior Research Analyst, TowerGroup, comments: “What we have today is a technology Tower of Babel – systems written at different times using different software structures and sometimes different programming languages. This results in systems that are difficult and expensive to maintain and prevents banks from implementing new products in a timely manner. BIAN represents a great opportunity for the industry to define banking services and develop a more standardised approach to software development. As we develop SOA standards and services, banks and vendors should be able to develop and maintain systems at a much lower cost. This first set of published deliverables and the alignment initiatives undertaken by members like Temenos is encouraging and will work to bring the benefits of BIAN to life for potential members”
Temenos is working to align its Model Bank with BIAN by adopting all of the standards that are defined and published through BIAN. As part of this and in line with the first set of BIAN deliverables published this week, it has adopted the BIAN Meta-Model and Service Landscape for the representation of banking business services, defined services around Business Partner and Payments and put in place plans to adopt the final Level 3 specifications for Business Partner and Payments from BIAN once they are released.
Commenting on the work Temenos has undertaken so far, Koen Van den Brande, Group Strategy and Marketing Director, Temenos, comments: “Temenos is dedicated to driving down cost of ownership and delivering a flexible core banking platform to banks across the world through T24 Model Bank. The work we have undertaken demonstrates our continued commitment to BIAN and positions us well to support our larger retail banking clients that are moving towards an SOA, a trend that requires standards to succeed. As a responsible member of the industry, Temenos has long believed in the benefits of SOA and we have invested heavily into our products to ensure they are SOA ready. We look forward to contributing to the development of further BIAN standards as they evolve and to promote their adoption through the continued progression of our BIAN Model Bank offering”.
The work undertaken by Temenos and other network members in delivering these standards will help banks simplify the integration of systems and processes to improve efficiencies and meet cost reduction requirements, whilst also providing the structural flexibility to rapidly adapt to fast-paced market change. Following the first set of published deliverables, those in support of BIAN are confident that adoption of the standards will grow as the network grows and the value of BIAN is realised by the wider banking community.
At the Standardisation in Service Oriented Architectures (SOA) session at the Standards Forum at Sibos 2009 Hong Kong, Koen Van den Brande, Group Strategy and Marketing Director for Temenos will be speaking on behalf of the Banking Industry Architecture Network (BIAN). Van den Brande will cover a brief history of standards in the banking industry, including what other standards bodies have learned in terms of adoption. He will then lead a discussion with a number of representatives from the other standards organisations. The session will take place on Tuesday 15th September from 15:15 to 16:00, at the Standards Forum stand. For more information, please contact the Temenos press team on 0207 423 3751.
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 Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). 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, immediate and ongoing ROI (Return On Investment).
Created in 2008 by SAP and Microsoft, along with other founding members, BIAN is a global, open, independent and unique community defining SOA and semantic definitions for IT services in banks for the long term according to a standardized industry model.
BIAN’s goal is to help banks ease the transition to an SOA by gathering together a community of industry-leading players and global banks that will openly share domain and technical expertise to apply SOA principles and methodologies. In employing these principles, banks globally will be able to better respond to changing customer needs and reduce risk and cost of re-engineering legacy systems toward a more flexible operational environment.
By defining and encouraging the development and implementation of standardized services, BIAN will help banks in their daily operations by creating operational efficiencies and allowing them to focus on growth, time-to-market and the increasing demands from their customers. Financial institutions, software vendors and service providers, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in the definition, building and implementation of next-generation banking platforms.
To learn more about BIAN please visit www.bian.org
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
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