Azerbaijan's Texnikabank signs for Temenos T24
11 November 2008 | 3796 views | 0
Azerbaijan's Texnikabank is rolling out the T24 core banking platform from Geneva-based Temenos to support its retail and corporate operations.
T24 - to be implemented across the bank's 35 branches - replaces several locally developed and in-house legacy systems which the bank says can no longer support its expanding operational and product requirements.
The bank is installing a pre-configured version of the platform - T24 Model Bank for Universal Banking - to reduce implementation time and costs, minimise customisation and lower the project risk.
The new technology - which Temenos says was chosen ahead of i-flex and Fidelity offerings - will be used to consolidate disparate systems into one centralised infrastructure and automate business processes.
Texnikabank has also signed for Temenos Arc, a front office software product for customer retention and cross-channel selling as well as the vendor's T-Risk offering for enterprise risk management and regulatory reporting capabilities, including for Basel II.
Khaqani Guluzade, first deputy chairman of the executive board, Texnikabank, says: "With T24 we will consolidate the disparate systems within the bank, obtain more control over business processes and significantly improve operational efficiency. T24 will also enable us to create and launch innovative products quickly, which is key for our customer satisfaction and growth."
The T24 product - which will be installed by a joint team - will be deployed on E520 IBM servers with an Oracle database. The bank has opted for a phased implementation, with the first phase slated to go live in Q2 2009 with a full roll out completed three months later.
Last week it emerged Temenos is set to reduce its workforce in a cost-cutting exercise. Finextra's sources say that up to 200 jobs will go globally, but Temenos CEO Andreas Andreades says the figure will be less than that.