Onshore development center, country Model Bank and new signings demonstrate commitment to local market
Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it is further expanding its US operations, with investment into a country Model Bank and the creation of an onshore development center, and showing strong traction with newly-launched products.
This sharpening of focus on the US is a response to the many opportunities identified in this market, where a combination of factors, such as rapid technology change, changing competitive dynamics and changing customer behavior, have left financial institutions in need of new, modern systems. T24, Temenos’ modern core banking solution, with its country-specific Model Bank in development, has the functionality to address local service needs, including regulation and compliance requirements, while removing the high cost, lengthy timeline and inherent risk of building or licensing a fully-functional, compliant technology platform in-house. T24’s real-time processing and analytical capabilities allow financial institutions to stay ahead of the many new and non-bank market entrants that are currently threatening the future of long-standing institutions.
Furthermore, Temenos is seeing strong traction with its business intelligence (Insight), anti-money laundering (AML) suite, and social media compliance (SocialComply) solutions, all of which have recently been launched to the US market. This multi-product set enables US financial institutions to both address what are some of the most stringent compliance requirements in the world, and turn their transactional and other data into actionable intelligence that gives a strong competitive advantage.
All of these solutions, including the T24 Model Bank, are enabled for software-as-a-service (SaaS) deployment, allowing financial institutions to benefit from the low-cost and low-risk installation of hosted banking software. This builds on Temenos’ 2013 acquisition of TriNovus, a SaaS technology provider that develops and delivers compliance and core processing services, to deliver real-time core processing solutions to a broad customer base in the US.
David Brasfield, Temenos Regional Director for US, said: “We are very pleased to have new signings of our business intelligence, anti-money laundering and social compliance solutions in the US, evidencing the strong fit of our products to this market. We’re also excited about the development and progress of our other US initiatives. The opening of an onshore development center in Birmingham, Alabama is a reflection of our commitment to serving the specific needs of this market, and offering a local service to our customers.
To this end, we have also invested heavily into the development of our US Model Bank. This means that our award-winning, real-time core banking solution will be delivered with all of the US-specific functionality out of the box, providing our customers with a distinct competitive advantage over banks that rely on legacy batch processing software.”
Gordon A. Baird, President and CEO of nD Bancgroup, said: “Temenos has proven itself as the market leader for banking technology and has a deep understanding of the industry, and most importantly, our business model with mobile banking applications and the integration of payment solutions. In order to accomplish our goals, our technology partner has to be completely adaptive to our environment. Temenos’ T24 core processing solution gives us a competitive advantage running in real-time as opposed to legacy batch processing of payments. We look forward to growing our mobile innovation with Temenos as a partner.”
Bob Hunt, CEB Towergroup Senior Research Director, said: “There are more than 13,000 financial institutions in the US, with a combined annual IT spend of approximately USD20bn for core processing. These institutions rely primarily on obsolete batch processing systems that are becoming increasingly problematical in the consumer era of mobile banking and 7X24 service demands.”
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