Temenos Group, the provider of integrated core banking systems, today announced that An Binh Bank, one of Vietnam’s largest banks, has selected TEMENOS T24 to provide centralised core banking across its retail and corporate banking operations. T24, the company’s modular core banking system, will enable the bank to increase its customer base, introduce new products rapidly, improve customer service and reduce operating costs.
Mr Luu Duc Khanh, chief executive officer, An Binh Bank, says: “We have ambitious plans to quadruple our customer base by 2009. T24 enables us to move from a distributed system, with multiple interfaces and manual processes, to a single centralised system across all branches. This will allow us to increase the efficiency and productivity of our operations 24/7, and bring innovative products to the market quickly, which are key to our customer and revenue growth.”
During a complex, nine-month selection process, An Binh Bank considered a number of providers, including i-Flex and System Access, before signing the deal with Temenos in December 2006. T24 will replace a locally-developed system from a Vietnamese supplier which was unable to support corporate banking, centralised core banking and new types of products.
An Binh Bank will implement T24 Model Bank, which includes pre-configured products and processes for banking best practice, in order to reduce the implementation time and costs, minimise customisation and lower the project risk. Temenos will also provide the T24 Vietnam Country Platform, with specific functionality to meet local banking requirements and regulations, delivering a fully-regionalised system.
Temenos is leading the implementation of the system, which is expected to go live in Q3 2007 at the bank’s headquarters in Ho Chi Minh City and across its network of 31 branches. Using T24 Model Bank, Temenos will install T24 core functionality, which includes comprehensive retail and corporate banking capabilities, on an Oracle 10 database and IBM AIX hardware.
T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open system principles, 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.
Andreas Andreades, CEO, Temenos, adds, “An Binh Bank is our seventh client in Vietnam, alongside Military Bank, SacomBank and Techcombank, and establishes Temenos as the leading banking software provider in Vietnam. This is a result of our commitment to the Vietnamese banking industry, demonstrated through the establishment of our local office, staff presence and investment in technology. We can now offer T24 Model Bank with the T24 Vietnam Country Platform to comprehensively cover local banking and regulatory requirements.”