industry towards no End-Of-Day (EOD) processing, TEMENOS, a leading core system vendor, launches TEMENOS T24 at its annual client forum in Berlin, Germany.
TEMENOS T24 was presented on the 30th of September to over 300 TEMENOS client executive representatives in Berlin, in addition to a panel of press journalists and industry analysts. "TEMENOS T24 represents the biggest and most innovative product initiative for TEMENOS in over a decade", announced Andreas Andreades, chief executive officer of TEMENOS. He continued, "It addresses the technical needs of financial services institutions (FSIs) for the next 15 years." TEMENOS T24 is a radically new banking system for the new millennium, offering the same rich business functionality as TEMENOS GLOBUSâ¢ but on a state-of-the-art technology platform. The launch follows 3 years of development effort and more than USD24 million of investment. Existing and potential clients alike welcomed the launch of this new product. One of TEMENOSâ clients commented: "I think TEMENOS T24 is a revolution. It will be a tremendous move forward for TEMENOS and its client population."- Ian Cookson, Member of the Executive Committee, EFG Bank European Financial Group
TEMENOS believes that this is a critical step in the financial services core system industry, which will enable FSIs to achieve real-time, end-of-day processing whilst offering greater visibility for performance measurement and risk management.
A recent report by Gartner1 comments: "Traditionally, financial services providers (FSPs) have had to cope with "lights out" account processing via a set of overnight batch activities called "endof- day processing." Although this concept was adequate for the slower-paced business world of a generation ago, it is no longer sufficient. Now, around-the-clock access to up-to-date account
information has become an opportunity and a challenge for banks to ifferentiate themselves competitively." The report continues: "Banks are removing inconsistencies and technology barriers from business processes to enable the realtime enterprise. Traditional technology support processes that inhibit real-time data access are outdated and soon will disappear."
"The companyâs objective has always been to become the banking software standard. With TEMENOS T24 we believe we will lead the way for systems that are real time and contribute to achieving greater operational efficiencies whilst supporting the new compliance requests imposed to Banks" said George Koukis, chairman, at the TEMENOS Client Forum. TEMENOS T24 is built on open architecture, offers low cost of ownership and uses established standards such as HTTP, XML and J2EE. The design of TEMENOS T24 also offers multiple application server support offering horizontal scale-ability and supporting huge numbers of users with true non-stop resilience.
TEMENOS T24 is already live in three locations and under implementation in four others. Flagship clients that have taken on the TEMENOS T24 components over the past 12 months include ING Group and Samsung Capital. TEMENOS T24 is launched with conversion tools that will allow our existing clients to automatically upgrade. Release â04 of TEMENOS T24, our first generally available release, is already available to new clients effective since July 2003.