Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Banque Libano-Française (BLF) has selected Temenos' modular core banking system, Temenos 24 (T24), to support some 250,000 accounts across 32 branches.
With T24, the bank will benefit from customer-centric banking services, a faster time to market for new products and standardised operations, all based upon an advanced service oriented architecture (SOA). T24's SOA capabilities will be used to support the bank's vision of highly automated process management using the BPEL (Business Process Execution Language) standard and Oracle's Fusion workflow engine and middleware. Datawarehousing will also be provided by Oracle in partnership with Temenos.
BLF is one of the leading banks in Lebanon and a key player in the Lebanese economy. It provides services in commercial and corporate, retail, investment, private, and correspondent banking. Farid Raphael, Chairman BLF, comments: "Our selection of T24 reflects our continued commitment to IT investment with the aim of delivering the best possible banking services to our customers. As well as having the flexibility to support growth and respond to the demands of both our regional and global markets, the system will allow us to consolidate all of our banking activities, including purchasing and asset management functionality onto one platform."
During a rigorous selection process, BLF considered 14 local and global vendors, including Misys, before signing the deal with Temenos in August 2007. The bank will initially implement T24 across its Lebanese branches, replacing its in-house system that has been in use for over 20 years. BLF will then roll the system out to its global network of branches across France, Geneva and Cyprus.
Temenos will install T24 functionality, including Basel II compliance and anti-money laundering modules, over SOA, in conjunction with Oracle Enterprise Service Bus and Oracle Business Process Execution Language (BPEL) Process Manager. The bank will also utilise Oracle Applications for Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) functionalities.
The bank will use Temenos T24 Model Bank, which includes pre-configured products and processes for banking best practice, in order to reduce the implementation time and costs, minimise customisation and lower the project risk.
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 realtime 24/7 non-stop banking.
Andreas Andreades, CEO Temenos, adds: "The strategic choice of T24 by BLF, one of Lebanon's leading banks, underlines Temenos' continued investment and commitment to Lebanon and the Middle East. Temenos' open technology standards have allowed us to cater to the bank's advanced technical requirements by enabling T24 to be deployed over a modern SOA, fully integrated with our partner Oracle's Fusion middleware and BPEL workflow engine. This is further confirmation that Temenos' high level of investment in T24 technology is appreciated by its clients".