Temenos, the market-leading provider of mission-critical solutions to the financial services industry, which acquired TriNovus in March of 2013, today announces that National Bank of Andrews and AimBank have become the latest USA banks to select T24 as a Software-as-a Service (SaaS) hosted out of the company's SSAE 16 Level III Data Center in Atlanta, Georgia.
The signings of the two new community banks follow recent T24 selections by Clare Bank and Farmers Exchange Bank. In selecting T24 as their new core processing platform, all of the banks share a common goal to drive growth while improving efficiency. T24 provides real-time processing that is completely web based, as well as open architecture and seamless channel integration. Its Service Oriented Architecture (SOA) design allows it to easily integrate with best in class third party customer facing channels to streamline operations, significantly reducing costs and vastly improving efficiency for both the financial institution and their customers.
Since its acquisition of TriNovus, a compliance services and core processing SaaS provider, Temenos USA has greatly expanded its offering with a broad portfolio of market-leading products. Temenos is recognized by Gartner as a "leader" in its core banking Magic Quadrant[1] for T24, is the only vendor to be top of both Forrester global vendor pyramids for sales of banking platforms[2] and, according to the International Banking System Journal's annual league table, T24 is the world's best-selling core banking platform. Additionally, Temenos offers customers a range of complementary solutions, such as business intelligence, compliance solutions and services, vendor management and social media monitoring, all of which are offered on a cost effective, pay-as-you-go SaaS model.
David Brasfield, Regional Director for Temenos USA, said: "The signing of these two new community banks increases our already strong momentum and illustrates the breadth of the combined Temenos and TriNovus offering, with all of our products offered on a low cost, pay-as-you-go SaaS basis. The rationale was to combine Temenos' best in class solutions for core banking, BSA/AML and business analytics with TriNovus' market-leading solution for regulatory compliance, and we've proven this rationale. We look forward to working with all of our new customerrs to drive growth while at the same time improving efficiencies."
Russell Shannon, CEO of National Bank of Andrews, said: "Temenos is a compliance expert delivering cutting edge technology, making the decision to partner with them simple. The Temenos T24 core banking system and the integration of Insight Business Intelligence and the BSA/AML Compliance Suite will allow us to achieve multiple business objectives from an operational perspective and enable better customer experiences."
Jeremy Ferrell, COO of AimBank, said: "After much research and due diligence on core providers in the banking technology market, we chose Temenos. Temenos has proven itself as the market leader for banking technology, and together with the recent TriNovus acquisition, has a deep understanding of the community banking market, and most importantly, our business model. With the Temenos partnership, we gain a competitive advantage running in real-time as opposed to legacy batch processing."
[1] Gartner Inc., "Magic Quadrant for International Retail Core Banking", Don Free and Ethan Wang, 8 October 2013
[2] Forrester Research Inc., "Global Banking Platform Deals 2012", Jost Hoppermann, 25 March 25 2013