Temenos releases the latest version of its core banking software, Temenos T24(T24) R09.
Featuring over 100 individual enhancements to the packaged applicaiton, including TEMENOS Insight (Insight), the Business Intelligence product suite, T24 R09 introduces new modules for structured products, corporate internet banking and loan origination, while further leveraging T24’s Service Oriented Architecture (SOA). In addition to this release, Temenos has also announced the first implementation of T-Verify, its automated software upgrade tool, at Schroders Private Bank.
Key improvements include:
1) T24 R09 now incorporates Insight which was launched in March. Fully integrated with T24, Insight empowers users to analyse and understand enterprise data in depth and identify customer trends, profitability and risk, thereby improving decision-making and boosting profitability. Existing T24 users can deploy the system in three to eight weeks.
2) T24 R09 marks the release of the first of T24’s Reference Business Services in the T24 Service Catalog, extending Temenos’ SOA investment and development. These real-world business services definitions, included as standard in T24 Model Bank, allow for faster, simpler, and more reliable and efficient integration of T24 with the bank’s broader technology environment within a service orientated architecture. T24 R09 signifies the first formal release of a set of Model Bank banking services, which have been aligned with the work being done through BIAN on the bankinganking services landscape.
3) With the key role of structured products in portfolio hedging strategies in a post-credit crisis climate, T24 R09 incorporates a new module for the creation of structured products with support throughout the entire investment life-cycle. This module addresses high market demand for a more conservative investment approach, which is more suitable to the retail investor seeking to minimise risk but maximise returns in a volatile investment market.
4) T24 R09 also extends Temenos’ ARC Internet Banking (ARC- IB) product to the corporate market. Until now, ARC-IB supported both the personal and intermediary internet banking segments in the retail and private banking verticals. It now offers corporate clients a full range of electronic banking facilities including cash management, individual payments, bulk payments and bulk direct debits. This is supported by role-based workflows that can be defined by the client and controlled through sophisticated account mandates and challenge/response transaction signing.
5) T24 R09 also includes a major extension to the system’s existing loan origination capabilities with the introduction of T24 Loan Originator (LO24). LO24 embraces all aspects of the lending lifecycle, fully supporting front-to-back processing from client handling at the initiation of the loan enquiry across any channel. Temenos clients now benefit from loan origination functionality for retail, SME and corporate financing in a single, integrated solution.
Launched at Temenos’ Client Forum last year, T-Verify has now been deployed by Schroders Private Bank to automate the testing processes involved in the upgrade of its T24 system. T-Verify automates a significant part of the software upgrade testing procedure, making it faster and more cost-effective to upgrade to the latest releases of T24 while reducing the banks effort and cost for the upgrade by as much as 70%.
“Our continuous product development programme ensures we consistently deliver value to our customers,” says Andreas Andreades, CEO, Temenos. “With each release we offer our clients more functionality, pre-packaged with standard service definitions, which means that the technology remains modern and the cost of ownership is reduced.”
“This model gives an immense competitive advantage to our clients and enables them to upgrade to the new version of T24 with minimum effort. We anticipate smooth upgrades of T24 across the globe and expect clients to quickly take advantage of its new offerings.”
“T-Verify is an exciting product because it reduces the cost, effort and time to market of making new enhancements,” says Rolf Fischer, CIO, Schroder & Co Bank AG. “And, as a CIO, I am always trying to maximise the part of the IT budget that goes into new functionality and automation.”
L.D.