GENEVA, Switzerland - 26 July, 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Fortis, one of the 20 largest financial institutions in Europe has selected TEMENOS T24™ to support its entire retail banking operations. With TEMENOS T24, the company’s modular core banking system, the bank can standardise processes across its European operations and centrally manage more than 15 million customer accounts.
Alain Deschênes, chief information officer, Fortis, says: “Retail banking is expanding internationally and this needs a unified cross-border view of IT. This contract kicks off our initiative to transform our retail operations across the seven European countries where we are already present. It will contribute to a modern core architecture that allows us to standardise our processes across the borders and centrally manage more than 15 million customer accounts. We believe that TEMENOS has the right technology architecture today to see us through the implementation and to support our future growth.”
Previously, Fortis was using a variety of different applications to support its retail operations. The bank required a system that would encourage collaboration across divisions and enable all customers to benefit from its core retail products. It also required a single-package product with an easy upgrade path to ensure it remained competitive without significant additional investment. Following a nine-month evaluation period, Fortis signed the deal with TEMENOS on 29 June 2006. The bank will implement the system using a phased approach, with The Netherlands operations expected to go live towards the end of 2008.
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.
Andreas Andreades, CEO, TEMENOS, adds: “I am delighted with this new partnership, which reconfirms TEMENOS as the vendor of choice for the world’s leading banks. I am particularly excited because European banks specifically are embarking on modernisation programmes that will change the way retail banking is conducted in Europe. By partnering with TEMENOS, Fortis can now take the lead in this revolution.”
According to the latest International Banking Systems sales league table, published in March 2006, TEMENOS has the largest core banking client base in the world with a stated 600 live sites. The company continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.