Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced the launch of a pre-customised version of T24 Model Bank specifically designed to provide users of Midas and Midas Plus with a low risk, cost-efficient and fast-tracked upgrade path.
Until recently, the migration path offered by Misys for Midas users was a chargeable upgrade to Misys Midas Plus. However Midas users may well have had a number of concerns as a result of a strategy announcement made by Misys plc on 8th March. In the announcement, Misys stated that it plans to consolidate its existing core banking product lines around the new Misys BankFusion platform which it intends to deliver within two years. This version of T24 Model Bank offers a strong, viable alternative considering the upgrade path concerns that exist within the Misys Midas user community.
T24 Model Bank and associated methodology comes complete with processes and products preconfigured, enabling ‘out of the box’ implementations in as little at three to nine months. Several of Temenos’ clients are currently replacing Midas, with press announcements scheduled in the coming months. Temenos launched a similar initiative in February 2006 for Misys Equation users, which continues to gather pace.
Having the largest client base of any core banking vendor puts Temenos in the unique position to provide T24 Model Bank, which incorporates functionality based on observed global best practices. The associated methodology achieves 50% lower implementation timeframes, minimises customisation, reduces implementation costs and also brings tighter controls over project scope and deliverables. The overall result is a quick and safe implementation.
T24 is a functionally rich, thin client, scalable, integrated, modular universal banking system. It is built on service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. As an open platform, it supports Microsoft, UNIX and Linux and is database agnostic. 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. In one system it not only covers core banking applications but also trade finance, retail lending, front office including retail branch management, and securities trading with full treasury coverage.
Andreas Andreades, CEO, Temenos, says: “Almost a year ago we looked to identify and deliver a fast, low risk and cost effective migration process for users of Midas. Today we can make this version of T24 Model Bank generally available and in doing so give Midas users a very attractive alternative.”
Temenos is committed to providing the most advanced technology in the market. Last year alone, Temenos invested 20% of its annual turnover in R&D – a higher than average percentage compared to other banking solution providers operating in our industry. Its clients benefit from this ongoing investment forming part of the T24 annual release which is made available to all maintenance-paying clients, enabling them to continuously take advantage of this investment to enhance their business.