TEMENOS T24 brings wide scale efficiency and innovation to the European banking group
GENEVA, Switzerland – 26th March 2012 – Marfin Group, a leading European financial group and long established TEMENOS T24 user in Cyprus, Greece and Romania, has successfully extended its usage of T24 to its Ukrainian subsidiary, Marfin Bank Ukraine. Historically, Marfin Bank Ukraine had multiple and decentralised core banking systems, which over time has led to inefficiencies across the organisation. The bank required a central, modern and flexible core banking system for its Ukrainian retail, corporate and commercial network. TEMENOS T24 was selected for this modernisation project as it is the most technologically advanced banking system available today, which meets local regulatory requirements in Ukraine as well as streamlines Marfin Bank Ukraine’s operations and provides rapid delivery of new products and services to differentiate the bank in a competitive market.
Commenting on this latest roll out of T24 in the Group, Antonis Theodosiou, Deputy Director, Information Technology, Marfin Popular Bank, said: “Today’s banking industry landscape is very different compared to five years ago. As the market changes, our technology solutions have to adapt so that we can enable the business to operate more effectively in a tougher and more competitive arena. Marfin Popular Bank has long recognised IT investment as a critical factor to meeting the Group’s strategic objectives. Migrating our Ukrainian operations to T24 was a natural progression in streamlining our processes, simplifying system requirements and delivering a single customer view. All of this has brought about efficiency and lower maintenance costs, but more importantly, it gave us more flexibility and functional breadth to enable us to rapidly take new retail products to market. This is essential in a world where alignment to customer needs is our absolute priority.”
About Marfin Popular Bank
Marfin Popular Bank, based in Cyprus and with a history of over 110 years, has developed into a robust financial organisation with a presence in 10 countries: Cyprus, Greece, United Kingdom, Russia, Ukraine, Romania, Serbia, Malta, Guernsey and Representative Office in China. It operates 439 branches and employs 8.464 people (as at 1.1.2012).
The Bank caters for individuals, small businesses and large organisations with services in international banking, foreign exchange and treasury, electronic banking, factoring, finance and leasing, insurance, investment and fund management. Its international awards, technological leadership, customer-oriented approach and anthropocentric philosophy make Marfin Popular Bank more than a Bank. For more information please visit www.marfinbank.com.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic and microfinance & community banks. Headquartered in Geneva with more than 60 offices worldwide, Temenos serves over 1,500 customers in more than 125 countries across the world. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 700 implementations around the globe. 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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