Temenos
Geneva, Switzerland
Temenos Core Banking (T24) » Front-to-back office core banking system » Multiple databases available (Microsoft, Oracle, etc.) » Available as on-site deployment and on Microsoft Azure cloud » Ancillary products include digital banking, BI, AML and reporting solutions
Temenos Core Banking (T24) Temenos
Temenos has some foreign bank operations in the US as users, mainly for corporate banking, but has to date struggled like so many non-US vendors to break into the domestic US market. It had a failed attempt with Metavante but in 2013 it acquired a domestic service bureau, Alabama-based Trinovus, hopeful that this will provide a spring-board to the market. The lack of success in the US is in contrast to much of the rest of the globe, where Temenos’ flagship core banking system, which started as Globus and later popularly known as T24 (now Temenos Core Banking), is consistently the best-selling universal offering. It has long roots and corporate banking origins but is broad, has had a lot of R&D over the years, and is surrounded by many complementary components. The depth of T24 in certain areas means it is also sometimes taken for relatively narrow implementations, including private banking. The T24 version, announced in July 2003, was an important bringing 24x7 support, designed
reworking of Globus,
to remove the need for end-of-day procedures and with support for the jBase and Oracle databases (Temenos owns the former). The supplier hoped the system’s new features would be particularly relevant to top tier banks, although traditionally Globus/T24 has not competed for the higher end retail banking deals around the globe. The arrival of T24 was something of a rocky period for
Other components and acquisitions
Temenos added a 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. ARC subsequently sold well. There were twelve deals in 2007 for ARC Internet Banking
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Temenos, with a number of overly long and troubled projects. Indeed, over its history, it has sometimes been dogged by less than successful projects. Part of the reason is that the system is heavily parameterized, which brings flexibility but can also make it difficult to set up. Temenos has sought to come up with ‘model bank’, pre-configured versions, for certain markets, to try to offset this. Temenos has many tier three and tier four banks as customers, using its platform for the bulk of their processing. It has also won some multi-site roll-outs over the years and has some notable customers, such as JP Morgan Chase (JPMC), a signing for international treasury management from a centralised hub. JPMC’s international sites started to go live in early 2009, starting with Madrid and Manila, and with 80 per cent of the bank’s customer accounts (outside the US) on the system by the middle of 2010. Temenos has been planning to expand its client reach to core banking software markets of China and Japan, the target segment being city commercial banks.
In early 2016, Temenos rebranded all its products and
offerings. The rebrand saw Temenos simplify and renew all its product names including T24, to ‘Temenos Core Banking’. However, the underlying products and their functionality have remained the same
and ten for ARC CRM. Temenos also came up with 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 rebranded and gave Temenos its Basel II compliance solution. The companies had previously been partners and
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