GENEVA, Switzerland - 23 November, 2005 - TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that The Bank of East Asia (BEA), the largest independent local bank in Hong Kong, has selected TEMENOS T24 to replace its legacy core systems in its UK branches at London and Birmingham. TEMENOS T24, the company’s flagship modular software application, will enable the bank to reduce the time to market for new products, increase its processing speed and efficiency, and better support its expanding business requirements.
Joseph Chow, general manager of BEA’s UK operations, says: "We needed a flexible, fully integrated system to support our banking operations, including retail, commercial and corporate activities. In addition, the system had to be easy to implement as well as providing a platform for future growth. With TEMENOS T24, we can support our current product sets and receive immediate productivity benefits, while also enabling our operations to grow."
BEA had been searching for a replacement for Equation, a retail banking system from Misys, since March 2005. During this evaluation period, it considered a number of providers including Misys, i-flex and Fiserv. The bank required a system that could be tailored to its specific requirements and that would reduce the cost of ownership by introducing standard interfaces and eliminating the need for multiple systems. Subsequently, it signed the deal with TEMENOS in November 2005.
TEMENOS will install core TEMENOS T24 functionality and a number of modular components, covering areas such as retail and corporate lending, customer accounts, trade finance and treasury. The implementation will utilise the TEMENOS T24 Model Bank concept, which ensures the system is pre-configured to enable the bank to quickly take advantage of the system’s benefits.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking. Since its launch in 2004, over 40 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, adds: "We intend to offer TEMENOS T24, which we believe to be the most technologically advanced product in the market, in a pre-packaged form that will allow Equation users to have a low cost alternative to their migration issue. The work we are doing in BEA is important in helping us prove that such migration is possible in a short period of time and at a low cost."
The system is expected to be implemented by mid-2006 and will initially be installed in BEA’s London and Birmingham branches. TEMENOS will implement TEMENOS T24 on IBM AIX P-series server.
TEMENOS consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years. In 2004, TEMENOS was ranked the international leader in terms of licensing, with an average deal size of more than double the market average.