Universal Bank in Cyprus has become the first customer for an integrated credit risk management system marketed under an alliance between Swiss core banking vendor Temenos and London's TLC Risk Solutions.
Universal Bank, which has been using Temenos' core banking technology since 1999, will implement TLC's barracuda software as a data capture engine for calculating capital assets under the Basel II accord.
Temenos formed an alliance with UK-based TLC in November last year in an effort to provide clients with an integrated solution for complying with Basel II regulations.
Temenos says TLC is one of a selected number of companies in the Basel II space with the ability to extract transactional and historical data direct from its core banking system via an interface. Data is then imported into the barracuda application which calculates the bank's regulatory capital requirements defined under Basel II.
Andreas Andreades, CEO, Temenos, says: "The deal is an excellent example of how the alliance has worked to deliver integrated systems that fulfil a need in the market for core banking systems with integrated credit risk. In addition to benefiting our existing customers, our partnership with TLC will enable us to expand our offering to future customers."
Stuart Holman, sales director, TLC Risk Solutions, says the alliance will enable the firm to reach a broader market.