Temenos (SWX: TEMN), the provider of integrated core banking systems and banking and payments technology provider Metavante (NYSE:MV), today announced that EverBank® Financial Corporation, has selected TEMENOS T24 to support its World Markets division. The recently signed deal represents the first T24 opportunity resulting from the extended Metavante/Temenos strategic marketing alliance announced on July 31, 2008.
EverBank is a current Metavante core processing client for its U.S. retail banking operations. T24, which will be hosted by Metavante, will be used to support the bank's World Markets global trading (including foreign exchange) and commodities operations. EverBank World Markets is a division within the bank that offers global investment solutions including foreign currency CDs, money market accounts, precious metals and structured product accounts to a multi channel customer base. T24 will provide the bank with a highly scalable system that can support the division's growth and expansion into future business lines.
EverBank selected T24 Model Bank, which includes pre-configured products and processes based on international banking best practices to reduce implementation time, costs, minimise customisation and lower overall project risk. T24 will replace several in-house systems and support the continued development and delivery of innovative multi-currency and metals-based products and services.
"EverBank World Markets is a rapidly growing division of the bank with an aggressive plan to expand the global offerings to our customers," said Frank Trotter, President, EverBank Direct. "We needed a system that would fully support these growth objectives. A critical element in our decision to utilise T24 was the opportunity to have Metavante host the application and integrate it with the broader set of services Metavante currently provides the bank. The alliance and strong working relationship Metavante has with Temenos for both the T24 product and the Temenos Core Banking System (TCB) provides us a high degree of confidence that this relationship will assist in propelling EverBank's growth across every dimension of our business."
"Metavante will manage the implementation of T24 with the assistance of Temenos Application Management (TAM) Services to roll out the system which will also include functionality for internet banking, asset management, foreign exchange, derivatives and securities," explained James Bolton, group president Metavante Enterprise Solutions. "T24 will run in a Metavante hosted environment on IBM AIX servers with an Oracle database and will be integrated to our consumer internet banking and core processing services. The system is expected to go live in the third quarter of 2009."
"As the first contract under our joint T24 marketing agreement with Metavante, this is a very exciting development because we have been able to bring to this segment of the U.S. market what is arguably one of the leading international banking software products," said Andreas Andreades, CEO, Temenos. "This deal also demonstrates that there is a large market in the U.S. to support complex, multi-currency offerings that we are now able to address thanks to wider distribution through our hosting arrangements with Metavante."
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