A system for any size of institution
The supplier stated that the system’s new features would be particularly relevant to top-tier banks, but that its scalability and incorporation of Globus functionality meant that it would suit any size of institution. Officially unveiled in September 2003, T24 was presented to existing Globus users as the logical upgrade path to replace the older system and as Temenos’ primary back office product when targeting new clients. The initial response appeared to reveal a certain reluctance on the part of existing Globus users to switch over to T24, with many taking a ‘wait and see’ attitude. That said, by the end of Q1 2004, Temenos had racked up several wins for the system and gradually the implementations became less problematic. An early taker of the Islamic functionality within T24 was Saudi Hollandi Bank in Saudi Arabia, having originally opted for Globus but then opting for T24 as this emerged during the course of a delayed implementation. In December 2004, a win came through at Finance House in Abu Dhabi, for T24. The vendor faced off a list of some twelve vendors for the win. The start-up bank had been running on minimal technology
since July 2004. The implementation covered conventional banking, servicing corporate and retail products, with plans to then move into the realms of Islamic finance. The announcement that the system was live came under a year later, although the original promise had been to be live by March 2005. The progress of T24 through 2005 was mixed with some implementations being badly delayed whilst others appeared to run relatively smoothly. Matters improved significantly with Release 5, which seemed to herald the prospect of ending many of the performance and quality issues that had dogged the new system. By June 2005, Temenos was claiming 40 T24 takers, with 25 or so sites going live. Temenos decided that the way forward would involve less customisation and more of an emphasis on the ‘Model Bank’ versions of T24. As mentioned, there was also a change of heart regarding the company’s earlier stated policy of reducing the percentage of its revenue coming from services. Instead, in part prompted by the problems surrounding some of the T24 implementations, Temenos promised to take greater control and responsibility for its projects, including providing a ‘productised’ upgrade service, whereby it would seek to take a user’s system and manage the upgrade process.
Development for Islamic banking clients
Temenos, which has a fully staffed office in Dubai, said it had completed the level of development it believed to be required by its Islamic banking clients, which basically comprised retail banking- based products. The vendor said it intended to further develop treasury and more securities-based products over the next few years. In September 2006 there was an Islamic system win at Dubai’s National Bank of Fujairah. The following month Temenos won a substantial contract in Pakistan for the retail version of T24. The 741-branch deal was with corporate and retail focused Allied Bank of Pakistan, one of the largest banks in the country. It marked Temenos’ fifth signing in Pakistan, including the central bank, and was by far
249
the vendor’s largest deal to date in the country. Temenos had also taken an order from Bahrain-based Al Salam Bank for the full suite of products in a Model Bank version of T24. Al Salam was a newly formed Islamic bank operating in the universal banking sphere, having been licensed by the Bahrain Monetary Agency since April 2006. It opened its doors for the first time towards the end of 2006, initially from a single office. A core systems selection, with some Islamic banking support, at
Kenya Commercial Bank came out in favour of T24 in June 2007. The system, covering the bank’s retail, corporate, wealth management and Islamic banking operations, was to be implemented in support of 131 branches across Kenya, Tanzania and Sudan (with plans to expand into Uganda and Rwanda) servicing some 675,000 accounts. T24 replaced the old TC3 system from CMC Limited, which had been in use for over a decade, plus a range of other systems. The bank took the T24 Model Bank approach, with the project scheduled to run for
Islamic Report
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266
