Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that ACLEDA Bank, a fast-growing Cambodian financial institution, has deployed TEMENOS T24 (T24) to support its new operations in Laos. T24 has been installed in the first of several new branches based in Vientiane and was deployed in just two and a half months.
ACLEDA Bank worked with Temenos Professional Services consultants to implement the solution in record time, helping the organisation to meet its licensing deadline in Laos. The bank also uses the technology to comply with local regulatory requirements by generating reports for auditing. T24 is now enabling the bank to deliver a full range of commercial and retail banking services, including credits, deposits, fund transfers and cash management.
In Channy, President and CEO, ACLEDA Bank, says: "We are delighted to be using Temenos T24 to power our new presence in Laos. Having used the system for many years in our Cambodian operations, we know it to be a feature-rich, scalable and robust solution. It offers all the functionality we need to provide a wide range of services to our customers from day one. The deployment process was extremely quick, and we are confident that the software will help us expand rapidly in the new territory and beyond."
ACLEDA Bank plans to use the Temenos technology to increase its presence in Laos from one to three branches before the end of 2008. Within five years, the organisation hopes to add a further four provincial branches, 11 district branches and 19 service units. It expects to service 150,000 loan clients over that period, and to grow its staff to 400 employees.
The bank implemented T24 Universal Model Bank, which includes pre-configured products and processes based on banking best practices and provides the bank with a single proven application to support front and back office activity. The system also integrates with SWIFT interface and is deployed on IBM pSeries using jBASE database.
Andreas Andreades, CEO, Temenos, comments: "As well as cementing our relationship with the bank and our presence in the region, this project demonstrates that we can deliver rapid, risk free implementation on an international scale. These capabilities make Temenos the ideal choice for banks looking to increase their global footprint quickly."
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