Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that Sacombank, a premier bank of Vietnam, has extended its partnership with Temenos to support its retail and corporate banking processes.
Temenos T24 (T24) shall be rolled out across the bank's 242 branches to integrate its operations across the enterprise and help meet its growth objectives. The deal was signed in September 2008 and T24 shall support two and a half million customer accounts.
By 2013, T24 shall be deployed in more than 400 regional and overseas branches to support over five million customer accounts and over a million transactions processed per day.
Mr. Dang Van Thanh, Chairman of Sacombank says: "We have an aggressive growth plan to expand our business internationally. To achieve our target we need efficient product and service diversification and systems centralisation at a reduced cost of ownership. We recognised the need for a system that could not only support and integrate our existing operations, but has the scalability to support our increasing business volumes; T24 offers solutions that best meet our present requirements. To date T24 has provided us with improved operational efficiencies, reinforcing our reputation as Vietnam's premier bank and we are pleased to be extending this partnership in full confidence that T24 shall help us drive our business forward globally.
Sacombank has been using T24 since 2004, to support several areas of its business including general ledger, customer information system, deposit and credit products and services. As part of its global strategy, the bank required a robust, highly scalable system that would comfortably support its aggressive projected increase in transaction volumes, customer accounts and branch numbers over the next five years. Sacombank opted to extend its use of T24, based on its current performance within the bank and its pre-configured products and processes, built on banking best practice. Using T24, Sacombank will consolidate its entire operations to gain improved efficiencies, enhance product innovation and cement its competitive position within the regional and international banking markets.
Temenos Professional Services will manage the implementation of T24, which will run on IBM AIX servers with Oracle database and is expected to be rolled out across all branches by Quarter IV, 2009.
Andreas Andreades, CEO, Temenos, comments: "We are excited to be extending our partnership with Sacombank and roll out T24 across its entire retail and corporate operations. This further enhances Temenos' reputation as the core banking provider of choice for supporting large scale retail banking operations across the world. In the current economic climate, banks worldwide are increasingly turning to retail expansion as the only sustainable and affordable funding strategy for the years to come; system availability, scalability and cost of ownership are key considerations in executing these strategies."