g
one year. Also in June 2007, Malaysia’s sixth largest banking group, Ambank
group, signed for an upgrade to T24 having been on Globus since 2000. Islamic functionality was primarily focused around the bank’s Kuala Lumpur treasury operations. In the meantime, Temenos continued to flesh out its flagship
offering. In 2007 it unveiled Release 7, with over 100 functional improvements. Noteworthy was the addition of its retail and private banking customer service front office product, ARC, into the T24 package. The aim was to provide banks with full and integrated front- to-back office functionality, and it subsequently sold well. There was also a risk management offering, T-Risk (there were nine sales of this in 2007). T-Risk stemmed from Temenos’ acquisition of TLC Risk Solutions in 2006. The TLC Barracuda risk management system was
More Islamic success
The vendor claimed a further success for its Islamic offering in July, this time at Meezan Bank in Pakistan (the country’s largest Islamic operation, according to the vendor). Implementation was quoted as an 18 month project, with first retail, then corporate, functionality set for a staggered go-live. The bank had been using T24 treasury since 2005. The implementation did become a rather protracted affair, however, with the functionality ultimately going live in 2012. Also signing for the Islamic offering were a number of off-the-record deals, including one in West Africa, one in the Indian sub-continent, and an extension from an existing user into North Africa. Alinma Bank, the largest fully Shari’ah-compliant bank in Saudi Arabia by capitalisation, opted for T24 versus solutions from Infosys and TCS in 2007. It subsequently worked with Temenos on the development of the Islamic Model Bank. In December 2007, the supplier recruited Greece-based Informer Financial to work on a recently signed T24 deal at 42-branch part government-owned Yemen Bank for Reconstruction and Development (YBRD). This was the first win for Informer in the country. The bank took the core system, local Arabic platform, shareholders’ register, and safe deposit box modules from Temenos, as well as Informer’s own Loan Originator system for retail and
rebranded and gave Temenos its Basel II compliance solution. Typically in the lower two tiers, Temenos sold a number of partner
products, across anti-money laundering (IMTF’s Siron, now replaced with an AML system from Temenos’ acquisition of Viveo in 2009), client reporting (EFS Technology’s Autoform), security (ActiveID), and statutory reporting (FRS’s offering). And in 2008, Temenos unveiled a data warehouse, with the first emphasis on profitability analysis, and with the company then buying a small UK-based Business Intelligence specialist, Lydian, to speed up its progress. Also on the product front, Switzerland-based Schroders Private Banking achieved a breakthrough with T24 in 2007, becoming the first institution to centralise its IT infrastructure using this system on a multi-currency basis.
corporate lending. Although not an Islamic bank per se, this deal marked another foothold in the region for the vendor. In 2008, Temenos actually bought Informer for $40.3 million. This bolstered its position in regions like the Middle East. Temenos is an acquisitive company. Indeed, by late 2010, it had made seven acquisitions in just the previous three years. Its most notable acquisitions were Germany-based
Actis.BSP in 2007, Financial Objects in 2008 and Viveo in 2009 (all largely centred on acquiring user bases), plus portfolio management system supplier, Odyssey, in 2010. Not everything goes smoothly at all T24 projects and Islamic banking is not immune from this. Temenos announced a win at Bank Islam Malaysia in early 2008. T24 was taken to support its core banking operations in 90 branches across Malaysia, instead of Silverlake Axis’ SIBS. It was also meant to remove I-flex’s internet banking solution in favour of T24. The bank claimed it was ‘rapidly expanding the customer base of both Muslims and non-Muslims’, and was looking for a system that could enable it to penetrate global markets. The Model Bank version of T24 was to be deployed on IBM P-Series Unix servers and an Oracle database. Go-live was expected to be sometime in Q4 2008. However, by early 2009, Silverlake was claiming that the project was no more and that it had signed a new contract with the bank. The bank had written off about $5 million in IT costs, which may have been related to the project. The bank declined to comment. Temenos’ manager for Asia Pacific at the time,
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