Swiss core banking vendor Temenos has unveiled T24, a next-generation banking system that builds on the business functionality of the flagship Globus product but removes the need for end-of-day processing.
The beta release of the product follows a three-year, $24 million development effort. Built using established standards such as HTTP, XML and J2EE, T24 offers the same business functionality as Temenos' core Globus product, but on an open architecture platform.
André Loustau, Temenos chief technology officer, says the vision for T24 was to isolate the banking functionality from the technology and make the technological infrastructure as flexible as possible.
As a non-stop, 24-hour platform, T24 will allow banks to consolidate their global processing needs in single hubs and generally reduce their core system processing costs, he says.
The elimination of end-of-day processing runs represents a profound shift, says Loustau: "This really is 'non-stop' computing, from a banking IT architecture perspective, with a single database and no shadow balances."
T24 is already live in three locations and under implementation in four others. Flagship clients that have taken on the core components over the past 12 months include ING Group and Samsung Capital. The first generally available release of the product is ready for beta testing with new customers, while existing clients can take advantage of conversion tools for automatic upgrades. The product will be formally launched at the end of September.