Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Votorantim Bank, a rapidly growing financial institution based in Brazil, has gone live with Temenos T24 (T24) to support its international wealth management operations.
The bank went live in March 2008 and it represents Temenos' first client in Brazil. Votorantim employed Temenos Professional Services including Temenos Application Management and jointly delivered a complete international wealth management system in just seven months.
T24 Model Bank for Private Wealth Management includes pre-configured products and processes based on banking best practices and provides the bank with a single proven application to support front and back office activity. In addition, the system includes a web interface and integrates with SWIFT, Bloomberg market data feeds and the bank's OFAC applications. With T24, the bank plans to support its international treasury, asset management, private and lending (cars and mortgages) operations.
Reinaldo Lacerda, Wealth Management and Product Director, Votorantim Bank, says: "With T24 supporting our business, we have the front-end capabilities, modular integration, asset management support and the scalability we need. We can now expand our customer base without expanding our costs or operational risk. We will also take advantage of the improved workflows and rapid deployment of new products enabled by T24 to help increase our competitive advantage and market share."
After a rigorous selection process that lasted over a year, the bank chose Temenos over its competitors i-Flex and Olympic and signed the deal in May 2007. T24 is deployed over Intel servers with an Oracle database.
Andreas Andreades, CEO of Temenos, adds: "This implementation represents not only the relevance of T24 to the local market, but also our ability to deliver a full, front-to-back wealth management system in just seven months. This demonstrates how T24 can help banks maximise limited resources to beneficial effect. I am confident that this project will help us establish a significant presence in the Brazilian market as well as a long-standing relationship with Votorantim Bank."