Marfin Bank and Industrial Bank of Korea to benefit from extended relationship
Temenos (SIX: TEMN), a market leading provider of banking software and IBM today announce an agreement under which IBM will provide consulting and integration services together with software and hardware resources for Temenos implementations. Building on an 11 year technology collaboration and a services relationship focused on wealth management, this new agreement combines IBM’s deep industry expertise in complex, large scale transformation programmes with Temenos’ proven, market leading solutions. This agreement will benefit joint clients such as Industrial Bank of Korea and Marfin Bank by providing them with the collective local market insight and regulatory understanding of the two companies, combined with a consistent level of service both within and across markets.
As the industry continues to navigate through the global financial crisis, banks have been challenged to reduce costs and uncover new revenue streams to strengthen their balance sheets. Various regulations have curtailed or clamped down on many of the traditional profit drivers for the industry. Forward looking banks are aiming to differentiate or expand wealth management services to grow their businesses and capitalize revenue potential. Temenos and IBM have worked together with clients globally to implement both wealth management and core banking solutions. The 2010 acquisition of Odyssey strengthened Temenos capabilities and offerings in wealth management including an existing IBM solution partnership.
This services collaboration strengthens the Temenos and IBM Global Services joint proposition to give global banks a solution that drives profitability, reduces overall costs, and provides the scalability to support future growth. Today, 60% of Temenos clients use elements of IBM technology to support their core systems environments; over 55% of T24 clients run the application on IBM Hardware. With over 300+ T24 clients already using IBM’s Power Systems platform, this year’s launch of TEMENOS T24 Enterprise Java Edition (T24E) on IBM System z, additionally provided a componentised offering to give tier 1 and 2 banks access to the modern, cost effective technology that the System z mainframe is renowned for. The relationship also covers implementations of TEMENOS CoreBanking (TCB), a functionally rich core banking platform which also runs on IBM System z and is used by some of the world’s largest mass market banks.
“Extending our collaboration was a natural progression to help banks address today’s economic pressures around regulation, competition and consolidation. Regulatory changes will fundamentally impact banking business models worldwide, particularly in the mature market economies of North America and much of Continental Europe. With this enhanced services structure. Temenos and IBM will together help banks adopt solutions to transform business efficiency, cut costs and mitigate risk”, commented Mike Head, Global Alliances Director, Temenos.
“IBM and Temenos have successfully been teaming for decades to help banks around the world employ smarter banking initiatives. Under this new agreement, IBM and Temenos will help banks explore new business models and exploit new pockets of profitability. By combining our strengths to offer a powerhouse of services with associated hardware and software support, we will be able to offer banks the right expertise and technologies at a critical time to deliver innovative products faster than the competition”, added Rusty Wiley, General Manager, Banking and Financial Markets, IBM.
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