Temenos, the market leading provider of mission critical solutions to the financial services industry, today announces that Clare Bank and Farmers Exchange Bank, banks with assets of USD298 million and USD135million respectively, have become the first US community banks to select T24, Temenos' highly acclaimed core banking application, as a Software-as-a-Service (SaaS) hosted out of the company'sSSAE 16 Level II Data Center in Birmingham, Alabama.
In March 2013, Temenos acquired TriNovus, a compliance and core banking SaaS provider, to accelerate growth in the U.S.market. The rationale was to combine Temenos' market-leading solutions for core banking, AML and business analytics with TriNovus' market-leading solution for regulatory compliance. All products are offered on a low cost, pay-as-you-go SaaS basis.
The agreements with Clare Bank and Farmers Exchange Bank demonstrate that the combined Temenos and TriNovus proposition is highly compelling. They represent the first signings for the T24 platform in the Community Banking market within the United States. In addition, both community banks have opted to take other applications alongside T24such as Insight Business Intelligence, Compliance Suite, Banker VMS, SocialComply, TriComply, Internet Banking and Mobile Banking in order to fulfil their full business needs.
Key selection criteria for both community banks were T24's real-time, open architecture and seamless channel integration as factors which will help the banks to increase efficiency and provide faster, more complete customer service.T24 provides 24/7 real-time processing that is completely web based and can be deployed securely via tablets such as iPads, enabling the banks' staff to interact and serve their customers outside of the branch network. The single database design easily integrates with customer facing channels to streamline operations, saving time for staff and customers. With T24's Java based architecture, banks can easily enhance T24 with solutions from Temenos or other best of breed solutions without the large cost of integration.
Russell Taylor, Temenos President for North America, said: "We are focused on the needs of our community banks and delivering impactful and meaningful financial results that will clearly demonstrate on-going value to their customers, employees and shareholders. It will allow our community banks to significantly reduce operational costs and in turn assist them to improve their margins. This is absolutely critical when the cost to comply with regulation is rising rapidly. The signing of Clare Bank and Farmers Exchange Bank as our first T24 customers on a Software-as-a-Service basis validates our belief in both the huge opportunity in the Community Banking market and value proposition provided by the combined offerings of TriNovus and Temenos. Together, we are able to meet fully our customers' needs, from core processing to business analytics, AML and compliance and with all applications available on a Software-as-a-Service basis."
Patrick Clare, President of Clare Bank, said: "We want to provide long term value to the communities we serve. To do that, we need to address how we operate and serve. Other providers provide patches but do not solve the underlining problems. Adopting Temenos' T24 core system will enable us to do that and much more. It will enable us to give our clients a truly differentiated customer experience, help us to identify and manage their banking needs more effectively, redirect time to serving our customers' needs and further reduce our operational costs by shifting from a report to technology based approach."