Temenos signs BankMuscat to T24

Temenos signs BankMuscat to T24

Oman-based BankMuscat is deploying the T24 core banking system from Swiss vendor Temenos to replace its legacy retail and corporate banking platforms.

The T24 platform will be installed at the bank's Muscat head offices to support some 90 branches and over 500,000 customer accounts. The technology will replace a 20 year-old in-house legacy system and is expected to go live in early 2008.

Temenos says the bank required a fully integrated and flexible system with functionality covering areas such as treasury, investment and Internet trading. The vendor will install core T24 functionality, including retail banking, corporate banking, finance, operations, branch automation and administration.

Commenting on the implementation, Andreas Andreades, CEO, Temenos, says: "By adopting T24, BankMuscat will be able to expand its product offering and compete successfully in this increasingly competitive market."

Andreades says the bank is the latest in a growing number of financial institutions in the Middle East - including Al Salam Bank and Finance House - to select Temenos technology.

Temenos recently revealed further plans to tempt away Misys customers by launching a pre-customised version of its T24 Model Bank as an alternative to Misys' new BankFusion platform.

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