Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced the signing of a strategic licence partnership agreement with Rubik Financial Ltd (ASX: RFL), the provider of integrated retail banking systems, to deliver an end-to-end retail banking solution to financial institutions in the Australian and New Zealand markets.
This partnership combines TEMENOS T24 (T24) Model Bank with Rubik Financial's regional industry experience in deploying a suite of hosted retail banking solutions for the Australian and New Zealand financial services markets. Through recent acquisitions, Rubik Financial already provides channel and payments solutions and services to over 190 financial institutions and will now be the first T24 hosted provider to these regions.
Rubik Financial will offer T24 Model Bank on Microsoft Windows and SQL Servers. T24 Model Bank will be available for deployment from 2009 allowing banks to use these services with an implementation effort of as little as three months. The full range of retail core banking services to be offered will include phone and internet banking, touch screen kiosks, payments and credit cards.
Brent Jackson, CEO, Rubik Financial Ltd, says: "In Temenos, we found a partner that shares our commitment to deliver best of breed technology through low risk implementations in record timeframes. With this partnership we will provide tier two and tier three financial institutions based in Australia and New Zealand with modern front-to-back capabilities enabling them to deliver the complete range of sophisticated retail banking operations."
Rubik Financial evaluated 33 core system vendors over a period of several months. T24 was selected as it is a global banking system with a modern architecture which uses established standards, such as SOA and XML, and runs on a Microsoft platform. Rubik also opted for T24 based on its proven track record in Australia and New Zealand as well as its multi-brand and hosting capabilities.
Andreas Andreades, CEO, Temenos, comments: "We are delighted to enter into this agreement with Rubik Financial as it extends our market reach beyond the traditional direct model in Australia and New Zealand. We expect that with this partnership T24 will become the leading core banking application in Australia over the next five years and will allow us to extend our services to more than 200 financial institutions in these regions."
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 (Simple Object Access Protocol) web services, and BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on 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.