core banking systems, today announced that Banco Sabadell, the fourth-largest bank in Spain with assets of â¬ 44bn, has selected TEMENOS T24â¢ to support the retail, commercial, treasury and private banking activities for its Miami Branch. The initial licensing agreement was signed on June 30, 2004.
"We conducted an in -depth evaluation of a number of suppliers over an eight-month period and came to the conclusion that TEMENOS, with its strong track record and excellent reference sites, could support our network of branches and provide real-time global processing. " says Miquel Montes, Technology and Operations General Manager of Banco Sabadell. "Our objective is to centralize our processing for foreign branches, and handle all the multiple local and regulatory requirements in all our branches. TEMENOS has convinced us that by doing so, we can expect to dramatically reduce our operational costs," he adds.
TEMENOS T24â¢ will be installed in Sabadell headquarters in Barcelona and rolled out initially in Miami. Banco Sabadell has recently acquired Banco AtlÃ¡ntico, which also has a branch in Miami, thus the implementation will include the integration of that branchâs operations.
Implementation began in July 2004 with Banco Sabadellâs full commitment. A strong inhouse team is in place, with an expected go-live date of less than one year. TEMENOS T24â¢ will run on a UNIX platform with an Oracle database and will replace legacy systems.
Andreas Andreades, CEO, TEMENOS, says: "We have worked hard to ensure that
TEMENOS T24â¢ has the breadth and depth of functionality to service the most demanding of banking requirements. We are confident that this high-profile project will be monitored by other prospective customers in Spain, and help us increase our market share in the Iberian region. We look forward to supporting Banco Sabadell across all its different markets."