GENEVA, Switzerland 15th March 2010 – Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announces that Danske Bank, Denmark’s largest bank and a leading player in the Nordic financial markets, will implement TEMENOS T24 (T24) Model Bank for Corporate Banking as its new lending platform. T24 will support Danske Bank’s loan processing across ten countries in Northern Europe (Denmark, Sweden, Norway, Finland, England, Northern Ireland, Ireland, Germany, Luxembourg and Poland) to reduce operational costs. The Danske Bank Group offers a comprehensive range of financial services, including insurance, mortgage finance, asset management, brokerage, real estate and leasing services. The platform handles advanced corporate loans as a departmental solution integrated with the corporate banking platform at Danske Bank.
‘’We are taking significant steps to reduce our cost base and at the same time strengthen our solutions on risk management capability across the business and deploy the necessary tools to achieve this. T24 will enable automation of currency and bilateral loan processing to reduce cost by eliminating manual intervention. By delivering a comprehensive and real time picture of all credit exposures, T24 will give us improved business processes and operational efficiency. T24’s functional breadth and high parameterisation will keep configuration to a minimum and yet give us the adaptability to differentiate our products and processes to cater for specific client requirements and new commercial initiatives”, commented Jørgen Wittenkamp, Head of Loan Systems in Danske Bank.
Danske Bank selected T24 Model Bank to replace its legacy system and support its corporate lending business on a single, open platform. T24’s functional richness and openness will address all functional requirements and enable smooth integration, whilst minimising disruption to the surrounding architecture. As a fully packaged system, T24 will be rolled out in less than a year with a big bang approach, to keep associated transitional costs low and enable Danske Bank to realise the benefits earlier.
‘As a bank that has historically run in-house systems, we are delighted to have been selected by Danske Bank to support its corporate lending business. This demonstrates that corporate banks are increasingly turning to advanced packaged core banking software to centralise multi-country operations for significant improvements across risk management, cost control, product innovation and customer service. The extensive best practice processes embedded within T24 will enable Danske Bank to address multi-country requirements on a single instance of the software, whilst having the opportunity to deploy the system across other areas of the business moving forward, a unique business proposition only provided by our single platform approach and high R&D Investment’, commented Andreas Andreades, CEO, Temenos.
About Danske Bank
The Danske Bank Group - which consists of Danske Bank, Realkredit Danmark, Danica Pension and a number of Danish and foreign subsidiaries - offers its customers banking services, insurance, mortgage finance, estate agency services, wealth management and leasing services. In Denmark, Norway, Sweden, Finland, Northern Ireland and Ireland, the Group provides services to a substantial number of retail customers and a significant part of the corporate sector. To do so, the Group employs some 20,000 highly-qualified and professional employees and uses sophisticated information technology.
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 58 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.
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