TEMENOS T24 will enable the bank to automate its principle business processes, reduce the time to market for new products and ensure it is compliant with international financial reporting standards. TEMENOS will provide retail, corporate and treasury functionality, with local clearing and central bank returns capabilities.
Mr Isataev Timur, chairman of the board, ATF Bank, says: "We needed a replacement core banking system with a successful track record of supporting retail banking activities. We chose TEMENOS T24 because it will allow us to centrally manage our multi-branch and multi-currency operations and meet the requirements of the National Bank of Kazakhstan. It will also help raise our international rating, putting us in an excellent position to ward off competition from global players."
During the selection process, which began in the final quarter of 2004, the bank considered a number of providers including i-flex, ICICI Infotech, Financial Network Services and Misys before signing the deal with TEMENOS in June 2005. The bank required a system with an advanced means of interaction between the credit and payment processing modules and the ability to sort STP processes for mass operations. It should also allow the bank to integrate with external systems for the exchange of payments with correspondents in Kazakhstan and abroad.
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. Since its launch in 2004, over 40 financial institutions have selected the system.
Andreas Andreades, CEO, TEMENOS, says: âCore banking in emerging markets is growing rapidly. This is largely because banks in countries such as Kazakhstan donât face the obstacles caused by old inflexible legacy systems that many western and global banks do. However, as modern banking becomes more demanding, banks that do take the risks and invest in future systems will prosper, while those that donât will increasingly struggle to compete.â
TEMENOS consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years. In 2004, TEMENOS was ranked the international leader in terms of licensing, with an average deal size of more than double the market average.