GENEVA, Switzerland 22nd March 2010 – Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announced that Barclays has selected TEMENOS AML (AML) as its preferred global sanctions solution for payments screening. AML was benchmarked against other market leading competitors and proved to be the fastest and most operationally efficient offering. It will be deployed globally to replace existing platforms and consolidate the payments and transactions screening.
As the solution of choice for Barclays, AML includes Linguistics which will enable the bank’s Next Generation Programme to achieve superior levels of screening. The application of Linguistics in Barclays is a sophisticated solution to address the increasing challenges of cultural variations and subtleties. This heightened detection capability is coupled with Temenos’ industry leading intelligent false positive reduction methods, designed to drive down total cost of ownership and increase operational efficiency.
Paul Fabara, Managing Director and Global Head of Operations, Regulatory Implementation & Planning at Barclays commented, “After a rigorous technical assessment of the leading sanctions screening solutions available, the decision to select Temenos for Barclays global initiative was relatively easy”. He further added, “The bank’s approach to global compliance is unequivocal. We want to lead by example and have found the right product to help us protect that position.”
“We are delighted to have been selected by Barclays to support its global Sanctions Screening requirements. In light of Barclays strategic approach to Sanctions Screening, the selection of Temenos as the vendor of choice clearly demonstrates the comprehensive nature of the Temenos solution”, Jean-Michel Hilsenkopf, Regional Director, Temenos commented. “As regulatory challenges for banks increase, Temenos’ market leading experience represents a major step forward in protecting individuals and institutions against Sanctioned Entities and Terrorist Financing”.
Andreas Andreades, CEO, Temenos adds: ‘This is a very exciting time for Temenos as we enter into the AML market through the successful acquisition of Viveo. We believe that the AML market offers significant growth potential and our success in penetrating this market will prove an important factor in executing our ambitious growth plans for Temenos. We have made excellent progress integrating the product into our business model and this new signing demonstrates how we are already seizing opportunities in this growth market. The regulatory landscape and heightened enforcement actions are impacting financial institutions’ Sanctions Screening efforts and responses to money laundering, for which technology plays a vital role. Temenos now has a highly prized AML product and domain expertise, which is already used by 20 banks globally. We look forward to working with Barclays to provide it with a best in class Sanctions Screening system and expert support services as we expand our global presence in this market moving forward’.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 57 offices worldwide, Temenos serves over 1000 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 is top of the IBS Sales League Table 2009, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers. For more information please visit www.temenos.com
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