Temenos (SWX: TEMN), the provider of integrated core banking systems, today announced that Banco Terra, a specialist in financing agriculture-oriented activities, has gone live with Temenos T24 Model Bank to support its new operations in Mozambique.
This will support all Banco Terra's retail and commercial banking operations in the region.
Banco Terra is a new financial institution owned by Rabobank (Netherlands), KfW (Germany), Norfund (Norway) and Gapi (Mozambique), and was registered as a commercial bank in 2007. After receiving a license to operate in Mozambique, the bank deployed T24 in just eight months to open its first branch in the region. As a result, Banco Terra is now able to deliver a full range of financial services to the unbanked population of Mozambique, including loans and savings accounts and payment services. Temenos' Model Bank implementation methodology enabled the bank to reduce implementation time and costs, minimising the need for customisation, as well as lowering the project risk.
This project forms part of an overall investment of over 20 million dollars to establish banking operations in Mozambique, including 20 branches strategically located in rural areas throughout the country to provide retail banking services to the agricultural and SME sectors. T24 will be used across all of Banco Terra's branches in Mozambique, which will be opened between 2008 and 2010.
Maarten Susan, CEO of Banco Terra said, "Our objective is to be Mozambique's leading provider of retail banking products and services to the rural areas. We chose to partner with Temenos based on its proven experience in the banking sector and its core banking technology expertise. Rural banking services still need to be developed in Mozambique and with Temenos' T24 Model Bank, we now have the capability to offer a full range of products for lending, deposits and transfers to the region."
Banco Terra chose Temenos over other banking solution providers including i-flex, Infosys and Tata Consulting Services (TCS) on the strength of its pre-configured products based on best practice processes. The flexibility of T24 combined with Temenos Professional Services' expertise enabled the bank to impllement the software to meet the timescale requirements of the bank.
Andreas Andreades, CEO, Temenos, says: "We are delighted to be able to contribute to the development of banking services in rural Africa through this project. Our expertise in community banking is now extensive and proven by more than 60 clients using our software in this sector and over 600 across multiple banking sectors worldwide. Our model bank package and methodology, a result of significant R&D investment, allows us to work with banks of all sizes, while always delivering real business benefits and high return on investment."