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Temenos Extends Leading Position in Africa with Signing of Crane Bank
Oct 29, 2013 (10:10 PM EDT)
GENEVA, October 30, 2013 /PRNewswire/ --
Ugandan bank selects Temenos for broad, integrated functionality to achieve expansion plans
Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that Uganda-based Crane Bank has selected T24, its award-winning core banking system, as well as other Temenos solutions, such as Insight for business analytics and Temenos AML. The applications will be implemented at Crane Bank's new branch in Rwanda, and will also replace the current system in its Uganda head office.
The implementation of T24 whose selection at Crane Bank was facilitated by Technology Associates, one of the largest local IT systems integrators in East & Central Africa, will help the bank to achieve its ambitious business objectives of expanding to 50 branches by 2015, attracting around a million customers.
The broad functional reach of Temenos' solution set was the key reason for it being selected ahead of other international software vendors. Temenos software will be employed extensively, supporting Crane Bank's business across multiple verticals, including treasury, corporate, retail, risk and lending. It will also support its channel strategy, enabling the bank to reach new customers in new markets, and launch products quickly. Furthermore, T24 will uniquely offer security authentication through a fully-integrated biometric platform, both for internal employees and customers visiting a branch or ATM, meaning that the opportunity for counter-fraud is dramatically reduced.
Crane Bank joins over 90 Africa-based banks already running Temenos' software. Temenos' core banking software is the most widely used across Africa and Temenos customers include many of the largest and most successful banks and microfinance institutions on the continent, such as Commercial Bank of Africa and Kenya Commercial Bank.
Mr Marc Philippo, Sales Director Africa, Temenos, said: "We are delighted to have been chosen by Crane Bank. T24 is the bank's technology platform for the future, servicing its growth ambitions and seamlessly integrating suitable channels to reach a diverse customer base. We believe that our solutions will help Crane Bank in its ambition to be one of the most successful and profitable banks in the region."
Mr AR Kalan, Managing Director, Crane Bank, commented: "We chose Temenos due to its global leadership, unparalleled deployment experience and installed base in Africa. It also offers unrivalled functionality over a broad solution set, including core banking, mobile, AML, biometrics, business intelligence and risk, as well as its seamless integration capability. Temenos will provide us with a solid platform to manage our growth efficiently, with the best risk management tools and business intelligence. The platform will help us quickly and cost-effectively deliver new products and services as we grow and serve our customers both in Uganda and regionally."
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with 58 offices worldwide, Temenos software is proven in over 1,500 customer deployments in more than 140 countries across the world. Temenos' products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos' expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2010, Temenos customers enjoyed on average a 30% higher return on assets, a 46% higher return on capital and an 8.5 percentage point lower cost/income ratio than banks running legacy applications.
For more information please visit http://www.temenos.com
SOURCE Temenos Group