Swiss banking systems firm Temenos is looking to capitalise on Misys' new product strategy by targeting customers that will soon have to upgrade to the UK vendor's BankFusion platform.
Temenos says it is launching a pre-customised version of its T24 Model Bank product, which has been specifically designed to provide users of Misy' Midas and Midas Plus products with a "cost-efficient and fast-tracked upgrade path".
The move follows the decision by Misys to focus and consolidate its banking product line around the BankFusion platform, which the vendor acquired last year when it bought out Dublin-based start-up Trapedza Financial Systems.
Although BankFusion will be offered as a standalone banking system, users of Misys' existing core banking products – Equation, Midas and Bankmaster – will be migrated to the platform over time.
But Temenos says its customised T24 Model Bank system offers these Midas customers with a "viable alternative" to upgrading to BankFusion.
The Swiss vendor began targeting Misys customers in Q4 2005 with a pre-customised version of its T24 core banking system that is designed to provide a quick and efficient upgrade path for users of the Equation product. Last month Temenos said it had so far signed five previous users of the Misys Equation platform to its T24 technology.
Commenting on the latest move, Andreas Andreades, CEO, Temenos, says: "Almost a year ago we looked to identify and deliver a fast, low risk and cost effective migration process for users of Midas. Today we can make this version of T24 Model Bank generally available and in doing so give Midas users a very attractive alternative."