Temenos launches T24 R10 and showcases new AML suite
26 May 2010 | 4920 views | 0
Temenos (SIX: TEMN), the market leading provider of banking software, today announced the release of the latest version of its core banking software, TEMENOS T24 (T24) R10.
T24 R10 features over 70 individual enhancements, including extended support for IFRS (International Financial Reporting Standards), event driven customer communications, enhanced corporate internet banking, new client reporting for private banking and greatly enhanced branch automation and retail product simulations. Temenos has also launched a new suite of anti money laundering (AML) products, following the successful integration of solutions from Viveo Group, which it acquired in December last year. Barclays recently became the first customer to select TEMENOS AML (AML) as its preferred global sanctions solution for payments screening. T24 R10 is available on IBM, Microsoft and Oracle platforms.
''Our industry leading levels of R&D investment, consistently around 20% of revenue year on year, are a key differentiator for Temenos, giving us the ability to put greater emphasis on expanding the product in strategic directions. This has enabled us to extend and improve the entire end to end functionality and technology of T24 across all banking sectors. This keeps our clients one step ahead of evolving marketplace requirements, as they seek to reduce costs, whilst maintaining a competitive edge. Our commitment to openness and platform independence gives our clients choice - enabling them to achieve the lowest total cost of ownership (TCO) or to leverage existing skills, investments or vendor relationships in order to achieve the highest possible return on investment", commented Andre Loustau, Chief Technology Officer, Temenos.
This year, key improvements include:
* Upgrades to TEMENOS ARC (ARC) front office solution to feature internet banking support for corporate customers, including new solutions for cash monitoring, in-customer workflow and bulk transfers. ARC also features additional branch automation capabilities and a new lending simulation and planning tool that enables the lending officer to simulate any lending situation during the origination phgation phg the origination phase.
* Upgraded IFRS compliance support which includes integrated solutions for provisioning, real value of loans and support for multiple GAAP (need definition) compliant ledgers in the same system.
* Improved support for real-time customer communication with a new Business Events capability. Banks will be able to provide customers with the ability to define personalised, highly flexible alerts across multiple channels including mobile; improving customer service and supporting increased customer loyalty.
* T24 Client Reporting, a solution designed to provide private banks and wealth managers with the tools to deliver complex, tailored and attractive client reports for both the demanding ultra high net worth and mass affluent markets. Reports can be customized quickly and easily, based on strategy or customer type, providing the customer with the context and clarity that they can understand.
* Treasury Trader, a new front office product which provides dealers with real time trading analysis, pre-trade pricing, liquidity management and risk reporting tools.
* T24 Biometrics to provide banks with "one touch" identification of employees and customers for any transaction in T24. This allows banks to cost-effectively launch new products, serve customers in emerging markets, decrease time at the teller in branch operations and meet regulatory compliance guidelines for multi-factor authentication.
* T24 IBIS Model Bank, a preconfigured version of T24 specifically designed for banks migrating from the IBIS banking system, delivering much of the standard IBIS functionality in a way familiar to users, which offers the full capabilities of T24, to ensure a straightforward migration.
* A full suite of AML solutions. TEMENOS AML (AML) includes real-time watch list screening of customers and transactions, powered by advanced detection algorithms and operational cost reduction features. Combined with KYC processing and versatile customer behaviour monitoring the solution offers bullet-proof protection against any AML risks.
* TEMENOS STeP payments repair - which provides banks with an auto repair and enrichment engine that markedly improves STP rates on payment transactions. It is used on a daily basis by financial institutions such as ABN Amro, Citi and HSBC.
Andreas Andreades, CEO, Temenos, says: "Following a number of strategic developments towards the end of 2009, Temenos is excellently positioned to maintain its leadership status as the pre-eminent core banking software supplier in 2010 and the only major supplier to offer a true software package. We are making incremental investments in product initiatives and have a compelling roadmap to ensure we provide our customers with broader functionality, pre-packaged with standard service definitions, so the technology remains modern and the cost of ownership is reduced. As a truly packaged product, T24 offers banks regular, easy to deploy upgrades to enable them to continuously take advantage of new features and thus increasing business benefits. This year T24 was ranked the best selling core banking system for the third consecutive year by IBS Intelligence and with a new product management team and continuous high levels of investment, we will take the product from strength to strength, enabling banks all over the world to remain ahead of the curve".