TEMENOSâ customers can now access the SironXX product suite, IMTFâs advanced behaviour detection platform for combating financial crime, which is released with TEMENOS T24 Model Bank, a pre-configured version of its modular core banking system to allow for a faster implementation. TEMENOS T24 allows banks to reduce the time to market for new products and cross-sell through a single customer view. The SironXX product suite manages all risks associated with compliance and financial crime, including the detection and prevention of money laundering, fraud, as well as market abuse and insider dealing, and has the flexibility to evolve with changing regulations. Firms can also archive all output generated by TEMENOS T24 and the SironXX products in IMTFâs compliant document management solution, HYPERSUITE/5.
Regulatory requirements and international recommendations for banks in the fields of financial crime and operational risk have become increasingly complex. Risks such as money laundering, fraud and market abuse can severely damage the banksâ reputation and must be addressed quickly and effectively. Specialised tools, equipped with advanced technologies, have become essential in order to detect and track suspicious behaviours of participants including customers, employees, agents and providers. Regulations require firms to store all electronic information in a safe and secure environment for up to ten years, depending on the legislation. HYPERSUITE/5 fulfils these requirements by archiving all electronic documents and by applying technologies such as digital signatures and encryption.
Mark BÃ¼sser, president, IMTF, says: âTeaming up with the world leading provider of core banking systems is an important move for us. We can now reach out to a wider audience and help firms automate their document intensive processes. The combination of TEMENOSâ core banking expertise with IMTFâs industry leading solutions for regulatory compliance, behaviour detection and enterprise content management will give a competitive advantage to customers in the financial service industry.â
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. 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.
Mark Gunning, group strategy director, TEMENOS, adds: âThe partnership with IMTF adds important value to the TEMENOS offering and fits with our strategy of offering the most complete and flexible systems to our customers. The feedback from customers is that they are facing increasing challenges in the area of compliance, so we searched for a product that could address numerous risks beyond just the traditional anti-money laundering. EFG International and Bank of East Asia are already benefiting from the IMTF products, which they are using alongside their existing TEMENOS T24 system, and are pleased with the flexibility and functionality they provide.â
TEMENOS has an international client-base of over 500 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOSâ¢ COREBANKING.