Euro Pacific Bank adopts T24 in the cloud
Move will see Euro Pacific Bank use Temenos' cloud-based core banking solution to deliver sophisticated Private Banking services to customers worldwide
GENEVA, Switzerland – 14 MAY 2015 – Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today announces that Euro Pacific Bank Ltd, has selected T24, Temenos' core banking platform and anti-money laundering solutions, to be delivered via the Microsoft Azure cloud.
With this move the bank gains access to a highly scalable and automated platform to support its rapid growth.
Temenos's T24 cloud-based model bank will give Euro Pacific Bank a single, comprehensive view of each customer, enabling it to provide better customer service through a range of channels and offer the same range of products that clients would expect from a global bank at a price that larger competitors without cloud-based systems struggle to match.
An integrated anti-money laundering solution offers an efficient, automated way to screen private banking customers, a crucial compliance process that until now has been handled as a manual process.
The complete solution also includes fully integrated output and document management, provided by EFS Technology, which takes T24 data and turns it into personalised customer statements, investment summaries and financial reports. The package will be delivered on the Microsoft Azure cloud platform, in European data centers, with implementation services delivered by Temenos partners, SOFGEN.
Euro Pacific Bank is a fast-growing offshore private bank based in the Caribbean. It currently has 4,000 customers worldwide, who between them run a total of 10,000 accounts, over 80% of which are in G20 countries.
Adrian Murray, Euro Pacific Bank, said:
"We chose Temenos' T24 banking software and anti-money laundering solution because we wanted a modern, globally renowned system that supports us with a high level of automation. With a cloud-based solution we are able to offer a service that is comparable to the best private banks at a price point comparable with fintech start-ups."
Matthew Addison, Temenos Software Services, said:
"We are delighted to offer this combined core banking and financial crime mitigation solution in the cloud. Cloud is ideal for a customer-focussed private bank that wants to focus on keeping costs and IT complexity at a minimum."
Tony Airey, EFS Technology, said:
"We are very excited that our output and document management solution forms part of this sophisticated and compelling cloud banking proposition."
Ashok Sharma, Director, SOFGEN, said:
"We look forward to leading the implementation of this ground-breaking core-banking package that will put this Private Bank in the cloud."
Temenos AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers as well as over USD 5 trillion in assets. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, they enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1 percentage point lower cost/income ratio than banks running legacy applications.