Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that BankMuscat, an established commercial bank in Oman, has selected T24 to support its retail and corporate banking operations. T24, the company’s modular core banking system, will enable the bank to increase transaction processing efficiencies, quickly introduce a more diversified range of products and prepare its business for future growth. The bank will install the system in its head offices in Muscat, Oman, to support some 90 branches and over 500,000 customer accounts.
AbdulRazak Ali Issa, chief executive, BankMuscat, says: “BankMuscat has always strived to invest in state-of-the-art technology to provide customers with cutting edge products, services and solutions. Our decision to adopt a new core banking system is a significant step in this direction, as we firmly believe that a world-class technological infrastructure is integral to building customer confidence.”
T24 will replace an in-house legacy system which has been operational for over 20 years. The bank required a fully integrated and flexible system with broad functionality covering areas such as treasury, investment and internet trading. As part of the overall selection process, BankMuscat engaged Gartner Consulting, a leading independent global technology consulting firm to evaluate and advise on the objectives. During a rigorous five-month evaluation period, the bank considered several major providers before signing the deal with Temenos in Q4 2006.
Temenos will install core T24 functionality, including retail banking, corporate banking, finance, operations, branch automation and administration. The system is expected to go live in early 2008.
T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented 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: “BankMuscat is the latest in a growing number of financial institutions in the Middle East, including Al Salam Bank and Finance House, to select our technology to future-proof their business. By adopting T24, BankMuscat will be able to expand its product offering and compete successfully in this increasingly competitive market.”
Temenos has an international client-base of over 580 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, T24 and Temenos™ CoreBanking.
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