Temenos Group says Banco Sabadell – the fourth-largest bank in Spain, with assets of € 44 billion – has selected its TEMENOS T24 application to support the retail, commercial, treasury and private banking activities for its Miami branch. The initial licensing agreement was signed on 30 June 2004.
“We conducted an in-depth evaluation of a number of suppliers over an eight-month period and came to the conclusion that TEMENOS, with its strong track record and excellent reference sites, could support our network of branches and provide real-time global processing,” says Miquel Montes, technology and operations general manager of Banco Sabadell. “Our objective is to centralize our processing for foreign branches and handle all the multiple local and regulatory requirements in all our branches. TEMENOS has convinced us that by doing so, we can expect to dramatically reduce our operational costs.”
TEMENOS T24 will be installed in Banco Sabadell headquarters in Barcelona and rolled out initially in Miami. Banco Sabadell has recently acquired Banco Atlantico, which also has a branch in Miami, so the implementation will include the US branch.
Andreas Andreades, CEO, TEMENOS, says “we have worked hard to ensure that TEMENOS T24 has the breadth and depth of functionality to service the most demanding of banking requirements. We are confident that this high-profile project will be monitored by other prospective customers in Spain, and help us increase our market share in the Iberian region. We look forward to supporting Banco Sabadell across all its different markets.”