Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that The Mauritius Commercial Bank Limited (MCB) has gone live with TEMENOS T24 (T24) in its Maldives branch to support its retail and corporate banking operations. The bank employed Temenos Professional Services and jointly implemented T24 in just four months.
Established in 1838, MCB is the leading bank in Mauritius with more than 40 per cent market share of lending and local currency deposits. It also has a presence in Madagascar, Mayotte, Mozambique, Seychelles and Paris. MCB selected T24 to replace its core banking platform, and support its 42 branches, 130 automatic teller machines and one million customer accounts. The bank chose T24 Model Bank for Universal Banking in its Maldives branch. Following the successful Maldives implementation, the Mauritius branch is due to go live in Q3 2009.
When MCB was awarded a licence to extend its operations to the Maldives, it was challenged with opening the branch operations quickly to comply with regional regulatory guidelines. The flexibility of T24 Universal Model Bank enabled MCB to rapidly deploy the software to the required timescales and immediately support its retail and corporate banking operations. Using T24, the bank will also be able to launch and deliver new products quickly, enhancing its competitive position and credibility in the Maldivian region. T24 Model Bank for Universal Banking includes pre-configured products and processes based on banking best practices.
The bank also chose TEMENOS ARC Internet Banking (ARC-IB), which it plans to roll out in its Maldivian operations in 2009. The multi-channel support offered by T24 ARC IB will provide the bank with a modern, online front-office solution with a single customer view, enabling it to offer a personalised and efficient finance services..
Mr. Antony Withers, Chief Executive of MCB said: “Originally, we turned to Temenos following a rigorous selection process led by Gartner to ensure we had the best possible solution to support both our domestic and international banking operations; T24 emerged as the most effective solution to meet our needs. We are impressed with Temenos’ expertise and speed of deployment, which has enabled us to quickly open up our operations in the Maldives whilst meeting local regulatory requirements. We are pleased to be able to bring a local dimension to the region amid the growing number of foreign banks that operate within it and believe that our entrance into this market will complement our existing operations in Mauritius.”
Andreas Andreades, CEO Temenos, adds: "Our work with MCB clearly continues to demonstrate that T24 Model Bank and its associated implementation methodologies is able to deliver core banking systems in record time for both small but also larger operations. Using T24, the bank will be able to introduce innovative products to its market quickly and efficiently, improve customer service and increase its competitive advantage.”
T24 Model Bank is packaged core banking software that provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA) with support from front to back office. T24 Model Bank includes pre-configured, industry best practices for each banking sector, enabling banks to optimize operations and processes while remaining agile, flexible and responsive to business change. Its highly automated implementation approach delivers short implementations with a rapid and measurable return on investment. Fully integrated CRM and business intelligence capabilities provide a high degree of customer intimacy and a clear and deep understanding of the enterprise including its risk and performance. Its scalability, as underlined by recently reported Temenos/IBM performance tests, means T24 is capable of servicing of banks ranging from small to up to 25 million accounts.
In addition to its comprehensive SOA architecture, T24 incorporates modern technology and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. T24 is compliant with industry leading ESBs (Enterprise Service Buses) and 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. This is delivered 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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