Chris Longden, said: ‘Temenos remains committed to servicing the Malaysian market. We are also pleased to confirm the recent T24 go-live at Ambank in Malaysia. Temenos is committed to continuing to invest in the development and expansion of its presence in the Malaysian market.’ Silkbank in Pakistan also opted for T24 in 2008 to replace a locally- developed solution, Bank Smart. The deal was won versus Equation and Symbols and the initial intention was to be live by the following
Product plans
At Temenos’ 2010 user group meeting, the supplier set out a number of notable product plans, including work with IBM on a full Java version of T24. The company said it would spend $500 million on R&D in the next five years.
The Java version of T24 would be initially released for IBM’s z Series platform with DB2, but would ultimately be available for any platform that supports Java. Other areas of focus were said to be full componentisation of the system, and a product factory. There would also be tighter integration of the mobile offering, branded ARC Mobile, which came from Temenos’ acquisition of FE-Mobile in early 2010.
Its Java version for mainframes, T24 Enterprise (T24E), was released in time for the 2011 user group meeting. The componentisation of T24 was also again a prominent message from the supplier, with the first component, Enterprise Customer, launched. The aim of T24E was to help Temenos sell into the tier one and tier two banking space, with componentisation allowing it to offer an alternative to the ‘rip and replace’ scenario which is generally more feasible for smaller banks. Release 11 of T24 was also unveiled, with the claim that it included over 200 enhancements, generally improving the user experience with greater use of rich internet applications. As mentioned, there has been a major shift to working with partners on implementations. It signed partnerships with Cognizant, Deloitte, Capgemini, CSC and IBM Global Consulting, plus smaller outfits like Pakistan-based NDC Technology Consultants. Linked to this, Temenos made significant layoffs in its services division in late 2010 and into 2011, with resources in the Middle East particularly hard- hit. ‘We have 56, if not more, offices around the world from when we had a direct sales and implementation model. The more the partner channel accelerates, the more we retrench into being a pure software vendor, the less we need to be sitting everywhere and being seen to be locally present,’ said David Arnott, Temenos’ CFO, in the latter part of 2011. Temenos’ 2010 year-end results were reasonable but it
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June. It soon became clear, however, that this deadline would not be met partly due to delays in the arrival of a Model Bank version of T24 for Pakistan and then some missing functionality. All branches were ultimately live with the core functionality by mid-2010 but had not yet implemented Islamic banking. A seemingly more successful Islamic signing in 2008 came at Ajman Bank, an Islamic start-up in UAE.
missed its services targets by a fairly wide margin. New clients have continued to be added to the T24 user base at a steady rate. It had a second consecutive IBS Sales League Table submission of 40 wins in 2009. Islamic wins included Tunisia’s Banque Zitouna; Indonesia’s Bank Syariah Mandiri, the Islamic subsidiary of Bank Mandiri; and a Bahraini securities house. Another signing came from Amrahbank in Azerbaijan. T24 was to
replace a locally-developed solution, Smart Bank, and support the bank’s plans to become a fully-fledged Islamic financial institution within the following two to three years. The selection process lasted about six months, with research conducted among banks in the Middle East by Amrahbank’s shareholder, Bahrain-based International Investment Bank. The surveyed banks apparently recommended T24. Temenos has performed relatively well in the oil-rich Azerbaijan, with seven banks in the country (out of a total of around 45) as users by late 2012. However, an attempt to implement T24 at the country’s Bank Technique was shelved early in 2012. In 2010, total new name deals came in at 39, so only a small dip on the previous few years, although it looked as though there were few high-end wins again. Nonetheless, Islamic signings increased compared with 2009. 2010 wins included two in Iraq, Elaf Islamic Bank and National Islamic Bank; Qatari Islamic Bank in Bahrain; an off-the-record win in UAE; National Bank of Commerce in Uganda; and Banco Unico in Mozambique. Towards the end of 2010, the subsidiary of existing Islamic customer,
Al Salam Bank Bahrain, opted to replace its Finacle core banking system, supplied by Infosys, and move all of its business to Temenos’ T24. Bahraini Saudi Bank (BSB) selected Finacle in 2007, and used the system for conventional banking activities. It was acquired by Al Salam in 2009 and, since the acquisition, BSB had been converted into an Islamic bank and renamed Bahraini Saudi, with all new Islamic customers processed by T24. In 2011, CEO, Andreas Andreades, became chairman and Guy Dubois was appointed as Temenos’ new CEO, having moved from Mach Group, a mobile communications firm owned by private
Islamic Report
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