TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Finance House has successfully gone live with TEMENOS T24, the company's flagship modular core banking system.
TEMENOS T24 now enables Finance House, a newly formed finance company in the United Arab Emirates (UAE), to quickly introduce new products to the market and meet local banking requirements, including central bank reporting as well as support a sophisticated corporate and retail lending market.
Mohammad Wassim Khayata, SVP strategic planning and development, Finance House, says: "I am very proud of the level of professionalism TEMENOS has shown during the implementation. Armed with a solid implementation methodology and supported by a team of skilled and enthusiastic consultants, TEMENOS was able to fulfil its commitments towards Finance House and implement TEMENOS T24 on time and on budget, which is not a very common practice in the market. TEMENOS T24, the way it was implemented and customised, covers all our current financing requirements and also meets our possible expansion plans for any banking product or service in the future. Introducing new products easily was a key criterion for selecting TEMENOS T24. Already we've introduced a new credit card and its sophisticated reward scheme as a result of TEMENOS T24 and we completed the necessary customisation of the system in less than two weeks."
Finance House was first established in July 2004 and began by offering corporate and retail financial products to customers in the UAE in August 2004. Just four months later, Finance House signed the deal with TEMENOS and then migrated its historical data to TEMENOS T24 before going live with the system in October 2005.
TEMENOS has provided the company with TEMENOS T24 core functionality and a range of modules, including branch operations, credit, syndicated loans, treasury and trade finance. TEMENOS T24 now interfaces with a number of third party applications, including CRM and credit card management systems. In addition, TEMENOS has installed functionality to meet local UAE requirements, such as providing support for complex loans and the extensive use of post-dated cheques.
This is the first client to go live with TEMENOS T24 on HP servers running on an Oracle database. Finance House is also one of the first companies to use the multiple server capability to run TEMENOS T24. The system was implemented in the company's main branch in Abu Dhabi using the latest release, R5, on Linux operating system.
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: "As a regional company, it is vital for Finance House to have the systems to match local market requirements. TEMENOS T24 is already successfully supporting these requirements and we are now extending the installation to include Islamic banking capabilities. With TEMENOS T24, Finance House joins an expanding list of both global and regional banks that are adopting state-of-the-art technology to meet the demands of modern banking."
TEMENOS will implement additional TEMENOS T24 modules to enable Finance House to provide financial products that comply with Islamic law, such as Murabaha, Mudharabah and Tawarruq. The next phase of the project will also include the provision of internet banking capabilities.
TEMENOS consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years. In 2004, TEMENOS was ranked the international leader in terms of licensing, with an average deal size of more than double the market average.