Temenos (SIX: TEMN), a provider of mission-critical solutions to the financial services industry, today announces that Advanzia Bank S.A. in Luxembourg has selected T24, its award-winning core banking system.
The Temenos banking platform, selected by two other banks in Luxembourg in 2015 and already used by more than 30 financial institutions in the country, will completely replace Advanzia's current environment which has been running since the bank was created. The implementation will be based on a partnership model, with Luxembourg-based Syncordis, one of a large network of Temenos partners in Europe, managing the delivery of the project.
Advanzia's decision to replace its current systems was based on a number of key business drivers. Firstly, the existing systems were not able to scale to meet the fast growth in customer numbers and mobile interactions. Secondly, the existing systems did not offer the flexibility to launch new products quickly. Lastly, the existing system did not provide the high levels of integration and real-time capabilities that the banks needs to give its customer a highly differentiated, seamless user experience.
Advanzia selected Temenos above other vendors based on its advanced system architecture and its packaged software model. The bank saw that choosing an upgradable solution meant that it would benefit from thousands of enhancements delivered every year based on the best practices of the world's leading banks. In addition, the architecture of the software allows for instant customer fulfilment, easy integration with the bank's other systems and full exploitation of the bank's data assets.
Founded in 2005 in Luxembourg, Advanzia Bank offers credit cards, card services, and deposit products to an international client base. The Bank has operated since 2006 from their Luxembourg office in Munsbach with a clear vision based on simplicity, transparency and trust. The Bank has now more than 800 000 customers.
Steen Jensen, Regional Director Northern Europe at Temenos, said:
"We are delighted to have been selected by Advanzia Bank to replace its legacy banking software. Our core banking platform will give Advanzia the technology to scale its business while delivering superior customer service. It is also another important win for us in the Luxembourg market where, following significant investments in strengthening our team and building out the country Model Bank, we have strong momentum and are gaining market share."
Marc Hentgen, CEO at Advanzia said:
"We are very pleased to have selected Temenos to provide us with a comprehensive integrated new core banking solution that will support our business expansion strategy. Our choice of Temenos was based to a large extent on its impressive track records and by a unique functional coverage. We have been offered a fast, cost-effective deployment, with the peace of mind that our software enables us to meet all local regulatory requirements.