Source: Temenos Group
Temenos Group (SWX: TEMN), a provider of integrated core banking systems, today announced that AmBank Group, a major banking group in Malaysia, is to upgrade from Temenos Globus to Temenos T24 (T24) to support its Kuala Lumpur operations.
With T24, the company's modular core banking system, the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. In addition, the upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
Mr Teng Chean Choy, director, Group Treasury, AmBank Group, says: "Temenos' technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We're keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering."
AmBank Group first installed Temenos Globus, the company's original core banking system, in 2000 and signed the deal with Temenos in June 2007 to install T24. With a team of dedicated professional services staff, Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank's local requirements.
T24 is a functionally rich, thin client (i.e. processing power will be centralised at server not PC), 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 which some clients may have chosen to use.
Andreas Andreades, CEO, Temenos, adds: "AmBank Group joins our growing list of long-standing clients who have chchosen the upgrade path from Globus to T24. We provide banks with a smooth transition process, enabling them to future-proof their systems with minimal risk and cost."