Andreas Andreades, CEO, TEMENOS, says: "The rise in new customer deals from 25 in 2003 reflects a successful first year for TEMENOS T24 since it was launched in early 2004. We also benefited from the continued expansion of the retail and universal banking sectors, which are increasingly adopting TEMENOS T24 and TEMENOS CoreBanking. Our position of strength is not only in the number of deals we make, but in the value of each deal, which is more than twice that of the market average."
TEMENOS has an average deal size of more than double the quoted market average of US$1.1 million across all featured providers. The March issue of International Banking Systems comments: "TEMENOS could have a case for arguing that it is ranked number one in terms of value of back office system sales."
In addition to new client sales, the company has seen strong uptake from existing clients upgrading to TEMENOS T24. Last year, TEMENOS T24 attracted new clients including UBS Investment Bank, London; Sacombank, Vietnam; and United Nations Federal Credit Union in New York, US. In 2004, Bank for Agriculture and Agricultural Cooperatives (BAAC) and Bank Thai in Thailand selected TEMENOS CoreBanking.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
TEMENOS CoreBanking is a modern, scalable retail banking platform that is capable of handling growing business volumes of the very largest banks worldwide. It offers all the functionality required by operations on this scale, but a greatly reduced cost of transactions and operations compared with other, less efficient solutions. Above all, TEMENOS CoreBanking is a multi-bank system in a single software image that enables banks to develop new products across many channels quickly and cost-effectively.
The IBS Sales League Table is published by IBS Publishing, and is based on sales of technology systems to the banking sector. IBS Publishing is dedicated to the wholesale, retail and private back office systems market sector.