International banking systems vendor Temenos has developed a packaged solution, eMerge, aimed at supporting retail applications in emerging economies as well as smaller financial institutions.
The off-the-shelf eMerge software may be implemented usually in less than two weeks, says the company. It provides basic functionality such as teller applications, funds transfer, and retail loan capabilities. The solution runs on Intel-based servers, Windows 2000 and Windows NT and uses jBASE database technology.
To spearhead the initiative, the company has created a separate division, based in London and has appointed Enrique O'Reilly, former regional director, northern Europe of Temenos as chief executive officer.
The World Bank estimates that there are over 7000 development micro finance institutions, serving some 16 million people in developing countries worldwide and has contributed significant capital to the Temenos project.
O'Reilly says: "This is a product that will enable smaller financial institutions worldwide to offer savings and loans to an audience that may have never done business with a bank. We look forward to working with the World Bank and others to implement this significant solution on a global basis."