TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Anglo Irish Bank, Ireland's third largest bank, went live with TEMENOS T24 to replace legacy systems across its UK offices.
TEMENOS T24, the company's modular core banking system, has the flexibility to adapt to the demands of Anglo's ambitious growth strategies. In addition, the bank now has increased flexibility to adapt to changing market requirements and introduce new products to market.
Aidan McClean, project director, Anglo Irish Bank, says: "We're one of the fastest growing banks in Europe, so we need robust and resilient technology to aid this continual expansion. We had to constantly invest development time in our legacy system to ensure it met our demands, but with TEMENOS T24 we now have a single integrated solution with a built-in upgrade path. As such, it can underpin our business today and gives us the option of deploying the technology across other regions and business areas in the future."
Anglo Irish Bank began searching for a replacement for its original legacy system in late 2003. It considered various third party providers as well as the possibility of continuing with its in-house system, before signing the deal with TEMENOS.
TEMENOS installed core TEMENOS T24 functionality, including corporate and commercial banking modules to support niche business lending, on IBM pSeries servers. Having successfully completed the UK implementation, the bank now plans to roll the technology out across its Irish operations.
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.
Andreas Andreades, CEO, TEMENOS, adds: "Today, core system replacement is one of the top priorities for CIOs of large institutions, driven by the inadequacy of current systems to provide a platform for growth. Anglo Irish Bank is a prime example of the increasing number of banks that are implementing modern technology to upgrade. With TEMENOS T24, it now has a distinct competitive advantage when competing in today's modern banking world."