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National Bank of Malawi replaces Bankmaster with T24 Model Bank

Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that the National Bank of Malawi (NBM), a leading commercial bank in the country and a long standing Misys client, has selected TEMENOS T24 (T24) as its new core banking system to support its retail and corporate banking activities, servicing over 160,000 customers. T24 Model Bank for Universal Banking will enable NBM to centralise its operations on a single, multi channel and functionally rich platform to improve efficiencies and reduce costs.

NBM selected T24 Model Bank for Universal Banking over competing solutions from Oracle Financial Services and Neptune, based on its ability to fully support the bank’s operational, financial and regulatory requirements.

“NBM is committed to providing the best financial services in Malawi through outstanding service, product innovation and sustained earnings growth. We have been on Bankmaster for the past twelve years. Due to increased competition and customer demand for highly innovative products and delivery channels, including structured loans with longer grace periods and Bancassurance, we decided to look for an advanced and modern banking platform which was going to be more efficient in meeting the bank’s requirements,” comments George Partridge, Chief Executive for NBM.

“We need to modernise our IT infrastructure to remain ahead of external demands and pressures. Temenos’ pre-configured Model Bank product offered a unique implementation approach to rapidly streamline our operations and automate a vast number of processes, such as processing funds remittances, to significantly reduce risk and costs. Having the capability to support all of our operational and business requirements on one platform was an extremely compelling factor in the selection process, which made Temenos stand out among the rest”, Partridge adds.

Another critical factor in NBM’s selection process was risk management, as it faced challenges to comply with both local and international regulatory requirements, including Basel II. The best practice processes embedded within Model Bank, combined with Temenos’ fully integrated risk management solution, T-Risk, offered NBM a well-documented, efficient way to handle their complete spectrum of risk requirements. Increased process automation and a clear, integrated customer view is expected to reduce error rates by 90%, strengthen credit and counterparty risk reporting and enhance control.

The bank will also implement TEMENOS ARC (Acquire, Retain, Cross-sell), Temenos’ fully integrated suite of front office applications. Partridge adds, “As a highly flexible, multi channel platform, T24, along with ARC, will provide us with the agility to be more proactive and targeted in product and service delivery. Using T24, we plan to launch a range of new products, including more trade finance services and customer self-service offerings. T24’s 360 degree customer view will greatly improve cross selling capabilities, enable more efficient account management and deliver a faster resolution of customer requests and complaints.

Temenos Professional Services and the bank’s project team will jointly implement T24 including retail, treasury and trade finance functionality on HP servers with an Oracle database.

Andreas Andreades, CEO, Temenos, adds: “We are delighted to welcome the National Bank of Malawi to our customer base. The keen uptake of T24 Model Bank demonstrates how board level pressures to dramatically cut costs yet still achieve competitive differentiation and risk management are being addressed with a single integrated packaged core banking software. The functional richness, flexibility and built in best practice processes contained within Model Bank offer banks a high value, low risk and rapid way to streamline and improve operations while they improve competitiveness.