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Dresdner Kleinwort signs with Temenos to replace international corporate cash management and payment system

TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Dresdner Kleinwort has selected TEMENOS 24™ (T24), Temenos’ modular core banking system, to support 16 subsidiaries and branches across Europe, Asia Pacific and the US.

Dresdner Kleinwort, headquartered in London and Frankfurt, is the investment banking division of Dresdner Bank AG. The bank was looking for a more scaleable and efficient banking system that could help it to meet upcoming SEPA requirements, a major initiative to harmonise payments throughout Europe, as well as extend its Global Banking business line’s leading position in corporate cash management.

Pascal Emile, Global CIO, Dresdner Kleinwort, says: “In addition to changes in customer requirements, we expect to see a significantly increased business volume in corporate cash products as a result of SEPA. We needed a platform that could help us to meet these challenges while providing a single centralised system across our branch network. T24 will ensure that Dresdner Kleinwort is ready for SEPA ahead of the market and can improve its service offering to corporate customers.”

Dresdner Kleinwort has chosen T24 Model Bank, which includes pre-configured products and processes for banking best practice in order to reduce the implementation time, increase RoI, minimise customisation and lower the project risk.

Temenos will lead the implementation, which is expected to initially go live in H1 2008 in Austria. This will be followed by a phased approach across its remaining network of 16 international branches.

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 nonstop 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 realtime 24/7 non-stop banking.

Andreas Andreades, CEO, Temenos, adds: “The fact that T24’s SEPA functionality was important to this deal proves SEPA is causing banks to re-evaluate their payments and cash management systems. Dresdner Kleinwort joins a number of other prestigious international cash management users of the T24 system, demonstrating that our significant investment in this area has proved to be attractive.”

Temenos has an international client-base of over 590 financial institutions and continues to attract global tier 1 and regional banks as a result of its industry-leading products, T24 and Temenos™ CoreBanking.