Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Honda Bank GmbH, has selected TEMENOS T24 (T24) to replace its entire lending operations infrastructure with one centralised system.
T24 will provide a front-to-back office core banking platform to support the bank's finance loan service to retail customers while also offering front office capabilities to support the bank's wholesale finance operations.
Honda Bank needed to integrate its existing loan operations, which consisted of four disparate systems. It required a flexible system that would merge its fragmented infrastructure with minimum disruption to the business. The bank opted for T24 German Model Bank over national and international competitor solutions, on the strength of its pre-configured products and best practice processes to support its forecasted product and business volume growths. T24 will streamline Honda Bank's processes and improve efficiency, while significantly reducing its total cost of ownership.
The bank also chose TEMENOS ARC Internet Banking (ARC-IB), and the T24 Arrangement Architecture Module. Together these will help grow the bank and its competitive position in the market by delivering improved customer centricity into its business model, offering increasingly tailored services and products to customers, quickly and efficiently. The multi-channel support offered by T24 ARC IB will provide the bank with a modern, online front office solution with a single customer view, enabling them to offer the most personalised and efficient finance services possible. T24 will cover the retail loan process, from financial contract to the dealership including application processing to automated direct debits and collection processes.
The deal was signed in June 2008 following a twelve month evaluation process. It will be a phased implementation, with the ARC IB functionality expected to go live in February 2009, followed by the remaining roll out of T24 due in October 2009 and will run on an IBM operating system. A joint implementation team is managing the roll out of the T24 Model Bank. The bank is also using Temenos Application Management (TAM) services.
Andreas Andreades, CEO of Temenos, comments: "Honda Bank is an important win for Temenos as it signifies our continued growth in the German market and the flexibility and ease of deployment of our T24 Model Bank in other sectors like automotive finance, as well as in mainstream banking operations. The bank's choice to replace four of its existing systems with T24 proves our ability to significantly reduce infrastructure and maintenance costs, whilst enabling fast time to market with new products and improved customer intimacy."