Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Swedbank, an established Nordic-Baltic universal bank, has gone live with Temenos T24 (T24) in its Shanghai office. By deploying T24, the company’s modular core banking system, Swedbank meets local regulatory requirements and so can now offer full corporate banking services in China. Temenos implemented T24 Model Bank, with pre-configured products and processes for a fast, low-risk implementation, with the T24 China Country Platform, which includes functionality tailored to the local market.
Ola Laurin, project manager, Swedbank, says: “It was important to have a system in place prior to us receiving our license, so implementation time was key. As a direct result of T24 we’ve launched our corporate banking services in the region and within eight weeks of going live we began offering foreign currency products. The system not only caters for our current requirements but can also support us in addressing the many changes to come in Chinese banking practises.”
Temenos began the implementation project in August 2006, following the signing of the deal in June 2006, and by installing T24 Model Bank it achieved a reduced implementation time of eight months. The bank went live in April 2007 and on 1 June 2007 it began operating through its Shanghai office as a fully functional corporate banking branch. T24 Model Bank and its associated methodology can achieve a 50% lower implementation timeframe, minimise customisation, reduce implementation costs and bring tighter control over a project scope and deliverables.
Temenos installed the system as a greenfield site in Swedbank’s head office in Stockholm on the Sun Unix Solaris Platform using Oracle database software, with links to users in Shanghai. This architecture will enable the bank to run all international branches from a central location without the need to deploy a full server platform for the system in each site. With one set of interfaces and centralised operations and expertise for T24, the bank has reduced time to market for new products.
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: “The timely delivery of this implementation is further evidence of the success of our Model Bank. Our professional services team worked closely with the bank to bring the project in on budget and ahead of schedule. Swedbank now joins Bank of Shanghai as a reference for our Model Bank offering with the T24 China Country Platform.”
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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