TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, today announced that Techcombank has successfully upgraded from TEMENOS GLOBUS to TEMENOS T24, the company’s modular core banking system, in a record eight-week project.
Techcombank, the third largest joint-stock commercial bank in Vietnam, runs the system in all of its 50 branches and transactional offices throughout Vietnam to support some 100,000 end-user accounts.
Techcombank first implemented TEMENOS GLOBUS, the company's original core banking system, in January 2003 and upgraded to a later version of the system in mid-2004. Since then, the bank has grown its operations significantly and achieved revenue growth of 30% in 2004 and 178% in 2005. To support this continuing expansion, the bank chose to pursue the easy upgrade path to the latest version of TEMENOS T24.
Nguyen Duc Vinh, CEO, Techcombank, says: "TEMENOS' technology has already enabled us to automate processes and improve business decision-making, financial analysis and profitability risk management. We were keen to stay with TEMENOS and felt that TEMENOS T24 was the ideal choice to allow us to address the local banking market's future development. TEMENOS ensured the upgrade went smoothly, avoiding the need for us to carry out a lengthy and costly replacement project. We were impressed that the entire project took only eight weeks, four weeks ahead of schedule."
With TEMENOS T24, Techcombank can now pursue a bank-wide initiative to increase operational efficiency by reducing costs and increasing revenue. In addition, the bank can effectively manage customer relationships through a single customer view, which allows it to monitor accounts with a 360 degrees view, and generate reports with minimal effort.
TEMENOS completed the project in December 2005 and provided the bank with full TEMENOS T24 functionality, plus several modular components, including multi-server and non-stop processing. The latest release, R5, was installed on HP UX hardware with jBASE 4.1 database.
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 60 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: "We now have over 60 clients live on TEMENOS T24, with many of them having upgraded from TEMENOS GLOBUS. Having completed this process multiple times, we can offer clients a smooth and fast upgrade process. This opens up more opportunities for the remaining TEMENOS GLOBUS clients to also take advantage of an upgrade to TEMENOS T24. Techcombank joins a growing list of banks that are using this latest technology to forge ahead with their growth plans."
TEMENOS T24 is built on the solid business functionality of TEMENOS GLOBUS and offers a straightforward upgrade path. The company is committed to helping its existing clients embark on the road to TEMENOS T24.