TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Glitnir Bank Ltd in Finland has selected TEMENOS T24 (T24) to support the launch of its Finnish retail banking arm. The bank will use T24 Model Bank, which includes pre-configured retail banking products and processes for banking best practice, in order to reduce the implementation time and costs, minimise customisation and lower the project risk. T24 will also allow the bank to quickly roll out more complex products and support its growing customer base.
Teri Heilala, head of retail banking, Glitnir Finland, says: “We were looking for a proven, international retail banking platform that could integrate effectively with our Microsoft platform and could be implemented within a relatively short timetable with minimum risk. We turned to Temenos following references from several leading retail banks and found T24 to be the ideal fit. As well as supporting our current retail banking operations, the system will support the rollout of more complex banking products.”
Glitnir is a leading Nordic-based investment bank and financial institution, with strong capital market operations on the OMX in Iceland, Denmark, Sweden, Finland, as well as the stock exchange in Oslo and Russia. Glitnir has offices in 11 countries and is a leading player within banking in three global niche segments; seafood, offshore supply vessels and renewable energy. Glitnir is headquartered in Iceland. Its Finnish operation offers products and services in the investment management, investment banking, retail banking and securities markets.
Glitnir Finland signed the deal with Temenos in August 2007 after a six month selection process. A joint Glitnir-Temenos team will manage the first phase of the implementation across the bank’s ten Finnish branches, with a target completion date of mid 2008.
Glitnir’s T24 Model Bank will include the full breadth of retail banking functionality as well as treasury capabilities, all of which will accommodate the particular requirements of the Finnish market. The solution will be implemented on a Microsoft platform and database.
Andreas Andreades, CEO Temenos, adds: "I am delighted to welcome Glitnir to Temenos and T24. The choice of T24 Model Bank by Glitnir is further proof that our best market practice system provides real value to our customers, and that our experience in implementing over 600 core banking platforms is being put to good use. We are happy to see our client base expand in Finland, where I believe we are fast becoming the supplier of choice.”
T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. 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 is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
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