Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Swissquote, a leading online bank in Switzerland, will replace its Viveo NewBanking core platform with Temenos T24 (T24) in order to modernise its infrastructure, extend its service offering and improve efficiency.
The bank specialised in online trading services for self-directed clients and recently introduced savings accounts and FOREX trading but now wants to move into the electronic private banking market. Currently there are around 400,000 self-directed clients in Switzerland and by 2013, Swissquote expects half to bank with them. These ambitious expansion plans, coupled with the rapid growth it has experienced in the last year, having acquired 23,000 new clients and grown its total client base to more than 153,000, has spurred the need to upgrade to a highly scalable and flexible core banking platform to facilitate and support its diversification into new areas of banking.
A key factor in the bank's decision to select T24 was the availability of the JAVA deployment option of T24. Swissquote is the first bank to sign up for the JAVA deployment, which was launched in May this year as part of Temenos' continued strategic investment in offering technology choice to the market. Deploying T24 on Java will complement Swissquote's current Java environment so existing skills can be utilised to increase cost efficiencies and deliver ease of integration with front office operations.
"As we expand in certain banking markets, we need a complementary, scalable solution to our own development to support our business and provide us with integrated, modern functionality to do this efficiently and cost effectively. The Swiss ePrivate banking market is increasingly competitive as more banks look to adopt online models to capitalise on the generational change taking place as young people begin to increasingly rely on internet banking services. Despite our recent growth, we plan to be even faster with new technologies to thrive and outperform. T24 will deliver the flexibility and functional richness we need to develop our platform and maintain our technological leading edge", commented Paolo Buzzi Chief Technology Officer of Swissquote.
A joint Temenos and Swissquote implementation team will deploy the new platform to replace the bank's ten year old system.
"We are pleased to be working with Swissquote, our third Viveo migration to T24 since the acquisition. Organisations like Swissquote which operate an online only services model need a modern, flexible architecture to successfully service an increasingly demanding, diverse and financially sophisticated client base. Coupled with the ever changing competitive banking landscape, all financial services providers - established players, start ups and online providers have to differentiate themselves. We are particularly pleased that Swissquote is taking the newly available Java deployment option for T24, thus validating our investment in this area", concluded Andreas Andreades, CEO, Temenos.