At its annual client forum, Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that National Bank of Greece (NBG), one of the top 20 banks in Europe, is to upgrade from Temenos Globus to Temenos T24 Model Bank (T24) to centralise its European operations across seven subsidiaries.
By installing a single integrated system along with a consolidated data centre, the bank will streamline its operations and significantly reduce its total cost of ownership.
Anthimos Thomopoulos, CFO and COO, NBG, says: "Our existing IT set up has served us well but we realise the limitations of running separate systems in each subsidiary. As we continue our expansion across Central and Eastern Europe, we must have a consolidated IT structure that can grow with our business. With T24 Model Bank installed on centralised servers, we'll be able to support the existing network more efficiently and also roll the system out to new locations quickly, without the need for additional implementation work."
NBG first installed Temenos Globus, the company's original core banking system, in 1997. However, each subsidiary operates its own IT department, independent of the head office. The bank is currently undertaking a major standardisation of this structure and in May 2007 signed the deal for T24 Model Bank with Temenos. With a team of dedicated professional services staff, Temenos will identify common parameters across the bank's network to configure a unique version, NBG T24 Model Bank. In conjunction, NBG will create a common data centre and a competence centre in Bulgaria to provide first level support for the system.
Temenos starts work immediately by analysing all current dispersed systems and expects to start the implementation of the NBG T24 Model Bank in early 2008, which will include localisation work to support the banks' subsidiaries in Serbia, Romania, Bulgaria, Turkey, Greece, Albania and Skopje. Temenos will also provide management consultancy services to ensure that business process change resulting from the roll out of the system is properly understood and managed. By aligning processes with the new T24 technology, Temenos can help the bank reduce customisation needs, identify efficiency gains, maximise Straight Through Processing and optimise the use of T24.
Model Bank includes pre-configured products and processes, and can achieve a lower implementation timeframe, minimise customisation, reduce implementation costs and bring tighter control over a project scope and deliverables.
T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open system principles, 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.
The announcement is made on the first day of the TEMENOS client forum in Bangkok, which brings together some 500 delegates, including worldwide bankers, key investors and industry analysts.
Andreas Andreades, CEO, Temenos, adds, "Having worked with NBG for 10 years, we're delighted to once again be their partner of choice in such an important project. Our work with the NBG is an illustration of how we not only offer Model Bank for specific markets but also provide extensive services to tailor our product to suit a bank's particular infrastructure and needs."