Temenos strengthens foothold in Canada with latest signing
GENEVA, Switzerland – 18 January 2011 - Temenos (SIX: TEMN), the global provider of banking software, today announced that Vancity will replace its core banking systems with TEMENOS T24 (T24) to improve service capabilities and enhance the retail experience of its strong member base. Vancity signed a contract with Temenos in December 2010.
“Temenos’ management consultancy services played a key role in our T24 fit analysis by providing guidance in aligning our business processes to those of T24 to achieve maximum value,” said Catherine Aczel Boivie, CEO of Inventure Solutions and CIO and SVP of Information Technology and Facility Management at Vancity. “T24 model bank offers the scalability and closest functional fit for our requirements, making it the best solution to boost operational productivity and make a real difference to our member services.”
Vancity joins a number of leading Canadian credit unions - including Coast Capital Savings, North Shore and Servus - that have partnered with Temenos. T24 model bank will enable Vancity to utilise all T24 membership functionality and interfaces for ease of integration with third-party systems.
T24 will be implemented for Vancity’s retail and commercial banking operation systems, reducing complexity and enhancing system technology security while enabling flexibility. Reducing complexity will minimize operational and technology risk, and lessen the need for systems maintenance. T24’s flexible product catalogue enables the reusability of components to broaden Vancity’s product set in response to market and member changes.
“We are delighted to be strengthening our foothold in Canada with this new signing, which underscores Temenos’ position as the technology partner of choice for large-scale core systems replacement in Canada. We are excited to be playing an integral role in Vancity’s goal of delivering best-in-class member service by offering a highly scalable, flexible and open system to bring wide-scale efficiency and reduce delivery costs of those services,” commented Andreas Andreades, CEO, Temenos.
Vancity is Canada’s largest credit union, with $14.4 billion in assets, more than 414,000 members, and 59 branches throughout Metro Vancouver, the Fraser Valley, Victoria and Squamish. Vancity is guided by a commitment to improving the quality of life in the communities where we live and work. Each year Vancity shares 30% of net profits with members and the community—over $170 million since 1994. Vancity has been honoured to receive numerous awards, including ranking third on Corporate Knights’ 2010 Best 50 Corporate Citizens in Canada list, and being named one of Canada’s Top 100 Employers and one of Canada's Greenest Employers in 2010 by MediaCorp Canada. Inventure Solutions is a wholly owned subsidiary of Vancity.
For more information please visit vancity.com.
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 61 offices worldwide, Temenos serves over 1100 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. 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
For more information, contact:
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
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Tel: +1 646 472 8069
Mob: +1 646 752 5463
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Hudson Sandler for Temenos
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