Temenos and Metavante resolve core banking dispute
22 July 2009 | 8328 views | 0
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."