Temenos T24 named a leader among global banking platforms by Forrester

Temenos, the provider of integrated core banking systems, has named […]

February 9, 2009

Temenos, the provider of integrated core banking systems, has named by Forrester Research fot its T24 from Temenos as leader in the January 2009 report, The Forrester Wave Global Banking Platforms, Q1 2009. The report also found “Temenos with T24 excelled with highest marks for flexibility of the banking platform, support of regulatory requirements and corporate strategy.”

According to the report by Jost Hoppermann, Vice President, Forrester, “Temenos ascends to a position as a Leader in this edition of the Forrester Wave evaluation of global banking platforms. Temenos earns highest marks on support for regulatory requirements and flexibility. The vendor and its T24 banking platform also receive a strong score for functional breadth…SOA readiness as well as overall platform agility show high scores — offering an example of a “conventional” banking platform that nevertheless can expose its functionality via Web services. T24 also offers a broad freedom of application infrastructure choice.…”

Temenos ranked number 1 in corporate strategy, scoring 4.70 out of 5. Forrester compared the strategies of each company with industry trends and banking needs from the perspective of enterprise architecture professionals and related roles selecting an off-the-shelf banking platform. Forrester also looked at corporate strategy which included target market and financial resources to support the strategy.

Temenos focuses 100% of its resources on banking platform products and continues to supply core banking systems to all geographies across a wide variety of banking sectors and institutions. In addition, its strong revenues demonstrated full financial capability to support its corporate strategy.

Temenos also scored highest in the market presence category with 4.31 out of 5, which reviewed areas such as installed base, partner and systems integrators and revenue and revenue growth.

Forrester Research selected vendors based on qualification criteria that included a forward-looking architectural approach, sound success in 2007 and global delivery capability. It then evaluated each against 108 criteria, grouped into current offering, strategy and market presence.

T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.

Andreas Andreades, CEO, TEMENOS, comments: “This report is a reflection of our continuous dedication and commitment to banking and more specifically cements our global position in the core banking systems arena. Our breadth of experience across a variety of banking sectors including retail, universal, Islamic and microfinance, means that we are in the best possible position to understand the requirements of each. We pride ourselves on our ability to benefit a diverse range of some 700 banks across the world with our advanced core banking platform and professional services offering.”

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