TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Bank of Ghana has gone live with TEMENOS T24 (T24) in its Head Office and five branches, to replace multiple legacy systems. With T24, the company’s modular core banking application, the bank can integrate and centralise its transaction and reporting operations, including retail, treasury and securities, and trade services along with it key interfaces such as clearing and Reuters.
Lionel Van Lare Dosoo, First Deputy Governor, Bank of Ghana, said: “T24 provides us with a centralised system that also has the flexibility to develop products quickly and deliver reports according to our needs. In addition to Temenos’ expertise, we’ve been very impressed by the ease with which T24 can interface with our external applications, such as Reuters. Speed of installation was also crucial for us and we were able to deploy T24 in just nine and a half months, and within budget.”
T24 has replaced the Bank’s previous system which has been in place for 10 years, as well as the Bank's stand-alone treasury and trade finance systems. During the evaluation period, Bank of Ghana considered nine vendors before signing the deal with Temenos in December 2005.
Temenos installed core T24 functionality, including modules to support retail banking; treasury, including foreign exchange, money market instruments, securities and repurchase agreements; trade services, including letters of credit, documentary collections and guarantees. Temenos also customised the system to include a vault management system, which enables the bank to manage the issuance of currency notes and coins to commercial banks and monitor their movement within the money market. The system runs on HP servers with an HP Unix operating system and Oracle database.
Andreas Andreades, CEO of Temenos, adds: “Core system replacement is one of the top priorities for banks all over the world, driven by the inadequacy of current systems to provide a platform for growth. We are happy to see our client base expand in Africa where I believe we are becoming a supplier of choice.
“As a central bank, Bank of Ghana now has an efficient infrastructure in place to handle its complex reporting requirements and maintain a low cost of ownership. We were particularly pleased with the speed and success of the project which proves the strength of our professional services and implementation capabilities.”
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