Through this strategic agreement, Metavante and Temenos will jointly market to international financial institutions with U.S.-based operations the T24 international packaged core banking system, which includes comprehensive support for foreign exchange processing, securities and portfolio management, retail banking and the ability to support the trade finance requirements these international organizations require. The highly specialized international institutions will benefit from Metavante's extensive U.S. banking knowledge and over 40 years' experience in the U.S. banking industry as well as gain access to T24, the internationally recognized market leader of global banking systems. Metavante will provide T24 in an outsourced environment, along with providing integration, implementation and support services, while Temenos will provide licensing, enhancement, support and consulting services.
This agreement marks an expansion of the Metavante and Temenos relationship announced in March 2007, when the companies jointly announced an exclusive alliance to launch an advanced core banking platform based on TEMENOS COREBANKING (TCB) for U.S. financial institutions. This exclusive alliance remains vibrant as the companies work together to meet the growing demands U.S. financial institutions have for state-of-the-art core processing systems that enable them to better compete in the rapidly changing U.S. market.
Leveraging the TCB solution and technology platform, which has been successfully implemented by several institutions internationally, Metavante and Temenos are enhancing this advanced, model-based banking platform to U.S. functional and regulatory requirements. Metavante will integrate and package the first TCB release, which includes the comprehensive enterprise customer information management product, and plans to make it available to the market in the fourth quarter of 2008 as part of Metavante's Global Integrated Banking Suite. This component will deliver the long-desired capability for an institution to have a "360" degree view of their customer relationships, providing opportunities to generate more revenue through increased wallet share while providing new tools for managing risk. Subsequent releases will support U.S. compliant deposit and loan servicing requirements.
"More than ever before, both international and U.S.-based financial institutions are faced with the complexity of the banking industry and need to equip themselves with innovative technology to continue to remain competitive," said Jim Bolton, senior executive vice president and president of Metavante Enterprise Solutions Group. "Joining with Temenos in now offering the T24 solution to the U.S. market demonstrates our dedication to providing international banks with U.S. operations with access to advanced international core banking technology. By combining Metavante's success in the financial industry coupled with the strength of T24, we're delivering a very unique solution to this market."
"We're pleased to expand our relationship with Metavante and accelerate the growth of our T24 international banking system to U.S.-based subsidiaries of international banks. By leveraging Metavante's strong banking relationships, distribution network and hosting capabilities, Temenos is uniquely positioned to tap into the growing foreign banking market in the U.S.," commented Alex Groenendyk, president of Temenos Americas. "Banks are facing challenging economic conditions and are looking to diversify by exploring sectors such as foreign exchange, foreign investment and wealth management to make their margins - markets where T24 has clear and proven expertise."