Temenos Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Turkish Bank (UK) Ltd. (TBUK) has successfully gone live with TEMENOS T24, the company's flagship modular core banking system, on iSeries servers.
TBUK, a commercial banking division of Turkish Bank Group, has implemented Temenos T24 in all of its UK branches and is the first bank to benefit from the system's compatibility with this IBM platform. The bank can now better control the quality and application of its customer data and increase the accuracy and timeliness of its reporting.
Bob Long, Managing Director, TBUK, says: "As a provider of retail banking services, we needed an integrated banking solution with better relationship management functionality. We selected Temenos because, unlike our existing systems, Temenos T24 is a true inter-branch application. Through a single customer view we can gain better knowledge of our customers and move away from the restrictions of an account-based approach."
TBUK was previously using a range of proprietary systems developed by Turkish Bank Group in Istanbul. However, in addition to more relationship management capabilities, the bank needed to be able to add functionality and products to its system without significant development effort. It considered a number of providers, including Misys, Fiserv and i-flex, before signing the deal with Temenos.
Temenos has provided the bank with Temenos T24 core functionality, including foreign exchange, loans and deposits, mortgage, teller and funds transfer components. Some 8,000 accounts will use Temenos T24 in the bank's three branches across London. The system was implemented using the latest release, R5, and jBASE database.
Hakan Bortecene, CEO, Turkish Bank Group, says: "Now that everything has gone so smoothly in the UK we are enthusiastic for the rest of the group to adopt the system and are targeting end of 2006 to go live. We had put our plans to enlarge our network of branches and introduce new products on hold. However, I see no reason from a software point of view why we should not go ahead and Temenos T24 will encourage us to grow faster."
Temenos T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking. Since its launch in 2004, over 40 financial institutions have selected the system.
Andreas Andreades, CEO, Temenos, says: "We anticipate a great demand for replacement core banking systems that are compatible with the IBM iSeries. Some 1,000 banks still operate outdated legacy systems on these servers. By installing TEMENOS T24 on the iSeries, TBUK has benefited from significantly increased functionality while keeping project costs and migration risk at a minimum."