Julius Ghanie, IT director, Bank of Botswana, says: "We required an integrated banking solution for our banking, accounting and financial markets departments to replace our incumbent system. We selected TEMENOS because it has proven experience in the central banking market, having implemented central bank solutions in countries such as Swaziland, Zimbabwe, Zambia, and Pakistan. In addition, TEMENOS T24 is able to increase our overall efficiency, particularly by eliminating the need to capture information manually into different systems."
Bank of Botswana was previously using Bankmaster, a retail banking solution from Misys, but had been searching for a replacement system since 1999 before signing with TEMENOS in May 2004. The bank mostly used Bankmaster for data capture and reporting, and for the maintenance of its corporate customer accounts. As the bankâs requirements grew, it needed a system that could provide customised reporting and the flexibility to integrate with the bankâs other applications. It would also have to handle the complexities of backdating transactions, and running day-end and backup procedures.
TEMENOS has provided the bank with TEMENOS T24 core functionality, plus a range of modular components that will enable the bank to reduce overtime work and improve financial reporting. The additional components include funds transfer and standing orders, open financial server, teller, document management, and securities and portfolio management. Some 5,000 accounts will use TEMENOS T24, which was implemented using IBM servers and jBASE database software.
In addition, the bank was looking for a currency vault management solution as part of the new system. It reviewed a number of vendors for this module, including i-flex, and selected TEMENOS because the company had already developed a solution for other central banks, such as State Bank of Pakistan. This now interfaces with the bankâs clearing, financial markets and accounting systems.
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.
Andreas Andreades, CEO, TEMENOS, says: "Increasingly, local banks are adopting modern, integrated technology to replace legacy systems that no longer meet the demands of todayâs banking. By combining this with their regional expertise, they have a distinct advantage over the global banks, which often have fragmented and out-dated technology that makes it difficult to compete at a local level."
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.