The annual T24 release, which spans all geographies and banking sectors, is designed to keep clients one step ahead of evolving marketplace requirements, as banks seek to reduce costs while increasing competitive advantage. 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. Senior management enjoy dashboards that incorporate the business's key rations and performance indicators, providing daily management information across the enterprise. Existing T24 users can deploy the system in three to eight weeks. High-quality, real-time information is a strategic asset for banks and has become more vital to their survival in this era of economic uncertainty.
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 banking 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' proven 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.
Andreas Andreades, CEO, Temenos, says: "Our continuous product development programme ensures we consistently deliver value to our customers. 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."
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%.
Rolf Fischer CIO, Schroder & Co Bank AG, says: "T-Verify is an exciting product because it reduces the cost, effort and time to market of making new enhancements. And, as a CIO, I am always trying to maximise the part of the IT budget that goes into new functionality and automation."