BIRMINGHAM, Alabama,
September 10, 2013 /PRNewswire/
--
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 $298
million and $135 million
respectively, have become the first community banks to select T24,
Temenos' highly acclaimed core banking application, as a
Software-as-a-Service (SaaS) hosted out of the company's SSAE 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. T24 is
recognized by Gartner as a "leader" in its core banking Magic
Quadrant[1] and, according to the International Banking
System Journal's annual league table, T24 is the world's
best-selling core processing platform. In addition to T24, both
community banks have opted to take other applications such 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."
About Temenos
TriNovus and Temenos have joined forces. Temenos is the market
leading provider of software solutions to community banks, credit
unions, corporate, universal, private, microfinance, and wealth
managers. Together, TriNovus and Temenos are perfectly positioned
to deliver a combined portfolio of market leading solutions for the
banking industry. T24 is a packaged core banking platform, which
includes banking best practices based on Temenos' implementations
in over 600 financial institutions globally. The highly automated
approach delivers short implementations, guarantees lower cost of
ownership with rapid,.measurable and meaningful Return on
Investment. T24 allows banks to replace a large number of
disparate legacy systems, thereby streamlining their
operations. Banks around the world use T24 to rapidly deliver
innovative, market-driven products and services tailored to meet
the changing needs of their customers. T24 enables banks to
deliver growth, while managing risk and cost, and ensuring that
they remain ahead of the competition with the most efficient and
economical business model in the market. T24 provides banks with
unparalleled richness in functionality on an integrated, Service
Oriented Architecture (SOA), with front- to-back office support and
is fully enabled for standard SOAP (Simple Object Access Protocol)
web services, and BPEL process execution. Temenos' total commitment
to open standards enables its customers to benefit from the latest
advances in technology, ensuring business agility, continuity, data
integrity and reduced downtime, all resulting in a
significant delivering a significant, immediate and ongoing
ROI.
For more information please visit http://www.temenos.com/usa or
http://www.trinovus.com
--------------------------------------------------
1. Gartner Inc., "Magic Quadrant for International Retail Core
Banking", Don Free, 26 September 2012
Temenos contacts
Maria Pulice
VP of Communications and Marketing, Temenos USA
+1(646)472-8037
Email: mpulice@temenos.com
SOURCE Temenos
