National Bank of Malawi replaces Bankmaster with T24 Model Bank
GENEVA, Switzerland, 29 April 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that the National Bank of Malawi (NBM), a leading commercial bank in the country and a long standing Misys client, has selected TEMENOS T24 (T24) as its new core banking system to support its retail and corporate banking activities, servicing over 160,000 customers. T24 Model Bank for Universal Banking will enable NBM to centralise its operations on a single, multi channel and functionally rich platform to improve efficiencies and reduce costs.
GENEVA, Switzerland, 29 April 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that the National Bank of Malawi (NBM), a leading commercial bank in the country and a long standing Misys client, has selected TEMENOS T24 (T24) as its new core banking system to support its retail and corporate banking activities, servicing over 160,000 customers. T24 Model Bank for Universal Banking will enable NBM to centralise its operations on a single, multi channel and functionally rich platform to improve efficiencies and reduce costs.
NBM selected T24 Model Bank for Universal Banking over competing solutions from Oracle Financial Services and Neptune, based on its ability to fully support the bank’s operational, financial and regulatory requirements.
“NBM is committed to providing the best financial services in Malawi through outstanding service, product innovation and sustained earnings growth. We have been on Bankmaster for the past twelve years. Due to increased competition and customer demand for highly innovative products and delivery channels, including structured loans with longer grace periods and Bancassurance, we decided to look for an advanced and modern banking platform which was going to be more efficient in meeting the bank’s requirements,” comments George Partridge, Chief Executive for NBM.
“We need to modernise our IT infrastructure to remain ahead of external demands and pressures. Temenos’ preconfigured Model Bank product offered a unique implementation approach to rapidly streamline our operations and automate a vast number of processes, such as processing funds remittances, to significantly reduce risk and costs. Having the capability to support all of our operational and business requirements on one platform was an extremely compelling factor in the selection process, which made Temenos stand out among the rest”, Partridge adds.
Another critical factor in NBM’s selection process was risk management, as it faced challenges to comply with both local and international regulatory requirements, including Basel II. The best practice processes embedded within Model Bank, combined with Temenos’ fully integrated risk management solution, T-Risk, offered NBM a welldocumented, efficient way to handle their complete spectrum of risk requirements. Increased process automation and a clear, integrated customer view is expected to reduce error rates by 90%, strengthen credit and counterparty risk reporting and enhance control.
The bank will also implement TEMENOS ARC (Acquire, Retain, Cross-sell), Temenos’ fully integrated suite of front office applications. Partridge adds, “As a highly flexible, multi channel platform, T24, along with ARC, will provide us with the agility to be more proactive and targeted in product and service delivery. Using T24, we plan to launch a range of new products, including more trade finance services and customer self-service offerings. T24’s 360 degree customer view will greatly improve cross selling capabilities, enable more efficient account management and deliver a faster resolution of customer requests and complaints.
Temenos Professional Services and the bank’s project team will jointly implement T24 including retail, treasury and trade finance functionality on HP servers with an Oracle database.
Andreas Andreades, CEO, Temenos, adds: “We are delighted to welcome the National Bank of Malawi to our customer base. The keen uptake of T24 Model Bank demonstrates how board level pressures to dramatically cut costs yet still achieve competitive differentiation and risk management are being addressed with a single integrated packaged core banking software. The functional richness, flexibility and built in best practice processes contained within Model Bank offer banks a high value, low risk and rapid way to streamline and improve operations while they improve competitiveness.
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 National Bank of Malawi (NBM)
National Bank of Malawi was established in 1971 as a result of a merger of Barclays Bank DCO (Dominion Colonial Overseas) and Standard Bank , which had its origins in Republic of South Africa, was widely established in Africa. National Bank today is the leading bank in the Malawi. It is a product of the experience and expertise of Barclays Bank and Standard Chartered Bank with a network of 25 service centres. National Bank of Malawi has about 1000 employees. National Bank of Malawi is the largest commercial bank in Malawi in terms of asset base, as well as being the most efficient and profitable. As at 31st December 2008 total assets stood at MK17,768,000,000. http://www.natbank.co.mw/
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 52 offices worldwide, Temenos serves over 700 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, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies.
For more information please visit www.temenos.com