GENEVA, Switzerland – 17 July 2006 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Ghana International Bank plc, a UK-based universal bank, has selected TEMENOS T24 to replace its core systems in its London operations. TEMENOS will install TEMENOS T24 Model Bank for Midas users, a pre-configured version of its modular software application, which allows for a faster implementation. The system will enable the bank to reduce the time to market for new products and lower the total cost of ownership by eliminating the need for its existing multiple legacy systems.
Joe Mensah, CEO, Ghana International Bank plc, says: “We needed a system with the flexibility to develop products quickly, integrate with our other applications, and deliver reports according to our needs. We chose TEMENOS because of its advanced technology and proven expertise. Speed of installation is also crucial for us and TEMENOS T24 Model Bank offers a single integrated product with an easy implementation path.”
TEMENOS T24 will replace Midas and five sub-modules; Intellimatch, ORFplus, City Dealer, Trade Innovations, as well as a separate e-banking application. The bank required a system with extensive universal banking and trade finance functionality and the ability to rapidly develop new products. During the four-month evaluation period, it considered a number of applications, including Flexcube from i-flex and MidasPlus from Misys, before signing the deal with TEMENOS early in July 2006. Ghana International Bank is the second London-based wholesale bank using Misys products to select TEMENOS T24 as its future technology in less than eight months.
TEMENOS will install core TEMENOS T24 functionality, including universal banking, trade finance, lending, treasury and payments on IBM servers with jBASE database software. The project is expected to last six months.
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 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: “Our pre-packaged version of TEMENOS T24 offers a viable alternative to upgrading existing systems and can drive down the total cost of ownership when replacing multiple applications. With more than 250 wholesale banks in London using legacy products, we are able to offer them focused and specialised products and support to make their migration quick, straightforward and less costly.”
According to the latest International Banking Systems sales league table, published in March 2006, TEMENOS has the largest core banking client base in the world with a stated 600 live sites. The company continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS™ COREBANKING.
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