Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, has signed a strategic agreement with TEMENOS Group, the international provider of integrated corebanking systems, to launch an advanced core banking platform based on TEMENOS COREBANKING (TCB) for top-tier U.S. financial institutions.
Metavante will deliver the new TCB-based platform on a component basis, enabling large banks to replace aging applications on a “line of business,” or phased approach. It will initially be available as a licensed application designed for tier-one and tier-two financial institutions. In addition, Metavante plans to integrate these advanced capabilities as a series of component upgrades for those large financial institutions already using its core banking platform.
“Metavante is making a significant investment in corebanking that, together with our on-going investment in our core business, will provide financial institutions with access to the latest technology and functionality to successfully compete in tomorrow’s banking market,” says Metavante President and Chief Executive Officer FrankMartire. “This platform will be one cornerstone of Metavante’s growth strategy for serving large financial institutions and expanding business internationally.”
“We expect the combination of Metavante’s leading market position, its development and distribution prowess in the U.S. banking software market, and its expertise in outsourcing services, with the product superiority of TCB will prove a formidable combination both in the United States and internationally,” says TEMENOS Chief Executive Officer Andreas Andreades.