T24 Model Bank to Support US Regulatory Requirements.
Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Banco de la Nacion Argentina New York (BNA NY), a branch of Banco de la Nacion Argentina, Argentina's leading financial institution, will replace its core banking system with TEMENOS T24 (T24). The bank will initially deploy T24 in New York and three more of its international locations.
A specialist in payments and trade finance, BNA NY will replace its existing systems with T24, giving the bank a single, integrated platform with full functional coverage and low total cost of ownership (TCO). BNA NY ran a rigorous selection process before opting to partner with Temenos, whose market leading platform offered the best TCO proposition, a key factor in the bank's selection.
"The US is a key territory for us and our current system could not support our business aspirations for this market. T24 will give us extreme flexibility and functional breadth on a single platform and boost business agility so we can respond to today's market requirements and tomorrow's opportunities. Temenos' model bank methodology was a key differentiator, offering us best practice processes to keep customisation to a minimum and simplify the implementation whilst supporting all country specific and international requirements from one platform. Furthermore, the selection process confirmed that T24 is the banking system best suited for our needs and activities in the US", commented Miguel Mandrile, BNA NY's General Manager.
Greg Green, President, Temenos Americas, added: "We are very pleased to have BNA NY as our newest North American client. Its choice of T24 to address US banking requirements as well as its international business is further confirmation of T24's extensive functional coverage, adaptability and scalability. Our existing client base, proven technology and the increased interest in core banking systems in the Americas market will continue to drive our growth. Our success in North America supports our decision for expansion in the region.
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