Temenos Group (SWX: TEMN), the global provider of integrated core banking systems, today announced that IBS Publishing has ranked Temenos T24 (T24) in the top position in its 2008 Sales League Table. This ranking marks Temenos’ leading position in the league table for the second consecutive year, where it has maintained one of the top two positions for the last decade.
Andreas Andreades, CEO, Temenos, says: “This ranking underscores the strength of our global market position as we continue to outperform the competition. Overall, last year was extremely successful for Temenos in a number of respects. We enjoyed high end deal signings including JP Morgan Chase, continued to sign clients in new countries, including Banco Ficohsa in Honduras, The Popular Association for Savings and Loans (APAP) in the Dominican Republic and Bancoldex in Colombia and entered into new vertical markets, including a deal signing with UK based clearing house LCH.Clearnet. We also successfully completed a number of significant projects, including a major core system replacement at Bank of Shanghai, with the bank now using T24 to support 11million accounts across its 245 branches.
Technologically advanced, fully pre-configured products are becoming increasingly fundamental to banks’ survival, as they seek to reduce costs yet still achieve competitive differentiation through rapid system implementation in order to remain profitable in these challenging market conditions. We pride ourselves on our ability to deliver modern, flexible and extremely robust core banking packaged software that provides banks with a distinct business advantage at a crucial time for the industry.”
As a company that focuses 100% of its development resources on packaged software for the banking industry, Temenos is uniquely positioned in that it provides a single release of its product across all geographies and banking sectors including retail, corporate, universal, private wealth, Islamic and microfinance, unlike the majority of its competitors. T24 Model Bank has been accepted by our prospect and client base because of its pre-configured products and best practice processes, as well as guaranteeing a rapid implementation time at a reduced cost and lower project risk.
Temenos’ continuous investment in its now 1,300 strong services organisation has ensured that comprehensive support services are delivered to its entire client base. Last year saw increased take up of Temenos Management Consulting services, which helps banks re-engineer business processes to fully leverage the benefits of T24. In addition, Temenos recently reported that in 2008, while its clients were taking more modules, project timelines were reduced by approximately 40% compared to 2005, so benefits are being realised earlier and operational and customer service disruption is minimised.
Temenos’ leadership position in the IBS Sales League table is also matched by its financial success, as shown with the recent reporting of the company’s 2008 financial results. Temenos experienced a 23% growth in revenue year-on-year, with revenues of US$407 million. Andreades continues: “Our 2008 revenue increase demonstrates our financial capability to continue to invest in our products at a higher rate than our competitors and increase our win market share.”
The IBS Sales League Table is published by IBS Publishing and is based on sales of back-office banking systems to new clients. IBS Publishing is dedicated to the wholesale, retail and private back office systems market sector.
Martin Whybrow, editor of International Banking Systems Journal, comments: “In all the 14 years of producing the IBS Sales League Table, we were especially interested to see how vendors had fared in 2008 and their sales figures were met with particular scrutiny. Temenos has maintained a strong position during a challenging year for our industry. It has continued to sell well in most geographies and gained its fair share of the year’s high-end and multi-site deals. The breadth of its product is a strength, so too the investment that the supplier continues to make in it, and Temenos’ performance is also a reflection of its strong sales expertise.”
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