Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Servus, a leading Canadian credit union with more than $10 billion in assets, has selected TEMENOS T24 (T24). Servus will implement T24 Canadian Model Bank, which includes all membership functionality and interfaces for ease of integration with third party systems to support the Canadian credit union market. Servus provides a complete line of banking services, including registered accounts, financing, investments, insurance, commercial banking, 24-hour on-line and telephone banking.
Servus became Canada's first province-wide credit union as the result of the amalgamation of three successful Alberta credit unions on November 1, 2008. The amalgamation created the need to integrate three banking systems on one platform and sparked a thorough, year long assessment of existing core systems against other potential vendors to ensure Servus had the right platform to support its expanding business. Choosing and implementing the best possible banking solution was a crucial part of Servus' business strategy to provide world class service to its 400,000 members and grow its business across Alberta.
"Our members lie at the heart of everything we do and being able to provide a fast, reliable experience with each and every transaction is our top priority. We expect T24 to provide a single view of each member, enable us to rapidly configure new products and reduce technical diversity. As T24 does not hold a fixed architecture, we will have the flexibility to tailor the system to meet our changing needs as we grow. T24 offers a number of features that will give Servus a competitive advantage both immediately and in the long term", commented Eric Dillon, Chief Operating Officer, Servus Credit Union.
Servus opted to implement T24 based on a number of key criteria. Its functional richness will support Servus' end to end business requirements including core back office functions, integrated CRM, compatibility with International Financial Reporting Standards (IFRS) and foreign exchange. T24's high configurability will boost operational productivity and enhance front office functions, by reducing the number of systems needed to view relevant customer information for a faster, more efficient service.
Replacing three systems with a single, fully integrated platform will drive down Servus' development, maintenance and support costs. The credit union also recognised need to coordinate its business processes following the merger and will employ Temenos' Managemennt Consultancy services to realign processes with T24 functionality. This will enable Servus to leverage maximum value from T24 and ensure an enhanced experience is delivered to its members.
"We are delighted to be gaining traction in the Canadian retail banking market with Servus Credit Union. We've been working with financial institutions in this country for over a decade and in recent years have seen an increased appetite among credit unions for packaged core banking software. Our work with North Shore credit union and Coast Capital has enabled us to enrich our Canadian platform with best practices processes that will benefit all our clients in this region. Many of the 400+ credit unions in this market run their operations on Microsoft SQL Server; the openness and platform independence of T24 offers full alignment to this technology, enabling these institutions to harness the cost and operational efficiencies of both products. We look forward to helping Servus improve the experience of its members even further and deliver the centralisation efficiencies and associated cost benefits it needs to remain agile in its pursuit for growth", adds Andreas Andreades, CEO, Temenos.