GENEVA, Switzerland – 9 February, 2006 - TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced the general availability of a pre-customised version of TEMENOS T24 which allows users of Equation, a retail banking software product from Misys, to replace their system quickly and at a low cost. Traditionally, banks look to upgrade to the latest version of their incumbent solution. However, by selecting TEMENOS T24 rather than upgrading their incumbent solution, they can access a technically and functionally rich system while benefiting from a low risk, cost efficient and fast-tracked implementation.
Recently, Bank of East Asia, the largest independent local bank in Hong Kong, chose this route to upgrade from its Equation legacy system. BEA had been searching for a replacement for Equation since March 2005 and evaluated several providers. Joseph Chow, general manager, BEA UK Operations, says of the decision: “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.” The BEA implementation project is acting as a pilot scheme for this pre-customised version of TEMENOS T24.
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 60 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: “We are pleased to have had the opportunity over the past few months to identify and implement a fast, low risk and cost effective migration process for users of Equation. We are very pleased that today we can make this pre-packaged version of TEMENOS T24, a technologically advanced system, generally available.”
TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING. In 2005, the company achieved US$ 91 million in Initial Licence Fees (ILF), an increase of 47% compared to 2004.