TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that The Bank of East Asia (BEA), the largest independent local bank in Hong Kong, has gone live with TEMENOS T24 in its UK branches at London and Birmingham.
The system supports some 10,000 customers across the bank's retail, commercial and corporate divisions. BEA is the first bank to go live with TEMENOS T24 Model Bank for Equation users, a pre-customised version that enables users of the Misys product to quickly replace the system at a low cost.
Following a swift implementation of just ten months, BEA now has a fully integrated platform to support its future growth.
Joseph Chow, General Manager, BEA, says: "After using Equation for the past 16 years, we have built a lot of BEA specific developments to support our daily operations. We are impressed that the TEMENOS team can quickly adapt their technology to meet our particular needs and help us to implement T24 in such a short time. The system interfaces with our existing infrastructure and we have reduced the cost of ownership by eliminating the need for multiple applications. We can now start to introduce new products quickly and continue to improve process efficiencies."
BEA had considered a number of providers including Misys, i-flex and Fiserv over a nine month evaluation period, before signing the deal with TEMENOS in November 2005. During the implementation TEMENOS was able to deal with all specific functionality requests additional to those that come as standard in the Model Bank. These enhancements have now been incorporated into TEMENOS Model Bank and will further reduce timeframes for future implementations. The bank installed TEMENOS T24 on IBM's AIX operating system.
TEMENOS has developed TEMENOS T24 Model Bank, a customised version of its modular system, to enable banks to quickly implement a fully integrated modern core banking application. TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Andreas Andreades, CEO, TEMENOS, adds: "As a pilot for our Model Bank for Equation users, this is a significant project for us and one that demonstrates our ability to offer a fast, low-risk and cost-effective implementation process. We have delivered in record time in line with our commitment to provide our clients superior time to market advantage and excellent return on their investment. Our approach provides a common sense solution to the technology obsolescence issues that the Equation user base is facing today. Our pre-packaged Model Banks of TEMENOS T24 in retail, universal, private and wholesale banks as well as those for specific user bases are an attractive option for banks wishing to benefit from what we believe is the most technologically advanced product on the market."