Fred Cook, Chief Information Officer, NSCU, comments: âThat TEMENOS has a proven track record in driving technical advancements was critical to us. The company does a great job of constantly incorporating new technologies so that its applications and underlying technology continue to be highly relevant in our marketplace. We needed a core solution that could integrate with our existing systems and allow us to continue towards our goal of increasing profitability and efficiency through the use of straight-through processing. TEMENOS T24 will help to give us an edge in a fiercely competitive market.â
TEMENOS T24 will replace VisionWest from Open Solutions. As a true innovator in the market, NSCU required a system that could provide not only standard retail functionality, but also the breadth and flexibility to allow the company to expand into new and profitable businesses. During the evaluation period, it considered a number of providers, including i-flex, Fiserv Summit, and Fincentric, before signing the deal with TEMENOS in December 2006. HP, a key NSCU technology partner, advised on technical infrastructure design and hardware specifications and will continue to work with NSCU and TEMENOS to help ensure that the application is successfully implemented on its platform.
TEMENOS will manage the project and is installing TEMENOS T24 Model Bank for Canada, which includes interfaces and functionality specifically developed for Canadian credit unions and mid-sized banks. The system will run on HP hardware using the Microsoft Windows platform.
Chris Catliff, president and CEO, NSCU, states: âThe ability to improve and innovate customer products is a key advantage in our market so we needed a system that would enable us to excel in this area. TEMENOSâ commitment to the Canadian market was also a deciding factor in our selection process and we believe that TEMENOS T24 is a superior and effective banking system for the Canadian credit unions. We can now benefit greatly from TEMENOSâ vast experience of multi-national banking products and concepts.â
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully integrated architecture enables it to offer a significant cost advantage compared to other competing products. 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.
Alex Groenendyk, president, TEMENOS Americas, adds: âWeâve developed TEMENOS T24 Model Bank for Canada using our experience of delivering technology in the region since 2002. NSCU is the first Canadian credit union to utilise this approach, which provides complete functionality, including all required interfaces, for delivering products to the Canadian market. With TEMENOS T24, NSCU will be able to create new products quickly, expand into new business areas, and continue to meet its aggressive growth targets.â
TEMENOS has an international client-base of over 500 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOSâ¢ COREBANKING.