Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that China Merchants Bank (CMB) New York, an overseas subsidiary of China's most competitive bank, winner of the 2008 Euromoney 'Best bank in China' award, has selected TEMENOS T24 (T24) Model Bank US Platform.
The system will support the bank's newly established corporate banking business.
The bank chose Temenos over other vendors including Misys and Fiserv, for the New York subsidiary because of its ability to carry out a rapid, low risk implementation. Crucially, Temenos will also provide a bilingual support team with consultants based in both the US and China. This global approach was crucial for the bank, which needs to be able to communicate effectively across both sides of its business. The bank also required a system that could process transactions, manage customers and support the bank's business across multiple countries, currencies and languages.
Hui Fang, General Manager, CMB New York, says: "CMB is the first Chinese bank to receive a US licence since the Foreign Bank Supervision Enhancement Act was introduced in 1991. This is a high-profile project because it marks the end of a ten-year effort to establish operations in the US. We selected T24 because Temenos, the vendor, had committed to delivering a complete solution with a global coverage. We believed that Temenos could meet our extensive global requirements since it is already a trusted partner with our Hong Kong operation. Model Bank implementation is scheduled to go live later in 2008."
The system will be implemented on IBM hardware at the bank's New York office to support its high-speed, high-volume transaction processing and planned business growth. The New York branch will facilitate trade and other business activities between the US and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries. It is an essential part of CMB's overseas expansion strategy.
Andreas Andreades, CEO, Temenos, says: "This is a very important win for us. As the second leading Chinese bank to select T24 for its US operations, CMB's selection of T24 has confirmed that Temenos is the premier provider of banking solutions for the US operations of international banks and it confirms our strategy to focus on this market segment. This will lead to a strong and long term relationship between Temenos and CMB."