Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Investec Bank (Australia) Ltd has selected Temenos T24 (T24) to replace disparate legacy systems in its Private Banking business.
With T24, Temenos' modular core banking system, the bank can better support its growth plans with improved customer centricity and a faster time to market for new products.
Investec Bank (Australia) Ltd, a wholly-owned subsidiary of international specialist banking group Investec, provides a diverse range of investment banking products and services to an intimate network of ultra high net worth individuals and their businesses.
Angelica Stein, head of business systems of Investec Bank Australia, says: "Our private banking customers require sophisticated and highly tailored products. Therefore, we need a flexible system to cater for this and that can also provide internet banking capabilities on a single open platform. We chose T24 as it can meet all of these immediate challenges and support future growth. With T24, we will be able to roll out new innovative products quickly and smoothly, improve management reporting, have greater client focus with the added benefit of a reduced total cost of ownership."
The bank considered a number of providers, including i-flex and Misys, before signing the deal with Temenos in June 2007. T24 will replace two in-house systems which the bank has operated over the last ten years.
Temenos, who will work closely throughout the project with an Investec team, will install T24 Model Bank on Microsoft SQL Server to support the bank's Sydney, Melbourne, Brisbane and Perth branches. The initial phase, including complex deposits functionality, is expected to go live in Q1 2008, followed by internet capability and specialised lending and investment services in future phases.
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 nonstop 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 realtime 24/7 non-stop banking.
Andreas Andreades, CEO, Temenos, adds: "Australia has a mature banking market and this deal provides us with a significant footprint in the region. It is also an important endorsement of our open technology, which can support Investec Bank Australia's existing technical requirements such as Microsoft SQL Server. By eradicating a fragmented infrastructure, the bank can improve efficiencies and future-proof its business."