Coast Capital Savings Credit Union selects T24 Model Bank to replace its core systems
GENEVA, Switzerland, April 3, 2009: Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Coast Capital Savings, the second largest credit union in Canada, has selected TEMENOS T24 (T24) as its new core banking system.
GENEVA, Switzerland, April 3, 2009: Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Coast Capital Savings, the second largest credit union in Canada, has selected TEMENOS T24 (T24) as its new core banking system.
Coast Capital Savings will implement T24 to support its retail, commercial and small business banking operations in all 51 branches across its service region, servicing approximately 1.8 million accounts and more than 400,000 customers. T24 will enable the credit union to improve its retail and commercial banking product suites, enhance customer service and consolidate its multi-application environment for increased operational efficiency. The credit union selected T24 Model Bank for Canada to replace four core systems.
“Coast Capital is committed to providing our customers with the best in simple financial help,” says Coast Capital Savings Chief Operating Officer, Joel Rosenberg. “We are a growing organization that has 51 branches covering a large geographical area. It is important that no matter where or when our customers choose to do their banking, they are getting the same experience at every interaction with our credit union,” Rosenberg adds.
Coast Capital will implement T24 R9, the latest version of T24, which features improved functionality for product configuration and management, along with a comprehensive, component based product definition and servicing framework for the retail banking market.
Coast Capital’s Chief Information officer, Sheila Baker explains that the credit union was looking for a technology that would assist the credit union in integrating a number of key systems to streamline their varied business sectors.
“We were attracted to T24’s modern, scalable architecture,” says Baker. “T24 enables us to fully integrate our operations across our retail, commercial and small business banking divisions. One of the key components of R8 that impressed us is the Arrangement Architecture Module, which will enable us to launch new and improved retail lending products quickly to market.”
The credit union also opted for TEMENOS ARC (ARC – Acquire, Retain, Cross sell), which it will implement alongside T24 to support internet banking and operational and analytical CRM and extend the single customer view across the front and back office, for highly personalised product and service delivery.
After finalising their agreement in March 2009 Temenos and Coast Capital plan to jointly manage the installation of the T24 Model Bank for Canada, which has been specifically developed for Canadian financial institutions.
Bart Narter Senior Vice President of Celent’s Banking Group explained, “In recent years, T24 has benefited from enhancements such as the Model Bank and ARC. T24 Model Bank for Canada allows future deployments of T24 in this market to be deployed much more quickly and conomically. ARC provides the advanced front ends that a retail bank requires for customer interactions. The combination is quite compelling.”
“We are delighted to welcome Coast Capital Savings to the Temenos family of users,” says Andreas Andreades, CEO, Temenos. “It really serves as confirmation that Temenos is a leader in delivering out of the box software to the Canadian financial industry. The credit union system offers safer, more cost effective investment options in these times of economic uncertainty. T24 will enable Coast Capital Savings to strengthen its overall business model by reducing maintenance costs, increasing operational efficiencies and improving product development and delivery capability to provide superior services and ensure successful retention rates.”
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant delivering a significant, immediate and ongoing ROI.
About Coast Capital Savings
Coast Capital Savings is Canada’s second largest credit union with total assets under administration of $12.3 billion, 404,000 members and 51 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Product innovations from Coast Capital Savings include Canada’s first free chequing account from a full-service financial institution, the first business account in the country to offer unlimited transactions for a flat fee and the newly introduced High-interest, No-fee Savings Account, another first for the Canadian financial industry. The credit union was named one of BC’s Top 50 Employers in 2009, is one of Canada’s 50 Best Managed Companies and the recipient of the Canadian Co-operative Association Innovations in Co-operative Governance Award. Coast Capital Savings has also been designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: 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 44 offices worldwide, Temenos serves over 600 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 annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely.Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.
For more information please visit www.temenos.com
“Coast Capital is committed to providing our customers with the best in simple financial help,” says Coast Capital Savings Chief Operating Officer, Joel Rosenberg. “We are a growing organization that has 51 branches covering a large geographical area. It is important that no matter where or when our customers choose to do their banking, they are getting the same experience at every interaction with our credit union,” Rosenberg adds.
Coast Capital will implement T24 R9, the latest version of T24, which features improved functionality for product configuration and management, along with a comprehensive, component based product definition and servicing framework for the retail banking market.
Coast Capital’s Chief Information officer, Sheila Baker explains that the credit union was looking for a technology that would assist the credit union in integrating a number of key systems to streamline their varied business sectors.
“We were attracted to T24’s modern, scalable architecture,” says Baker. “T24 enables us to fully integrate our operations across our retail, commercial and small business banking divisions. One of the key components of R8 that impressed us is the Arrangement Architecture Module, which will enable us to launch new and improved retail lending products quickly to market.”
The credit union also opted for TEMENOS ARC (ARC – Acquire, Retain, Cross sell), which it will implement alongside T24 to support internet banking and operational and analytical CRM and extend the single customer view across the front and back office, for highly personalised product and service delivery.
After finalising their agreement in March 2009 Temenos and Coast Capital plan to jointly manage the installation of the T24 Model Bank for Canada, which has been specifically developed for Canadian financial institutions.
Bart Narter Senior Vice President of Celent’s Banking Group explained, “In recent years, T24 has benefited from enhancements such as the Model Bank and ARC. T24 Model Bank for Canada allows future deployments of T24 in this market to be deployed much more quickly and conomically. ARC provides the advanced front ends that a retail bank requires for customer interactions. The combination is quite compelling.”
“We are delighted to welcome Coast Capital Savings to the Temenos family of users,” says Andreas Andreades, CEO, Temenos. “It really serves as confirmation that Temenos is a leader in delivering out of the box software to the Canadian financial industry. The credit union system offers safer, more cost effective investment options in these times of economic uncertainty. T24 will enable Coast Capital Savings to strengthen its overall business model by reducing maintenance costs, increasing operational efficiencies and improving product development and delivery capability to provide superior services and ensure successful retention rates.”
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant delivering a significant, immediate and ongoing ROI.
About Coast Capital Savings
Coast Capital Savings is Canada’s second largest credit union with total assets under administration of $12.3 billion, 404,000 members and 51 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Product innovations from Coast Capital Savings include Canada’s first free chequing account from a full-service financial institution, the first business account in the country to offer unlimited transactions for a flat fee and the newly introduced High-interest, No-fee Savings Account, another first for the Canadian financial industry. The credit union was named one of BC’s Top 50 Employers in 2009, is one of Canada’s 50 Best Managed Companies and the recipient of the Canadian Co-operative Association Innovations in Co-operative Governance Award. Coast Capital Savings has also been designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: 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 44 offices worldwide, Temenos serves over 600 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 annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely.Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.
For more information please visit www.temenos.com