Mr. Also Menduni, CIO, CMB, says: "We realised that we needed a replacement for our existing system that could meet the expanding demands of modern banking. Specifically, our architecture had become outdated and the ability to add new capabilities was restricted. We selected TEMENOS T24 because it is built on an open platform and can easily be integrated into our other systems. It can also be adapted to our customersâ needs and accommodate ongoing functional enhancements."
CMB had been looking for a replacement that could provide real-time processing capabilities. TEMENOS will install core TEMENOS T24 functionality and a number of modular components, including an Asset Management Front End module. This offers a single customer view, performance attribution and modelling that allows CMB to more effectively manage and interact with its customer base, and provide a more complete view of banking and brokerage activity. The bank will also be able to more easily extract data for reporting and management purposes with the single data repository functionality.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
TEMENOS commenced the implementation in April 2005 and the modular approach of TEMENOS T24 will allow the company to deliver the project within tight timescales. The system is being implemented on IBM servers with jBASE database software.
Andreas Andreades, CEO, TEMENOS, says: "As a local private bank, CMB excels in delivering the local expertise and customer service that many global banks struggle to provide. By replacing its core systems with a modern, scalable architecture, it can further increase this competitive advantage compared to global players that often operate with old, inflexible systems."
The announcement was made on the opening day of the TEMENOS client forum in Monaco, which unites over 500 worldwide bankers, key investors, industry analysts and business partners.
TEMENOS consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years. In 2004, TEMENOS was ranked the international leader in terms of licensing, with an average deal size of more than double the market average.