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Temenos wins The Banker award for eMerge on T24

email this aricle - Temenos wins The Banker award for eMerge on T24 - Geneva, Switzerland - 1 June 2007  print this article - Temenos wins The Banker award for eMerge on T24 - Geneva, Switzerland - 1 June 2007
Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that it has won The Banker’s marketing technology of the year award for TEMENOS eMerge™ (eMerge), its pre-configured ‘bank in a box’, specifically designed for microfinance and emerging markets. Based on TEMENOS T24™ (T24), the company’s modular core banking system, eMerge on T24 delivers the same core software implemented in over 500 banks across 110 countries and best industry practice from tier one banks around the world.

Murray Gardiner, general manager, eMerge, Temenos, says: “Micro-banks sit in large markets with huge growth potential, however they lack the technology to scale and offer banking services at an affordable price. By their very nature they have to be able to offer community lending at the lowest cost, so adopting effective technology that achieves a lower cost of ownership is a pre-requisite for doing business.”

The Banker, the Financial Times Group's global banking publication, launched its technology awards in 2003 and they are now acknowledged as the most prestigious in the industry. The awards recognise new concepts and ideas that allow financial institutions to break ahead of the competition. Specific criteria include ability to scale, effective teamwork and communication, research and development, return on investment and inventiveness.

Stephen Timewell, editor-in-chief, The Banker, comments: "eMerge was the clear winner of The Bankers' Marketing Technology Award. It is a solution that meets the specific requirements of both emerging markets and of micro-financing. The judging panel were impressed by, not only the technology, but how truly cost effective it was in terms of implementation as well as the level of service offered by Temenos."

As the microfinance market matures, it is becoming increasingly competitive. There are 1 billion un-banked potential retail clients in some 120 emerging markets and estimated to be over 40,000 bank and non-bank financial institutions operating in this space. With ten years’ experience in microfinance and established relationships with the World Bank and other international organisations concerned with microfinance, Temenos has a deep understanding and long-standing commitment in this market.

Initially designed for community banks and microfinance institutions, eMerge on T24 underwent a major upgrade to become a mainstream offering capable of addressing the requirements of mass market tier-four and tier-five retail banks. Temenos has developed eMerge as a T24 Model Bank and is therefore a pre-configured product that enables fast, low-risk and highly cost-effective implementations in as little as six weeks. The technology helps achieve a significantly lower cost-of-ownership compared to traditional solutions.

In August 2006, K-Rep Bank in Kenya went live with the eMerge configuration on the latest T24 banking system to rapidly implement its retail and corporate banking operations. K-Rep, a fully fledged commercial bank, is a leading microfinance bank in Africa and now runs eMerge on T24 to service over 150,000 customers through 23 online branches. K-Rep Bank serves small and medium enterprise, individuals, and a growing number of corporate clients. By deploying the Temenos Model Bank principles, the implementation was completed in just nine months.

Andreas Andreades adds: “We’re proud to be recognised for our long-standing work in microfinance. eMerge on T24 is built on our established product pedigree and continues to benefit from our commitment to investment. Our strong revenues from a growing raft of big bank wins means that we can continue as always to invest around 20% of our revenues in R&D. eMerge on T24 users can also implement additional modules to provide full T24 functionality, enabling them to offer more sophisticated products and evolve their business model in line with community needs.”

Temenos has an international client-base of over 580 financial institutions and continues to attract global tier one and regional banks as a result of its superior products, T24 and Temenos CoreBanking (TCB).

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