Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that Ithala Limited, the banking subsidiary of Ithala Development Finance Corporation, a major South African Development Finance Institution, is set to implement TEMENOS eMerge on T24 (eMerge). eMerge will support all the company's retail banking and business finance operations across 50 branches in the KwaZulu Natal province.
Ithala Limited chose eMerge over in-house development and competitor solutions on the strength of its pre-configured products and best practice processes. The deal was signed with Temenos in June 2008. eMerge will replace the bank's legacy core processing systems which have been in place for the past 20 years in order to meet Ithala Limited requirements to support product and business volume growths. eMerge will streamline Ithala Limited processes and improve efficiency, as well as help it to increase customer centricity by providing a complete view of the customer. This capability will contribute to the bank's mission to incorporate the previously unbanked market.
Sibusiso Luthuli, Managing Director of Ithala Limited, says: "People are at the centre of our objectives. We are committed to empowering our communities by offering quality products accessible to the greater number. We believe Temenos will help us improve process efficiencies and reduce the cost of doing business. This will make it easier for us to launch new products on the market and continue to expand our customer service offering."
Based in Durban, Ithala Limited aims to drive economic development and empowerment throughout the KwaZulu Natal province. eMerge will support existing product offerings which include loan accounts, debit card accounts, savings and investments accounts. It will also help Ithala Limited continue to make banking accessible to those traditionally excluded from formal business structures as well as support new product offerings such as personal loans and motor vehicle finance.
eMerge, which will include retail and treasury functionality, will be deployed on IBM servers with Oracle database. The implementation will be handled by Temenos Professional Services and is expected to go live in Q3 2009.
Andreas Andreades, CEO, Temenos, says: "We are delighted to be extending our presence in the African market and contribute to deliver banking products and services to the unbanked market. Our systems provide banks and their customers with significant and practical value at a cost of ownership which makes these ventures possible."
eMerge, our T24 model bank targeted for the medium to large microfinance institutions and small retail banks provides a full portfolio of banking and related financial services. It includes a pre-configured products that enables fast, low-risk and highly cost-effective implementations in as little as six weeks. The technology and implementation approach helps achieve a significantly lower cost-of-ownership compared to traditional solutions.
T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos' Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24's flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.
T24 incorporates modern technology including a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP (Simple Object Access Protocol) web services, and BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment. Temenos' total commitment to open standards enables its customers to benefit from the latest advances in technology ensuring business agility, continuity, data integrity and reduced downtime delivering a significant, immediate and ongoing return on investment.
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