Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that The Mauritius Commercial Bank Limited (MCB) has gone live with Temenos T24 (T24) in its Maldives branch to support its retail and corporate banking operations.
The bank employed Temenos Professional Services and jointly implemented T24 in just four months.
Established in 1838, MCB is the leading bank in Mauritius with more than 40 per cent market share of lending and local currency deposits. It also has a presence in Madagascar, Mayotte, Mozambique, Seychelles and Paris. MCB selected T24 to replace its core banking platform, and support its 42 branches, 130 automatic teller machines and one million customer accounts. The bank chose T24 Model Bank for Universal Banking in its Maldives branch. Following the successful Maldives implementation, the Mauritius branch is due to go live in Q3 2009.
When MCB was awarded a licence to extend its operations to the Maldives, it was challenged with opening the branch operations quickly to comply with regional regulatory guidelines. The flexibility of T24 Universal Model Bank enabled MCB to rapidly deploy the software to the required timescales and immediately support its retail and corporate banking operations. Using T24, the bank will also be able to launch and deliver new products quickly, enhancing its competitive position and credibility in the Maldivian region. T24 Model Bank for Universal Banking includes pre-configured products and processes based on banking best practices.
The bank also chose TEMENOS ARC Internet Banking (ARC-IB), which it plans to roll out in its Maldivian operations in 2009. 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 it to offer a personalised and efficient finance services..
Mr. Antony Withers, Chief Executive of MCB said: "Originally, we turned to Temenos following a rigorous selection process led by Gartner to ensure we had the best possible solution to support both our domestic and international banking operations; T24 emerged as the most effective solution to meet our needs. We are impressed with Temenos' expertisse and speed of deployment, which has enabled us to quickly open up our operations in the Maldives whilst meeting local regulatory requirements. We are pleased to be able to bring a local dimension to the region amid the growing number of foreign banks that operate within it and believe that our entrance into this market will complement our existing operations in Mauritius."
Andreas Andreades, CEO Temenos, adds: "Our work with MCB clearly continues to demonstrate that T24 Model Bank and its associated implementation methodologies is able to deliver core banking systems in record time for both small but also larger operations. Using T24, the bank will be able to introduce innovative products to its market quickly and efficiently, improve customer service and increase its competitive advantage."