Andreas Theodorides, manager banking operations & information technology, Universal Bank, says: "To satisfy the Basel II Capital Accord, we needed a supplier with extensive knowledge of operational, market and credit risk as well as the technology to enable us implement the requirements. As a customer of TEMENOS since 1999, we can benefit from TLC's expertise in this area and easily integrate the barracuda software with TEMENOS's core banking system."
Universal Bank will implement the Basel II requirements by using the barracuda software to calculate current exposure, apply transaction, facility and counterparty level mitigation, and calculate Risk Weighted Assets (RWA) for the Standardised, Foundation or Advanced approaches as well as the operational risk capital requirements using Basic Indicator Approach, Standardised Approach and the Advanced Measurement Approach.
Through the alliance, TLC can extract transactional and historical data directly from TEMENOS's core banking systems, including TEMENOS T24â¢, which is then imported into the barracuda software. barracuda provides a predefined, Basel II specific, data taxonomy and acts as the data âconcentrator' for all the data from disparate source systems required to properly calculate RWA under Basel II.
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.
Stuart Holman , sales director, TLC Risk Solutions, says: "TEMENOS has extensive experience of the banking industry and an excellent product portfolio. We are delighted to be able to integrate our software with its core banking systems and reach a broader market."