Latest release extends benefits of leading packaged core banking software solution
Temenos Client Forum, Monaco, [5th May, 2009] – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced the release of the latest version of its core banking software, TEMENOS T24 (T24) R09. Featuring over 100 individual enhancements to the packaged solution, including TEMENOS Insight (Insight), the Business Intelligence product suite, T24 R09 introduces new modules for structured products, corporate internet banking and loan origination, while further leveraging T24’s strong Service Oriented Architecture (SOA). In addition to this release, Temenos has also announced the first implementation of T-Verify, its automated software upgrade tool, at Schroders Private Bank.
Temenos Client Forum, Monaco, [5th May, 2009] – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced the release of the latest version of its core banking software, TEMENOS T24 (T24) R09. Featuring over 100 individual enhancements to the packaged solution, including TEMENOS Insight (Insight), the Business Intelligence product suite, T24 R09 introduces new modules for structured products, corporate internet banking and loan origination, while further leveraging T24’s strong Service Oriented Architecture (SOA). In addition to this release, Temenos has also announced the first implementation of T-Verify, its automated software upgrade tool, at Schroders Private Bank.
The annual T24 release, which spans all geographies and banking sectors, is designed to keep clients one step ahead of evolving marketplace requirements, as banks seek to reduce costs while increasing competitive advantage. Key improvements include:
1) T24 R09 now incorporates Insight which was launched in March. Fully integrated with T24, Insight empowers users to analyse and understand enterprise data in depth and identify customer trends, profitability and risk, thereby improving decision-making and boosting profitability. Senior management enjoy dashboards that incorporate the business’s key rations and performance indicators, providing daily management information across the enterprise. Existing T24 users can deploy the system in three to eight weeks. High-quality, real-time information is a strategic asset for banks and has become more vital to their survival in this era of economic uncertainty.
2) T24 R09 marks the release of the first of T24’s Reference Business Services in the T24 Service Catalog, extending Temenos’ SOA investment and development. These real-world business services definitions, included as standard in T24 Model Bank, allow for faster, simpler, and more reliable and efficient integration of T24 with the bank’s broader technology environment within a service orientated architecture. T24 R09 signifies the first formal release of a set of Model Bank banking services, which have been aligned with the work being done through BIAN on the banking services landscape.
3) With the key role of structured products in portfolio hedging strategies in a post-credit crisis climate, T24 R09 incorporates a new module for the creation of structured products with support throughout the entire investment life-cycle. This module addresses high market demand for a more conservative investment approach, which is more suitable to the retail investor seeking to minimise risk but maximise returns in a volatile investment market.
4) T24 R09 also extends Temenos’ proven ARC Internet Banking (ARC- IB) product to the corporate market. Until now, ARC-IB supported both the personal and intermediary internet banking segments in the retail and private banking verticals. It now offers corporate clients a full range of electronic banking facilities including cash management, individual payments, bulk payments and bulk direct debits. This is supported by role-based workflows that can be defined by the client and controlled through sophisticated account mandates and challenge/response transaction signing.
5) T24 R09 also includes a major extension to the system’s existing loan origination capabilities with the introduction of T24 Loan Originator (LO24). LO24 embraces all aspects of the lending lifecycle, fully supporting front-to-back processing from client handling at the initiation of the loan enquiry across any channel. Temenos clients now benefit from loan origination functionality for retail, SME and corporate financing in a single, integrated solution.
Andreas Andreades, CEO, Temenos, says: “Our continuous product development programme ensures we consistently deliver value to our customers. With each release we offer our clients more functionality, pre-packaged with standard service definitions, which means that the technology remains modern and the cost of ownership is reduced. This model gives an immense competitive advantage to our clients and enables them to upgrade to the new version of T24 with minimum effort. We anticipate smooth upgrades of T24 across the globe and expect clients to quickly take advantage of its new offerings.”
Launched at Temenos’ Client Forum last year, T-Verify has now been deployed by Schroders Private Bank to automate the testing processes involved in the upgrade of its T24 system. T-Verify automates a significant part of the software upgrade testing procedure, making it faster and more cost-effective to upgrade to the latest releases of T24 while reducing the banks effort and cost for the upgrade by as much as 70%.
Rolf Fischer CIO, Schroder & Co Bank AG, says: “T-Verify is an exciting product because it reduces the cost, effort and time to market of making new enhancements. And, as a CIO, I am always trying to maximise the part of the IT budget that goes into new functionality and automation.”
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 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