Swiss core banking supplier Temenos has signed its first customer in India, microfinance specialist Equitas, to the T24 platform.
Established in December 2007, Equitas Micro Finance India signed 300,000 customers in its first year and operates out of 100 branches in the states of Tamil Nadu, Andhra Pradesh and Maharashtra.
The outfit has selected T24 for Microfinance and Community Banking (T24 for MCB) to support and automate its operations from a single platform. Temenos says its technology provides Equitas with a standardised yet cost effective core banking platform, enabling it to offer a wider range of services.
H Mahalingam, CTO, Equitas, says: "Our vision is to be the number one microfinance provider in India and investment in modern technology is vital to achieve this goal. T24 for MCB will help us to rapidly define new products and dramatically reduce our time to market. T24 will play an important role in automating the production of our management reports and delivering these in a matter of hours."
The Temenos professional services team will work with Equitas to implement the platform on IBM Power P6 servers and a jBASE database. The system is scheduled to go live in Q3 2009.