23 May 2017
Book a meeting today

Temenos and Metavante resolve core banking dispute

22 July 2009  |  8153 views  |  0 boxing gloves

Swiss core banking supplier Temenos has settled a dispute with Metavante over a joint US marketing pact that was thrown into confusion by the proposed $2.94 billion takeover of the US vendor by Fidelity National Information Systems.

Metavante unilaterally terminated its two-year old agreement to develop and market a top tier US core banking platform based on Temenos' TCB product when it agreed its deal with FIS in March.

This provoked a public rebuke from Temenos, which noted at the time that the contract between the two parties over the joint development and marketing of TCB in the US was "binding upon both parties and assigns to successors in the case of either party being acquired".

In a statement issued today, Temenos says: "The amicable settlement resolves all issues associated with the agreement. As part of the settlement, Metavante received a license to continue its use of the Customer Information Management functionality of Temenos Core Banking for the development of next-generation core technology. Temenos continues to retain all rights in the development and investment done in TCB to date as a result of the agreement."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Big likely to get bigger in consolidating core banking market

Big likely to get bigger in consolidating core banking market

27 May 2009  |  11760 views  |  1 comments
Fidelity National agrees $2.94bn deal to buy Metavante

Fidelity National agrees $2.94bn deal to buy Metavante

01 April 2009  |  9192 views  |  3 comments
Failed Dunfermline lost millions on IT project; Temenos role questioned

Failed Dunfermline lost millions on IT project; Temenos role questioned

31 March 2009  |  15622 views  |  0 comments
Temenos wins first commercial bank client in Central America

Temenos wins first commercial bank client in Central America

25 February 2009  |  4696 views  |  0 comments
Temenos hit by financial market slowdown

Temenos hit by financial market slowdown

20 February 2009  |  7496 views  |  0 comments
M&I to split from Metavante

M&I to split from Metavante

04 April 2007  |  6537 views  |  0 comments
Temenos names Metavante US partner

Temenos names Metavante US partner

14 March 2007  |  9743 views  |  0 comments
Temenos doubles full year profit; inks US distribution deal

Temenos doubles full year profit; inks US distribution deal

28 February 2007  |  5632 views  |  0 comments

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
Download the paper nowvisit www.niceactimize.comVisit www.capgemini.com/worldreports

Top topics

Most viewed Most shared
European banks lobby Commission to push ahead with screen scraping banEuropean banks lobby Commission to push ah...
8692 views comments | 29 tweets | 35 linkedin
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8605 views comments | 28 tweets | 35 linkedin
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8369 views comments | 27 tweets | 27 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8122 views comments | 22 tweets | 30 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8029 views comments | 19 tweets | 24 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job