T24 first core banking system to go into production with clients on Windows Azure
GENEVA, Switzerland – 7th February 2011 - Temenos (SIX: TEMN), the global provider of banking software, today announced the availability of TEMENOS T24 (T24) on the Microsoft Windows Azure platform, making T24 the first core banking system to go into production with customers on Azure. This technological development builds on Temenos’ experience of core systems applications in hosted environments and will offer far reaching operational and financial gains to certain banking markets across the globe.
The combination of T24 and the Windows Azure platform, including SQL Azure, allows banks to remove the high data centre costs associated with running a multi-application environment by moving these operations to a consumption based pricing model. Banks will no longer need to expend time and budget on provisioning and operating hardware resources, as running T24 natively on the Windows Azure platform enables them to scale resources effectively and increase volume according to customer demand.
As part of this launch, Temenos has embarked on its first cloud migration to move a network of 12 Mexican financial institutions from a traditional hosted environment onto the Windows Azure platform. Five of these – Sofol Tepeyac, Grupo Agrifin, Findeca, Soficam and C.Capital Global – are in the first phase of migration, which is currently underway and is expected to be completed by Q2 2011. The remaining seven will migrate later in 2011.
“We are excited to see a market leader like Temenos actively taking its clients to cloud-based solutions on the Windows Azure platform. This will provide a differentiating edge to banks, helping them lower costs, enhance operations, and build new, mission-critical business opportunities with flexibility and a rapid time to market,” commented Karen Cone, general manager, Worldwide Financial Services, Microsoft Corp. “This is a very natural progression for Temenos, whose T24 platform and its architecture offer a close fit to a cloud environment. It also enables the company to make a quick and smooth transition of its existing outsourced clients into the cloud.”
“Celent has noted that there is an increase in demand for outsourced core banking systems in many geographies. Hosting T24 on Microsoft's Azure platform gives financial institutions anywhere in the world the ability to deploy the system on a per use basis. Giving customers this option opens up entire new markets for both Azure and T24,” commented Bart Narter, senior vice president, Celent.
“We are extremely pleased to be taking T24 into the cloud – a move which will offer an exciting future for specific banking markets and open up new opportunities for Temenos. As a key strategic technology partner, we are delighted to be leveraging our relationship with Microsoft, which not only reinforces T24’s close compatibility with Microsoft technologies to offer banks a core platform that operates extremely effectively in the cloud, but also highlights our dedicated investment to evolve T24 in response to market and customer change,” commented Andreas Andreades, chief executive officer, Temenos.
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 more than 60 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
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