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International private bank, SIB, selects TEMENOS T24™ to replace core systems

TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Stanford International Bank Limited (SIB), an international private bank based in Antigua, has selected TEMENOS T24 Model Bank to replace its core systems. TEMENOS T24, the company’s modular core banking system, will support over 40,000 client accounts across 127 countries. The system will enable the bank to increase operational efficiencies and deliver more effective client services.

Juan Rodriguez-Tolentino, president, SIB, says: “Our clients are our number one priority, and it is essential that we have the best technology to meet their needs effectively. TEMENOS’ true 24x7 availability will ensure that our clients, whatever their time zone, will not experience any downtime when we run our end-of-day processes. We selected TEMENOS T24 as the most advanced, robust and reliable system currently available following a two-year evaluation of 80 different applications. We are confident that by increasing automation, reporting and STP capabilities, TEMENOS T24 will also enable us, and hence our clients, to benefit from a reduced time to market for new products, greater reliability through multi-server support and non-stop processing capabilities.”

The bank signed the deal with TEMENOS in July 2006. TEMENOS will install TEMENOS T24 Model Bank, a pre-configured version of its modular software application, which allows for a faster implementation. The system will use IBM Intel processors running Oracle database software.

TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established technology standards such as HTTP, XML and HTML. 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: “That SIB has selected TEMENOS T24 is a real endorsement of its ability to impact the client’s experience. Client service is a top priority for banks, and even more so for private banks where business is conducted through long term relationships. By delivering a strong technological foundation, TEMENOS T24 can help SIB better manage its clients and compete effectively in today’s private banking market.”

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. Over 40 private banks rely on its technology to service clients across 20 countries.