APAP chose T24 Model Bank for Retail Banking ahead of competing solutions, based on the strength of its pre-configured products and banking best practices, as well as Temenos' proven ability to reduce implementation timeframes and costs, minimise customisation and lower project risk. A modern system was needed to support the Association's future product and business volume growth. T24 will replace APAP's in-house legacy system, which had been in place for the last 20 years, as well as several other locally developed applications. Using T24, APAP will streamline its processes and operations across the business for improved information management within a complete SOA environment.
APAP also opted to take TEMENOS ARC (ARC), Temenos' suite of front-office applications, to support internet banking, as well as operational and analytical CRM. Implementing ARC alongside T24 has the key advantage of extending the single customer view across the front and back office, since both are delivered from the same core platform and database. T24 will facilitate the Association's future growth and strengthen its competitive position by offering increasingly innovative, tailored products and services - quickly and efficiently. Additionally, the multi-channel support offered by T24 ARC will enable the bank to offer the most personalised and efficient financial services possible.
JosÃ© Frank Almeyda, VP, Operations and Technology, APAP comments: "Of all the solutions we assessed, T24 has the scalability and functionality required to support our future growth and increase our profitability. We believe that T24 will help us develop and take new products to market quickly, and increase the quality of our customer service. With our additional investment in ARC we will significantly improve our ability to cross-sell to our existing client base, as well as acquire new customers based on our new enhanced and holistic customer insight."The implementation will be a jointly managed project between Temenos and APAP. The institution is also using Temenos Application Management (TAM) Services to roll out the T24 system. The system will be deployed on HP Integrity rx3600 Servers with an Oracle database and is expected to go live in 2010.
Andreas Andreades, CEO, Temenos comments: "We are excited to work in a new country in the Caribbean. As APAP's core banking platform, T24 Model Bank will deliver a state-of-the-art, integrated architecture to enable growth, deliver improved products and services and reduce cost of ownership for the bank. Banks around the world are focusing on the basics of banking in order to navigate successfully during the current economic challenges. In doing so, managing cost and delivering sustainable revenue growth are at the forefront of their strategies. Core systems are critical in achieving these objectives."
T24 Model Bank is packaged core banking software that provides banks with unparalleled richness in functionality on an integrated Service Oriented Architecture (SOA), with support from front to back office. T24 Model Bank includes pre-configured industry best practices for each banking sector, enabling banks to optimise operations and processes while remaining agile, flexible and responsive to business change. Its highly automated implementation approach delivers short implementations with a rapid and measurable return on investment. Fully integrated CRM and business intelligence capabilities provide a high degree of customer intimacy and a clear and deep understanding of the enterprise including its risk and performance. Its scalability, as underlined by recently reported Temenos/IBM performance tests, means T24 is capable of servicing of banks ranging from small to up to 25 million accounts.
In addition to its comprehensive SOA architecture, T24 incorporates modern technology and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. T24 is compliant with industry leading ESBs (Enterprise Service Buses) and can be deployed on fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels, such as mobile devices and internet banking right through to settlement, general ledger and other back office functions. This is delivered in a fully integrated, reliable and cost effective environment. Temenos' total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime - delivering a significant, immediate and ongoing return on investment.