TEMENOS will install TEMENOS T24 Model Bank, a pre-configured version of its modular core banking application, which allows for a faster implementation. The system will enable the bank to introduce new products quickly and meet local Chinese reporting requirements.

Christer Cragnell, CIO, Swedbank, says: "We are now in the process of upgrading our local representative office in Shanghai to provide full corporate banking services in China. We chose TEMENOS because its system will help us provide market-leading services to customers, while ensuring low total cost of ownership."

During the seven-month evaluation period, the bank considered a number of providers before signing the deal with TEMENOS in June 2006. Swedbank will implement TEMENOS T24 as a greenfield site to initially support foreign currency corporate banking services. TEMENOS will install core TEMENOS T24 functionality, including trade finance, cash management, treasury, payments and corporate services. The system will run on the Sun Unix Solaris platform, hosted in the bank's IT centre at its Swedish head office, which will link to workstations in its Shanghai branch.

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.

Andreas Andreades, CEO, TEMENOS, adds: "Our pre-packaged Model Bank methodology is proving popular with banks looking to quickly benefit from an integrated core banking system. We’ve developed specific versions to meet the needs of our vertical markets and have already successfully installed the Chinese product at the Bank of Shanghai. By adopting TEMENOS T24, Swedbank will be in an exceptional position to capitalise on the increasing opportunities in the region."