TEMENOS and TLC, a small private company, first formed an alliance in October 2004 in response to the industryâs need for a core banking solution with integrated risk management. The alliance enabled banks to integrate TLCâs Basel II product with TEMENOSâ market-leading core banking systems. barracuda provides a predefined, Basel II-specific, data taxonomy and acts as the data âconcentratorâ for all the data from disparate source systems required to properly calculate Risk Weighted Assets (RWA) under Basel II. The first joint client of the alliance, Universal Bank in Cyprus, successfully implemented the combined solution in 2005.
With immediate effect, TEMENOS will rebrand barracuda as T-Risk and provide it as a stand-alone product that can be easily integrated within TEMENOS T24â¢ and TEMENOS COREBANKING, the companyâs modular and flagship core banking systems. The design and development team from TLC have joined TEMENOS, working out of TEMENOSâ Fenchurch Street offices in London. These include two of TLCâs three founders, David Thomas and Nicholas Morgan.
David Thomas, co-founder and director, TLC Risk Solutions, says: âThis is an extremely positive move for our clients. They can now benefit from TEMENOSâ extensive experience of the banking software industry, its superior product portfolio and its commitment to technical development. In addition, theyâll continue to meet their risk management requirements through the barracuda software with no disruption.â
Andreas Andreades, CEO, TEMENOS, says: âWith the escalating complexities of trades and the continued challenge to meet compliance and regulatory requirements, risk management is of increasing importance to global financial institutions. Already we have seen our clients benefit from TLCâs products through our existing alliance. This transaction illustrates our strong commitment to invest in our product portfolio in order to meet our clientsâ needs. It is a very complimentary acquisition for us, which will broaden our platform offering and strengthen our position in the risk area.â
TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS COREBANKING. In 2005, the company achieved US$ 91 million in Initial Licence Fees (ILF), an increase of 47% compared to 2004. New clients have included Compagnie MonÃ©gasque de Banque, RBTT Financial Group, Bank of East Asia and HSBC.