Temenos updates T24

T24E offers T24 banking functions restructured into discreet components based on the system's service orientated architecture (SOA) and is initially available as a Java deployment running under standard Java application servers. With T24E, banks can now implement the functionality they require, deploy a fuller range of functions in a progressive and phased manner and easily upgrade individual components based on specific operational requirements, for minimised migration risk and ease of integration.

T24E features the first T24 component under this programme, Enterprise Customer, which can be implemented in a standalone manner as well as allowing all other T24E components to operate with another customer solution. T24 Enterprise Customer provides a comprehensive and adaptable customer system which includes a 360º view of customer positions comprising of balances in arrangements, limits and portfolios. Further components will be made available in future releases of T24E. Large banks already undertaking a phased renovation project including the migration of customer data can now take advantage of T24E as their core processing engine using master customer data.

T24E runs on the new Java deployment of T24, enabling the system to operate in any standard Java application server, delegating system management functions to this environment and allowing banks to take advantage of the flexibility, reliability, scalability and portability that this platform offers. Banking functionality is shared and is identical across all versions of T24, with the T24E version now offering banks another deployment option. Customers can migrate from one to another with minimal investment as their technology strategy evolves. A Microsoft version, T24 Enterprise .NET Edition, will follow.

Temenos has completed the componentisation of T24's retail product design and servicing solution, giving banks unrivalled flexibility in creating, enhancing and launching new banking products quickly and efficiently. The new solution supports advanced retail product concepts such as market-of-one, product bundling and dynamic customer charging.

The latest release of T24, R11, features over 200 functional enhancements including:
 Upgrades to Temenos' front office suite, ARC:
- Mobile banking solution ARC Mobile has been extended and now features secure downloadable applications for the latest iPhone, Android and Windows Phone 7 handset platforms, allowing banks to create unique user experiences for these widely adopted handsets and provide a more attractive and compelling user experience to customers.
- ARC Teller benefits from improvements to teller limits, stock control capabilities and flexibility of charges, allowing banks to offer a more comprehensive and controlled service to branch customers.
- ARC Internet now offers improved support to corporate banks for issuing letters of credit.
 Retail enhancements including improved product bundling, 'cooling off' periods, improved statistical analysis and automated product eligibility management, which ensure that banks using T24 can offer the latest, most competitive products whilst conforming to today's compliance demands.
 Following Temenos' acquisition of Odyssey, a new standard interface to the advanced portfolio management system, Triple'A Plus is now available to wealth management institutions. The new interface enables portfolio managers to efficiently manage investments for large numbers of complex portfolios and achieve maximum investment performance, with full connectivity to T24 and its back office processing capabilities.
 A number of enhancements have been made to Temenos' business intelligence suite, Insight, including a new customer intelligence module which offers customer profitability, sales performance and relationship manager scorecards. Banks can view profitability across all customer dimensions held within T24, such as company, branch, department, account officer and country of risk, as well as user defined dimensions such as salary band, age and gender etc. A new risk module, Insight Risk Intelligence, offers a flexible framework and advanced tooling to help banks prepare for Basel III compliance. Senior managers can examine and compare the performance of different business divisions, price products more accurately to represent risk factors and capital consumption and manage capital allocations to ensure long term profitability.
 Improved support for International Financial Reporting Standards (IFRS) with the introduction of an IFRS impairment application, which supports all products within T24 as well as extensive capabilities for handling
adjustments. There is also a new Provisions module available as an alternative to IFRS.
 Significant upgrades to the pre-configuration of T24 model bank, including fully revised role home pages and single customer views, improved and optimised reference processes and workflows, as well as a refreshed and improved ARC Internet user experience.
 A new graphical display and designer for T24 process workflows.

A similar number of enhancements are planned for the next release of T24 and T24E, R12, including major overhauls of the user interface and the process orchestration engines, as well as the integration of the Odyssey products within the main T24 product set.

"In 2010 markets returned to growth in core banking spending and Temenos continued to gain significant market share. Our market continues to mostly use legacy in-house core banking systems and is under-penetrated by modern packaged solutions. High IT maintenance costs for these legacy systems hinder banks from returning to pre-downturn levels of profitability and returns; our belief is therefore that core system replacement remains a compelling priority. As a consequence, in 2010, Temenos invested 21% of revenues into research and development (R&D), enabling us to strategically develop T24 and launch T24 Enterprise for larger banks with complex IT infrastructures, seeking to take advantage of the benefits of packaged core banking software. In T24 Enterprise we have placed greater emphasis on a significant architectural renewal through componentisation and Java deployment, which offer particular appeal to large scale operations especially those running on IBM System z mainframes. These significant new features and our dedicated R&D investment, coupled with packaged product and processes delivers a low-cost, modern and functionally rich solution to all banks wishing to generate above average profitability", commented Andreas Andreades, CEO, Temenos.