Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that An Binh Commercial Joint Stock Bank (ABBANK), one of Vietnam’s largest joint-stock banks by chartered capital, has become the seventh client in the country to go live with TEMENOS T24 (T24). T24 now provides the bank with centralised core banking across its retail and corporate banking operations in 57 branches and is helping the bank to launch a range of new delivery channels including ATM and internet banking.
ABBANK implemented T24 Model Bank, which includes pre-configured products and processes for banking best practice, in order to reduce its implementation time and costs, minimise customisation and lower project risk. This is a Universal Model Bank implementation built on the Vietnamese Model Bank country platform for both retail and corporate operations. Temenos developed the Vietnamese Model Bank over eight months in order to combine T24 functionality with all State Bank of Vietnam (SBV) related requirements as well as meeting all the banking practices in Vietnam. ABBANK is the first local bank project that uses the Vietnamese Model Bank. T24 was deployed jointly by the bank, a local Temenos Professional Services team and other specialist partners over an 11-month period.
Nguyen Hung Manh, Vice Chairman of ABBANK says: “Because T24 Model Bank is a proven technology, we have been able to benefit from a fast, low-risk implementation. We are now ready with a banking platform that will support the bank as it launches new delivery channels to help us achieve rapid business growth over the next two years.”
T24 will support the bank’s plans to increase its customer base from 55,000 accounts to two million by 2010. T24’s flexibility and scalability will also help expand its branch network to 200 locations across the country. This exponential growth could not be achieved with the bank’s previous system.
During the evaluation period, ABBANK considered several vendors before signing the deal with Temenos in December 2006. The implementation project was initiated in February 2007 and went live on 9 January 2008. Temenos installed T24 core functionality, including comprehensive retail and corporate banking capabilities. The system runs on IBM AIX. T24 replaced GoldRiver, the bank’s legacy system.
Andreas Andreades, CEO, Temenos, comments: “The joint deployment with ABBANK is especially important as it demonstrates the quality of our implementation skills combined with our strong local knowledge. As our seventh go live in Vietnam, this project also further confirms our commitment to the Vietnamese market, which we support through our local staff and offices as well as our deep understanding of best-practice banking procedures inherent in Vietnam Model Bank. ABBANK Bank is fast becoming a large retail bank and we are happy to support them in their growth plans. With our increasing focus on retail banking we are now able to offer immense flexibility and richness of functionality combined with a superior cost of ownership. Our fully upgradeable packaged core banking system is highly beneficial for banks that previously had to rely on bespoke and heavily customised solutions.”
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