GENEVA, Switzerland – 27 February 2006 - TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Banco Sabadell, Spain’s fourth largest banking group, has successfully gone live with TEMENOS T24, the company’s modular core banking system, in its Miami branch. The bank is using TEMENOS T24 to support its private banking operations in the US servicing 4,500 customers, over 7,000 accounts and 1,000 portfolios.
Tomas Arrieta Alberdi, foreign branches area manager, Banco Sabadell, says: “We needed a banking system that would enable us to control the distribution and flow of data within our bank. With TEMENOS T24 we have all our data centralised in one single application, which eliminates manual intervention and actively assists compliance. This means a decrease in operational costs and an increase in efficiency.”
Banco Sabadell has chosen TEMENOS as a technology partner offering a global solution in order to cover the needs of their customers abroad. As corporate customers are of key importance to Banco Sabadell, this solution will allow the bank to accompany these customers wherever they operate.
This project represents the starting point of a larger international business project which the Banco Sabadell group will be embarking on in the coming years.
Using TEMENOS T24, Banco Sabadell can now keep most of its data in one place. This results in greater accuracy, which benefits the bank in terms of regulatory compliance. TEMENOS has delivered a fully integrated US platform for regulatory validation and reporting. In addition, TEMENOS T24 enables Banco Sabadell to send domestic transactions via the US Federal Reserve Bank. The system also supports Banco Sabadell’s internet banking operations.
During the implementation period, Banco Sabadell and Banco Atlantico Miami’s IT systems were integrated just three months before the go-live date, which brought about changes to the data migration strategy and the functionality of TEMENOS T24. The weather was another unexpected factor as six hurricanes hit the region during the implementation, each causing disruption and some requiring the project team to evacuate Miami.
TEMENOS has provided the bank with full TEMENOS T24 functionality including treasury, securities, trade finance, loans and deposits, mortgages, teller, MIS, asset management and payments modules. TEMENOS T24 modules are configured to cater for the complex requirements of private banking without any need for specific customisation. For the implementation, the bank used IBM AIX 5.2 technology and TEMENOS T24 is based on UNIX system architecture.
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. TEMENOS T24 multiple application server support 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. Since its launch in 2004, over 60 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: “With the modular nature of TEMENOS T24 we can meet the specific requirements of each of our clients whether they operate in the universal, retail private banking spaces. The implementation at Banco Sabadell has demonstrated the capabilities of our core banking system in increasing operational efficiencies, meeting local requirements and adjusting to different regulatory environments. Following this success, we plan to extend our partnership with the bank to implement TEMENOS T24 in more of its global branches.”
TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS COREBANKING. In 2005, the company achieved US$ 91 million in Initial Licence Fees (ILF), an increase of 47% compared to 2004.
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