Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Sumitomo Mitsui Banking Corporation (SMBC) has selected T24 to support its Asia Pacific operations. The bank will install T24, the company’s modular core banking system, in all 13 of its Asia Pacific branches across seven countries as part of a major project to implement an advanced standard platform. SMBC, one of the largest banks in Japan, is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group.
The bank intends to run a common platform that supports its operations across the different countries. To do this in a short period, the bank needs a wholesale banking package that can seamlessly integrate with its existing applications. T24 will provide the flexible and advanced technology required to manage its branch network and lower its total cost of ownership.
The bank also needed a scalable system that could flexibly cope with various local products and regulations which are often unique in each country in Asia, as well as connect to the regions using a thin-client structure, allowing for lower maintenance and faster upgrades. After considering a number of providers, SMBC signed the deal with Temenos in December 2006.
Temenos will work with SMBC to gather common requirements from all the branches. Temenos will then consolidate these requirements in the T24 build and install core functionality, including deposit, loan and trade components, as well as interfaces to internal and external systems and networks.
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: “A key consideration for banks when reviewing their technology is cost of ownership. Running multiple systems across multiple branches can not only be a challenge when co-ordinating operations but also put up barriers to cost-effective upgrades and maintenance. By running T24 as a single platform across its branch network, clients will have a scalable infrastructure that can grow with its business.”
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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