Swiss banking systems vendor Temenos has disclosed that it has inked a deal with Metavante, the technology subsidiary of American bank Marshall & Ilsley, to launch a jointly-developed core banking platform based on its TCB technology in the US.
Temenos said last month that it had signed a core banking joint development and distribution agreement with a company that covers the roll of its Temenos Core Banking (TCB) technology to financial services firms in the US.
Under the agreement Metavante will be the exclusive provider of the TCB-based platform to the US market and will also be able to provide the system as an outsourced service internationally.
The US vendor says the joint platform will be one cornerstone of its growth strategy for serving large financial institutions and expanding business internationally.
Metavante will deliver the TCB-based platform on a component basis, enabling large banks to replace applications in phase. Paul Danola, group president, Metavante Enterprise Solutions, says: "Because the TCB solution is platform independent, it can be deployed in Cobol as well as Java in a J2EE environment. This should be attractive to large US banks, which operate with large mainframe environments and are challenged with aging platforms."
The product will initially be available as a licensed platform designed for tier-one and tier-two financial institutions. In addition, Metavante plans to integrate the technology as a series of component upgrades for large financial institutions already using its own core banking software.
Temenos chief executive officer, Andreas Andreades, says its TCB platform along with Metavante's development and distribution prowess in the American banking software market "will prove a formidable combination both in the United States and internationally".
Temenos said earlier this month that it expects to generate minimum contractual revenues of $102m until 2012 under the US distrbution agreement and the Swiss vendor raised its outlook for 2007 by 42% on the back of the deal.