Temenos Group (SWX: TEMN), the provider of integrated core banking systems today announced that 36 new clients went live with Temenos T24 (T24) during 2007 while in 2008 the total number of projects supported by the company including migrations to T24 from GLOBUS number more than 100.
The vast majority of these banks, including Volkswagen Financial Services AG (VWFSAG) and Swedbank, opted for Temenos Model Bank methodology which includes pre-configured products and processes for banking best practice in order to reduce implementation time and costs, minimise customisation and lower the project risk. By utilising implementation consultancy services and Temenos Application Management (TAM) services, most banks achieved implementation times of less than 12 months.
Customers ranged from top tier global financial institutions to microfinance and community banks including Volkswagen in China, a specialised retail implementation that went live in just seven months; CMMB, the first T24 implementation to include Temenos' risk product, T-Risk; and Bank of Ghana, which involved the replacement of multiple legacy systems in just nine months to integrate and centralise the bank's operations.
Saudi Hollandi Bank, an established universal bank in Saudi Arabia, employed TAM services in July 2007 for the delivery of support and bespoke development services for T24, which it has operated across its branch network since November 2005. Marc van der Kammen, CIO, Saudi Hollandi Bank, says: "We run T24 across our entire retail, corporate, treasury and brokerage operations, so we're in constant need of minor developments to support our business as well as further improve performance. Furthermore, we need support for the local developments to tailor T24 to our specific requirements, all of which demands the availability of sufficient resources. We selected the TAM offering as it provides rapid and cost-effective constant access to the staff and knowledge to make this happen, as well for its quality assurance abilities."
The Temenos Application Management (TAM) business was retained by more than 30 banks in 2007, with services ranging from offshore code development and support to operations management and offsite upgrades. Temenos' strong Professional Services team, which now numbers more than 1,000 professionals under the leadership of newly appointed Global Services Director Tony Mahony, has now successfully implemented more than 600 core banking systems over the past decade, and has amassed hundreds of years' experience which ensures that banks maximise the benefits of their new banking system.
As a result, the Temenos Professional Services organisation is now in a unique position to:
- Deliver a function-rich, pre packaged solution with best practice business processes preconfigured into the T24 product;
- Provide high level on-site business consulting skills to ensure that bank processes are optimised as part of a standard core banking implementation;
- Deliver scaleable and cost effective offshore Application Management services out of its Chennai development factory. These services range from local code development and support, to operations management and offsite upgrades.
Andreas Andreades, CEO of Temenos, says: "This is a record year for our Professional Services organisation. We successfully completed probably the largest number of core banking projects in our industry. Banks require low migration risk and realistic timeframes when they replace their legacy systems; with our T24 Model Bank methodology, our Management Consultancy and Application Management services, we are now able to provide best practice business processes and deliver banking systems faster, safer and more cost effectively than ever before. Our professional services enable us to scale our operation successfully while delivering excellent client results."
Temenos will release its 2007 fourth quarter and year end results on 27 February 2008.