TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that North Shore Credit Union (NSCU), one of the most profitable and innovative financial groups in Canada, has selected TEMENOS T24 to replace its existing system.
TEMENOS will implement TEMENOS T24, the company's modular core banking system, in NSCU's head office in Vancouver and 12 branches across British Columbia to support over 40,000 members and some 150,000 accounts. The system will enable NSCU to increase product innovation, improve customer service and better integrate its multi-application environment.
Fred Cook, Chief Information Officer, NSCU, comments: "That TEMENOS has a proven track record in driving technical advancements was critical to us. The company does a great job of constantly incorporating new technologies so that its applications and underlying technology continue to be highly relevant in our marketplace. We needed a core solution that could integrate with our existing systems and allow us to continue towards our goal of increasing profitability and efficiency through the use of straight-through processing. TEMENOS T24 will help to give us an edge in a fiercely competitive market."
TEMENOS T24 will replace VisionWest from Open Solutions. As a true innovator in the market, NSCU required a system that could provide not only standard retail functionality, but also the breadth and flexibility to allow the company to expand into new and profitable businesses. During the evaluation period, it considered a number of providers, including i-flex, Fiserv Summit, and Fincentric, before signing the deal with TEMENOS in December 2006. HP, a key NSCU technology partner, advised on technical infrastructure design and hardware specifications and will continue to work with NSCU and TEMENOS to help ensure that the application is successfully implemented on its platform.
TEMENOS will manage the project and is installing TEMENOS T24 Model Bank for Canada, which includes interfaces and functionality specifically developed for Canadian credit unions and mid-sized banks. The system will run on HP hardware using the Microsoft Windows platform.
Chris Catliff, president and CEO, NSCU, states: "The ability to improve and innovate customer products is a key advantage in our market so we needed a system that would enable us to excel in this area. TEMENOS' commitment to the Canadian market was also a deciding factor in our selection process and we believe that TEMENOS T24 is a superior and effective banking system for the Canadian credit unions. We can now benefit greatly from TEMENOS' vast experience of multi-national banking products and concepts."
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.
Alex Groenendyk, president, TEMENOS Americas, adds: "We've developed TEMENOS T24 Model Bank for Canada using our experience of delivering technology in the region since 2002. NSCU is the first Canadian credit union to utilise this approach, which provides complete functionality, including all required interfaces, for delivering products to the Canadian market. With TEMENOS T24, NSCU will be able to create new products quickly, expand into new business areas, and continue to meet its aggressive growth targets."
TEMENOS has an international client-base of over 500 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24 and TEMENOS COREBANKING.