Vendor profile:
Temenos Head office: Geneva, Switzerland
Ownership: Public listed company on the SIX Swiss Stock Exchange
Founded: 1993 (Operation was initially set up as Electronic Banking Systems in 1984) Number of known Islamic users: 30+ Number of known sites: 560+ Number of staff: 4,000 Example Islamic banking clients: • Al Salam Bank • Ambank • Meezan Bank • National Islamic Bank • Saudi Hollandi Bank •
Sharjah Islamic Bank Company overview:
Founded in the mid-1990s, Temenos is a provider of banking of financial systems to a wide variety of banks and institutions globally. The firm claims that its products are used in 38 of the top 50 banks in the world.
Temenos’ flagship core banking system, T24 (formerly Globus), is widely used. T24 has been the either the top or second-best selling core baking solution for 12 years on the IBS Sales League Table.
Temenos has deep resources, with a well-earned reputation for strong sales; one area it has sought to address over the last few years has been a less than perfect delivery track record.
The T24 package is used by a broad range of institutions, 50
including corporate and retail banks, Islamic banks, private banks and microfinance entities.
T24 is offered as a Model Bank version (out-of-the-box) or as a more tailored version.
A number of auxiliary applications are offered alongside the T24 core, such as digital banking software, business intelligence (BI) and AML/fraud management solutions.
As well as organic growth, the company has been acquisitive, including picking up three established user bases when it bought
Actis.BSP (Germany), Financial Objects (UK) and Viveo (France) in 2007-2009. It then added a portfolio management system supplier, Odyssey, in 2010. Channels solution provider, Edge IPK, was added in 2012 and its product is now known as Temenos Connect. Temenos also owns two software and solutions companies in the US, as well as Multifonds, a global provider of fund administration software, based in Luxembourg.
Functionality of T24
• Retail banking – CRM, customer on-boarding, query registration, sales; branch, internet and other channel support.
• Transaction servicing – Till operations, vault
operations, bureau de change, cheque processing, multi-currency.
• Payments – domestic, international, standing orders, direct debits, sweeps, bill payments, bank drafts, card management, cheque book management.
•
Retail lending – Fixed term secured lending, secured flexible credit facilities, unsecured lending facility management, mortgages, captive finance.
• Deposits – Current/DD accounts, deposit accounts, fixed deposits and CDs, savings accounts.
• Wealth management – discretionary support,
multi-dimensional modelling, dynamic modelling, recommendation lists, automatic rebalancing order generation.
• Front office – CRM support, order initiation, position control, position accounting, performance measurement, fees and charges.
• Middle office – order grouping, order routing, order execution, trade creation, structured instrument manufacture.
Islamic Report
www.ibsintelligence.com
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