Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Universal Bank Public Ltd, based in Cyprus, has upgraded its system from TEMENOS Globus (Globus) to TEMENOS T24 (T24) to meet the requirements of the Euro adoption in Cyprus.
The offshore upgrade was completed using Temenos Application Management Services (TAM), which provides a rapid and cost-effective migration path for banks enabling them to concentrate on banking operations.
Universal Bank first installed Globus in 1999 and signed the deal with Temenos in May 2007 to upgrade to T24. Dr Episkopou, General Manager of Universal Bank, says: "Temenos' core banking technology has served us well over the last eight years, so there was no question of which vendor to choose when the time came to upgrade our system to accommodate the growing business. The migration to T24 enabled us to manage such a huge change as the Euro introduction with relative ease and no disruption to our service, and all within a fast timescale."
With a team of dedicated Professional Services Staff, Temenos upgraded the full application in six months allowing the Bank to go live in time for the Euro adoption, which was on January 01, 2008.
Andreas Andreades, CEO, Temenos, adds: "Universal Bank joins our growing list of long-standing clients who have chosen the upgrade path from Globus to T24. Through our TAM services we provide banks with a smooth transition process, enabling them to future-proof their systems with minimal risk and cost. The fully upgradeable annual release of our products ensures that our clients maximise the return on their investment, and can continue to take advantage of our consistently high spending in R&D."
"Our Professional Services team has now successfully implemented more than 600 core banking systems over the past decade, which ensures that banks can quickly take advantage of the benefits of their new banking system."
TEMENOS T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos' Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24's flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.
T24 incorporates modern technology including a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP web services, BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on a fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment. Temenos' total commitment to open standards enables its customers to benefit from the latest advances in technology ensuring business agility, continuity, data integrity and reduced downtime delivering a significant, immediate and ongoing return on investment.