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Tier 1 US bank selects Temenos T24 Core Banking for global cash management backbone

Temenos, the software specialist for banking and finance, today announced that a US-based Tier 1 global bank has selected Temenos T24 Core Banking as its global cash management platform for deposit transaction processing, internal account sweeping and interest compensation. The system, which will replace the bank’s legacy infrastructure, will be implemented progressively in multiple countries across the globe.

Temenos' robust core banking platform will enable the bank to offer consolidated cash management globally, delivering innovative new services, richer data, and real-time optimization and reporting to its clients. Temenos’ scalable architecture - coupled with multi-lingual, multi-currency and real-time capabilities – will enable the bank to offer its wholesale clients a follow the sun service to improve their working capital efficiency.

The corporate banking sector will continue to enjoy growth driven by the re-alignment of business priorities, and hence capital, towards corporate banking. This has caused banks to re-examine the competitiveness and attractiveness of their offerings in this area. The recent Ovum report 2017 Transaction Banking Survey: Challenges and Imperatives of Real-Time Payments and Liquidity found that payment and liquidity management solutions are a key differentiating offering in the banking industry and a top priority for corporates, potentially impacting their customer loyalty,” says David Bannister, Principal Analyst, Ovum. “The importance of this is further highlighted by the survey finding that 75-80% of corporates had considered moving their main banking relationship in the last 12 months, and that the top priorities for corporates were real-time payments, end-to-end process linkage with other systems and improved analysis and forecasting – all of which are areas where banks are heavily reliant on their software capabilities.” In support of this, Temenos is increasing its investment in its solutions in this space and has an accelerated release plan for 2018 focused on key areas around multilateral sweeping and virtual accounts.

David Arnott, Chief Executive Officer, Temenos, says: “We are excited that yet another leading US-based bank, one of the largest in the world, has selected us for our ability to support the needs of its global wholesale banking operations. Temenos T24 Core Banking will become the bank’s backbone platform for cash management, supporting future growth in international centers, while allowing the bank to deliver world-class and consistent digital customer experience. We invest more in R&D than any other banking software supplier, and have an exciting vision and roadmap for our corporate banking product suite based on the growing market requirement for integrated and packaged corporate banking platforms.”

Ovum report 2017 Transaction Banking Survey: Challenges and Imperatives of Real-Time Payments and Liquidity