Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced the release of version 7.0 of Temenos CoreBanking (TCB), its core banking application for large-scale retail and commercial banks.
The company has made the release available to all clients and prospects, and is shipping it to those engaged with TCB implementation projects. Firms can benefit from several improvements to TCB, including updated data models to align the system with the latest IBM Information FrameWork and FSDM standards. Version 7.0 also forms the basis of Temenos' product development for top-tier US financial institutions.
Greg Green, managing director, TCB, Temenos, says: "This is an important milestone for us and positions us firmly in the top tiers of retail banking software with a truly packaged offering. By making the release available to all clients and prospects simultaneously, we are adopting a strategic approach to packaged software development. We've also combined technologies by being able to deploy both a COBOL and Java version from a single business rules engine, a unique feature of TCB. This allows us to offer unparalleled resilience and scalability today, future-proofed through our JAVA technology offering."
The updated data models in this latest release provide a solid foundation for the architecture and surrounding documentation, including the way the system is modelled, key considerations when embarking on replacement projects. Other enhancements include improved processes around change management; the conversion to English of product artefacts such as the data model, business code and user interface, as well as changes to end of day processing to enable independence from operational software.
TCB's component structure enables large financial institutions to adopt a phased migration path, providing a viable route to replace fragmented systems with a fully functional architecture. Due to the high level of reusability within these functional components, firms can lower the cost to maintain and integrate their technology. It also allows them to adopt a product manufacturing approach to their businesses, designing, building and distributing products quicklyy and effectively. In 2005, TCB helped Industrial Bank of Korea beat the competition to market in launching 'Dok-do' savings products and captured US$1billion in deposits within 15 days.
Andreas Andreades, CEO, Temenos, adds: "We are in a new phase in the evolution of TCB as top-tier banks are increasingly looking to replace legacy core systems with a single modern core platform. Existing clients have proved that TCB can lower costs, deliver significant operational improvements and provide a real return on investment. With version 7.0, we are delivering the most advanced next-generation platform to meet the needs of our existing and future clients."