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Temenos partners with Satyam for tier one core system replacement

Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that it has formed a strategic alliance with Satyam Computer Services (NYSE: SAY) to provide systems integration (SI) and implementation services for Temenos T24™ (T24) and Temenos™ CoreBanking (TCB) globally, with an initial focus in the Asia Pacific region. By partnering with Satyam, a global leader in providing consulting and IT services, Temenos can deliver a complete end-to-end offering for tier one banks across the region.

Mark Cullinane, COO, Temenos, says: “A successful core banking project requires more than just the provision of an advanced software application. There is a raft of other demands, such as business process re-engineering, data migration, legacy system integration, networking and infrastructure, system testing and program management. This alliance will help us successfully meet these requirements.”

As the number and complexity of core banking replacement projects increases, the alliance combines Temenos’ superior products and domain expertise with Satyam’s extensive SI capabilities. With about 40,000 SI staff, revenues of US$1.4 billion and a CMMI level 5 in every aspect of its business, Satyam has the scope and resources required to help effectively implement both T24, Temenos’ modular core banking system, and TCB, its large-scale offering for retail and commercial banks.

Peter Sweers, global banking head, Satyam, says: “Temenos is firmly established as the leader in the core banking field and provides the most technically advanced systems in the market today. Our work with Temenos will help banks gain optimal value from the company’s products and ensure that they continue to successfully support the banks’ businesses well into the future.”

Satyam will also provide implementation services for Temenos’ T24 Model Bank. Having the largest client base of any core banking vendor puts Temenos in the unique position to provide T24 Model Bank, which incorporates functionality based on observed global best practices. The associated methodology can achieve a 50% lower implementation timeframe, minimise customisation, reduce implementation costs and also brings tighter control over a project scope and deliverables.

T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open system principles, 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: “Growth in the tier one space is accelerating as banks are having to consider system replacement. Having established our products in the market, we continue to place an emphasis on services and our Model Bank offering has already proved successful in delivering quick, low-risk implementations. Our alliance with Satyam will build upon this work and help to increase our footprint in the tier one 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.