At its annual client forum, Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Volkswagen Bank S.A., Mexico's first automobile sector bank, has on April 1st, gone live with Temenos T24 (T24) and becomes Mexico's first direct bank - providing branchless banking through its dealerships and call centres to Volkswagen employees and the general public.
T24 is Volkswagen's second Temenos implementation, after a deployment in China.
Volkswagen Bank S.A, has a full banking licence and has taken over part of the credit business from the Volkswagen Mexico Leasing Company, which offered loans and financing on cars purchased from Volkswagen Mexico. Volkswagen Bank S.A. is the first Mexican bank to operate using the direct bank approach - a branchless service via Volkswagen dealerships or call centres. Temenos Professional Services team also helped the bank integrate T24 with its existing CRM systems.
The bank chose T24 because it could be rapidly approved, in line with the time constraints set by the Mexican government. The bank was able to pass the Mexican government's authorisation requirements in just three weeks including an audit of the IT facilities at the German headquarters, where the application is hosted. T24 now provides complete banking functionality, including customer accounts, loans and deposits, money market, limits, collateral, fund transfers, position management, accounting, data capture and non-stop processing.
Mark Lagarie, CIO, Volkswagen Bank, S.A. says: "T24 enabled us to implement a solution which meets the Mexican legislation requirements. As a branchless operation, the integration to our existing and complex system environment was crucial for us. Temenos consultants helped us to achieve this goal throughout the complete implementation cycle. We are looking forward to expanding the use of T24 in line with our business needs."
Temenos' Professional Services team has successfully implemented over 600 core banking systems in the past decade, which ensures that banks can take advantage of the benefits of their new banking system.
Volkswagen Bank S.A. aims to expand its presence across 200 car dealerships to further grow its customer base. It is looking to upgraade and expand its range of services beyond cheque accounts, loans and fixed term investments to include a full range of retail banking products.
Andreas Andreades, CEO, Temenos, says: "This has been a great opportunity to expand our relationship with the Volkswagen Group. We are proud to have been involved in such an innovative project - the first of its kind in Mexico and Temenos' first automotive project in North America. It has helped Temenos' cement its reputation in the automotive financing market and demonstrates the ability of T24 to meet the flexible requirements of this exciting, niche market in different geographies."