having been developed by Canada-based Xeye. Alabama-based Farmers Exchange Bank and Wisconsin-


based Clare Bank were the first takers of T24 via the Trinovus business, signing in the second half of 2013. Both banks took the full core banking package, with additional applications such as business intelligence, mobile and internet banking, and compliance, to replace Trinisys. Temenos claims to have come up with a T24 US Model


Bank, with Independent National Bank expected to be the first to go live, in H1 2015. Three other banks were added by early 2014, including the Texas-based duo of National Bank of Andrews and AimBank, again both Trinisys users. A series of go-lives across these customers was expected in 2014 and into 2015. Indeed, Temenos was claiming a first cutover in November 2014. Temenos claims to have invested heavily in the US


market, with the US Model Bank version having received a multi-million dollar investment. A number of support functions had been moved from India to the US, it said, and the company was looking to its global partners to ramp up their US specific resources. There were further plans to invest $3 million over three years in the US in terms of offices and resources. This included hiring 24 developers for the Alabama data centre. Temenos outlined its strategy for the next three years after the publication of its 2014 full year financial results. Sluggish sales in Q4 (down nine per cent on 2013’s figure) meant yearly


software licensing growth of just three per cent, but the vendor guided investors that this would be offset by total licensing growth in the region of 15-20 per cent in 2015 (likely reflected by the recent signing of a major agreement with Swiss private banking group, Julius Baer, see front page). Total revenues were down five per cent for Q4 on a like-for-like basis. Meanwhile, Temenos gained core banking software


business, via its Alabama-based Trinovus subsidiary, with 2014 bringing it two new recruits, an off-the-record financial institution and Independent Bankers Bank of Florida. The latter is moving from Fiserv onto the Software-as-a-Service (SaaS) version of Temenos’ T24, and is also implementing the vendor’s AML and BI solutions, also on a SaaS basis. The bank held a tender (RFI and RFP included) and it is understood that the incumbent supplier was among the shortlisted candidates as well as another large domestic vendor. Furthermore, last year, Temenos gained a first live site in the country for its core system Temenos reinstated the role of COO, appointing Max


Chuard, who also continues to hold his role of CFO at the firm. Chuard has spent more than 13 years at Temenos. The COO position had been abolished in 2012 following the departure Mark Cullinane, who became head of M&A and then left the next year. As one position is filled another empties, however, as chief strategy officer in the US for Temenos, Rich Longo, left to join rival firm Infosys. Longo will now be leading strategy for the Finacle unit in the US.


Further Sales


In parallel with all of the new-name business, there have been plenty of old users to try to move to T24. Some of these have been large projects in their own right. For instance, United Bulgarian Bank and its parent, National Bank of Greece (one of the earliest takers of T24 after its release in 2003), had experienced a major project. Nadejda Vladimirova, head of the T24 competence centre at National Bank of Greece, said that, since 2007, the plan had been to move all countries outside of Greece and Turkey onto the same operational model of T24, hosted in Athens. Between 2008 and 2011, banks in seven different countries, spreading across more than 20 legacy systems and 3000 products and services, were migrated onto T24. This project started in Serbia at Vojvodjanska Bank in


2007, which had 118 branches and more than two million customers, with this country project being finished in 2009. Implementations followed in Romania, Egypt, Albania, Macedonia, the UK and Bulgaria. The Romanian project, at Banca Romaneasca, saw three legacy systems replaced by November 2010. As for United Bulgarian Bank, it had used Globus since 2003 (having previously run Misys’ Equation) and moved to T24 by September 2011. Temenos’ 2009 and 2010 haul of new-name deals stood


554


up well. Indeed, in two difficult years, it showed more resilience from this perspective than most others. The 2009 tally showed no tailing off, coming in at 40, which was precisely the total for 2008. It was a good return in a clearly depressed market and put Temenos a fair way ahead of Oracle FSS, which saw Flexcube sales slump from 39 in 2008 to 33 in 2009. Of Temenos’ 2009 sales, 30 per cent were in Africa, 25 per cent in Central and South East Asia, 15 per cent in Western Europe, twelve and a half per cent in Asia Pacific, seven and a half per cent in the Middle East, and single deals in Central and Eastern Europe, Central and Latin America (a solitary Mexican taker and a considerable change from previous years), North America, and Australasia. In total, new-name deals for 2010 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. The lending focused deal at Danske Bank appeared to be at the higher end, so too that at LBBW. Temenos had one deal in China, Xiamen International Bank (TCS led the way here in 2010 with four). In some ways, it was not a surprise that Temenos could


not maintain the momentum and sustain the relentless quest for new business in 2011. It had 27 new-name deals. The


Universal Banking Systems Market Report | www.ibsintelligence.com


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