Leading Microfinance specialist Equitas selects T24
GENEVA, Switzerland 24 August 2009 – Temenos (SIX: TEMN), the global provider of integrated core banking systems, today announced that Equitas, a leading Microfinance specialist in India, has selected TEMENOS T24 (T24) to help drive its expansion across the country. Established in December 2007, Equitas offers financial support to those who are unable to access financial services from the mainstream banks in India. Equitas is generally recognised as the fastest growing start up MFI in the world that has fuelled its growth through strategic technology investment.
GENEVA, Switzerland 24 August 2009 – Temenos (SIX: TEMN), the global provider of integrated core banking systems, today announced that Equitas, a leading Microfinance specialist in India, has selected TEMENOS T24 (T24) to help drive its expansion across the country. Established in December 2007, Equitas offers financial support to those who are unable to access financial services from the mainstream banks in India. Equitas is generally recognised as the fastest growing start up MFI in the world that has fuelled its growth through strategic technology investment.
To support its rapid growth & expansion, Equitas required a stable and scalable microfinance platform to provide long term operational support. After conducting a rigorous selection process in which a number of leading suppliers were considered. Equitas selected T24 for Microfinance and Community Banking (T24 for MCB) to support and automate its operations from a single platform.
“Our vision is to be the number one microfinance provider in India and investment in modern technology is vital to achieve this goal. T24 for MCB will help us to rapidly define new products and dramatically reduce our time to market. T24 will play an important role in automating the production of our management reports and delivering these in a matter of hours. As a result, we will be excellently positioned to support critical business decisions around performance, product strategy, resource allocation and customer requirements. We will also be able to deliver compliance data rapidly in line with local regulations”, comments Mr. H. Mahalingam, C.T.O, Equitas.
The microfinance market is evolving rapidly, with specialist MFI’s becoming more active by offering a complete set of services and traditional banks increasingly entering into the market. As part of this trend, MFI’s will require standardised yet cost effective core banking platforms to support appropriate pricing strategies and deliver a wider range of services. T24 for MCB will provide Equitas with best practice processes gained from Temenos’ implementations in over 130 microfinance institutions and some 500 banks across the world, along with the depth and breadth of functionality to deliver a wide range of banking services from the same platform.
“As our first signing in India, this is a key win for Temenos which not only reinforces our leading position as the core banking systems vendor of choice for microfinance institutions, but also signifies our growing presence in South Asia. The new partnership highlights our global and multi sector appeal, derived from our cost effective out of the box offering which promises a rapid, low risk deployment ahead of local competition. Furthermore, T24’s best practice processes and inherent scalability are instrumental in enabling MFIs such as Equitas to realise its growth potential. We welcome Equitas to the Temenos community in full confidence that T24 will be instrumental in helping the company achieve its expansion plans.” says Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Equitas to implement T24 for MCB on IBM Power P6 servers and a jBASE database. The system is scheduled to go live in Q3 2009.
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 Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). 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, immediate and ongoing ROI (Return On Investment).
About Equitas
Equitas Micro Finance India (P) Ltd commenced business in December 2007. The company has been floated for extending micro credit to people who are otherwise unable to access finance from the mainstream banking channels. The objective of the company is to make available finance at reasonable cost and in a transparent manner to women who are engaged in micro enterprise activities.
Equitas has reached quite a number of milestones for a young start up company. In the first year of operations itself, Equitas crossed 300,000 clients, which is a world record. CRISIL, the Credit Rating Agency of India, has given Equitas the highest credit rating ever given for a start up Micro Finance Company. The company also has the distinction of securing the highest equity for a start up MFI in the country. Equitas operates out of 100 branches, in three states Tamil Nadu, Andhra Pradesh & Maharashtra currently and would expand to other parts of South and, all-India over the next two years.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 and is listed in the American Banker top 100 FinTech companies.
“Our vision is to be the number one microfinance provider in India and investment in modern technology is vital to achieve this goal. T24 for MCB will help us to rapidly define new products and dramatically reduce our time to market. T24 will play an important role in automating the production of our management reports and delivering these in a matter of hours. As a result, we will be excellently positioned to support critical business decisions around performance, product strategy, resource allocation and customer requirements. We will also be able to deliver compliance data rapidly in line with local regulations”, comments Mr. H. Mahalingam, C.T.O, Equitas.
The microfinance market is evolving rapidly, with specialist MFI’s becoming more active by offering a complete set of services and traditional banks increasingly entering into the market. As part of this trend, MFI’s will require standardised yet cost effective core banking platforms to support appropriate pricing strategies and deliver a wider range of services. T24 for MCB will provide Equitas with best practice processes gained from Temenos’ implementations in over 130 microfinance institutions and some 500 banks across the world, along with the depth and breadth of functionality to deliver a wide range of banking services from the same platform.
“As our first signing in India, this is a key win for Temenos which not only reinforces our leading position as the core banking systems vendor of choice for microfinance institutions, but also signifies our growing presence in South Asia. The new partnership highlights our global and multi sector appeal, derived from our cost effective out of the box offering which promises a rapid, low risk deployment ahead of local competition. Furthermore, T24’s best practice processes and inherent scalability are instrumental in enabling MFIs such as Equitas to realise its growth potential. We welcome Equitas to the Temenos community in full confidence that T24 will be instrumental in helping the company achieve its expansion plans.” says Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Equitas to implement T24 for MCB on IBM Power P6 servers and a jBASE database. The system is scheduled to go live in Q3 2009.
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 Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). 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, immediate and ongoing ROI (Return On Investment).
About Equitas
Equitas Micro Finance India (P) Ltd commenced business in December 2007. The company has been floated for extending micro credit to people who are otherwise unable to access finance from the mainstream banking channels. The objective of the company is to make available finance at reasonable cost and in a transparent manner to women who are engaged in micro enterprise activities.
Equitas has reached quite a number of milestones for a young start up company. In the first year of operations itself, Equitas crossed 300,000 clients, which is a world record. CRISIL, the Credit Rating Agency of India, has given Equitas the highest credit rating ever given for a start up Micro Finance Company. The company also has the distinction of securing the highest equity for a start up MFI in the country. Equitas operates out of 100 branches, in three states Tamil Nadu, Andhra Pradesh & Maharashtra currently and would expand to other parts of South and, all-India over the next two years.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 and is listed in the American Banker top 100 FinTech companies.