Temenos, the provider of integrated core banking systems and Metavante Corporation, the principal subsidiary of Metavante Technologies, Inc., have reached a settlement relating to the termination of their agreement to launch an advanced core banking platform using TEMENOS Core Banking (TCB) in the US market.
The amicable settlement resolves all issues associated with the agreement. As part of the settlement, Metavante received a license to continue its use of the Customer Information Management functionality of TEMENOS Core Banking for the development of next-generation core technology. Temenos continues to retain all rights in the development and investment done in TCB to date as a result of the agreement.
Both organisations have agreed that they will jointly pursue TEMENOS T24 (T24) deals in the US market on a non-exclusive basis and look forward to collaborating on further future opportunities.
D.C.