TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Volkswagen Financial Services AG (VWFSAG) has gone live with TEMENOS T24 (T24) in their China subsidiary in just seven months, to support its captive finance loan service to corporate and retail customers.
Guy Broekmans, General Manager of Volkswagen Finance (China) Co. Ltd., said: "We are very impressed with T24's flexibility, adaptability and speed of deployment. T24 covers the entire retail loan process from financial offer to the car buyer in the dealership over application processing, scoring, loan disbursements to automated direct debits and collection processes. In a second phase which will follow soon, car dealerships will be allowed to log onto a single, centralised system that uses application processing and workflow capability to process applications for loans. Temenos' expert teams also customised T24 to integrate with existing general ledger and payment interfaces."
During the evaluation period, VWFSAG considered several vendors before signing the deal with Temenos in March 2007. The implementation project was initiated on the 1st April 2007 and went live on 5th Nov 2007, rolled out by a joint Temenos/ VWFSAG team.
T24 provides a complete set of workflow driven processes for application, customer and risk-management with Browser over WAN/Internet capabilities to support Volkswagen's Classic Credit and Flexible Credit products in China. The products are available for loan applications of customers via cooperating dealers in China for both new and used cars. The system runs on an IBM operating system and Oracle database.
Andreas Andreades, CEO of Temenos, adds: "Volkswagen Financial Services is a very important new client for Temenos. It is one of the largest clients for T24's captive finance product and the largest specializing in automobile financing. This confirms the excellence of our solution in this important market. Additionally its extensive use of the process workflow portion of our new front office product T24 ARC to support their loan origination shows that our integrated and flexible approach is attractive to our clients and validates our decision to invest in this extension of our traditional product set."