LONDON - April 5th 2004, TEMENOS Group AG (SWX:TEMN), a provider of integrated modular and core banking systems, today announced that the Bank for Agriculture and Agricultural Cooperatives (BAAC) a major diversified rural bank in Thailand has signed a deal with TEMENOS, IBM and Thai Equipment Research (TER) for 1.2 billion Thai baht (£16.7m). BAAC is looking to upgrade all its core processes across its 600 branches serving over 10 million accounts.
The selection was made by BAAC following an exhaustive process involving all
the major solution providers. Pittayapol Nattaradol, president of BAAC says:
"We chose TEMENOS because it has a proven pedigree in supplying technology
that will comfortably support the business that BAAC provides today and also
help us to create new products and deliver much improved services to our
customers in the future. We anticipate that TEMENOS CoreBanking will provide
a high degree of automation leading to vastly reduced costs per transaction
that will significantly increase our profits."
The TEMENOS solution will support BAAC and its 600 branches in several business areas including; customer information facilities (CIF), retail loans, deposits, branch automation, Management Information Systems (MIS), and treasury services. The implementation was undertaken by BAAC in line with its objectives to seek new business channels for the bank, e.g. ATMs, online banking, debit and credit cards. The bank also looks forward to increasing its fee-based income, as well as enhancing its banking performance and service efficiency to its customers, primarily farm households.
TER, a regional partner of TEMENOS Thailand will provide all local services and support and IBM, a strategic alliance partner, will implement the bank’s e-business infrastructure and provide consulting services. TEMENOS CoreBanking was designed in tandem with IBM technology. It is a mainframe-based, modern, multi-bank system in a single software image, allowing for rapid and sophisticated product development across all channels. The solution will be deployed on an IBM z/series range with DB2 Database Management system.
Andreas Andreades CEO, TEMENOS, says; "We are delighted that BAAC selected
TEMENOS CoreBanking. Our product provides a modern, scalable, retail banking
application that handles the largest business volumes and so is ideal for a
major bank such as BAAC. This is the first time that one of the largest Thai
government banks is going to run on a globally-recognized banking solution.
BAAC is definitely setting a standard for the local banking industry."
TEMENOS technology is used by some 300 financial institutions world wide. Most recently its CoreBanking product has been selected by Industrial Bank of Korea, one of the largest banks in South Korea with 15m customer accounts, 390 branches and 15m transactions per day, and also by Bansefi, one of the largest government savings banks In Mexico and funded by the World Bank.
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