New core banking system built on TEMENOS T24 (TEMENOS T24), the World's leading integrated banking system
Muscat. 26 November 2006: BankMuscat, the nation's premier bank, has signed an agreement with TEMENOS SA Headquarters to introduce a new state-of-the-art core banking system, based on TEMENOS T24, the World's leading integrated banking system. The Core Banking System refers to the application suite that manages a bank's entire banking operations and facilitates the business lines to provide fast and effective banking services. The major components of new core banking system are - retail banking, corporate banking, finance, operations, branch automation and administration. The new core banking system would also assist in far more efficient and accurate transaction processing and record keeping along with efficient information retrieval and reporting.
BankMuscat had engaged the services of global technology consultancy firm, Gartner Consulting in its search for a new core banking system and has gone through a rigorous 5-month evaluation and selection process to finalize its new core banking system.
Speaking on the occasion, AbdulRazak Ali Issa, BankMuscat chief executive said:
"BankMuscat has always striven to invest in state-of-the-art technology in its attempts to provide customers with cutting edge and wherever possible, technology enabled products, services and solutions. Our decision to adopt a new Core Banking System is a significant step in the same direction, as we are firmly of the belief that world-class technology infrastructure is integral to building customer confidence."
TEMENOS T24 is a modern and flexible system that works in a single, on-line, real-time environment. It provides for a high level of integration in the system that has an inherent design emphasis on straight through processing (STP) and parameterized flexibility. TEMENOS T24 supports XML by default and can be connected to standard industry middleware solutions. This combined with TEMENOS T24 web based interface gives an extremely simple and easy to use system.
Also speaking on the occasion, Jean-Michel Hilsenkopf - EMEA Director, Temenos, said:
"TEMENOS is guided by its mission to be the Global Banking Software Standard for banking and financial institutions worldwide and to continue to provide quality people, products and services with a professional and personal touch. We are extremely glad to be partnering BankMuscat, Oman's leading bank. We do hope and believe that this will be the start of a long and fruitful relationship between our organizations."
When asked on why the Bank chose to go with TEMENOS 'T24' system, Mr AbdulRazak added:
"The Bank, assisted by Gartner Consultants, carried out a detailed evaluation using Analytical Hierarchy Process (AHP) methodology, to find the system that was best suited to meet the Bank's current and future business plans. Temenos T24 came out as the best choice for the Bank as it is built on the latest technology and also has a wide range of products, including products for Treasury, Investment Trading, etc all of which are fully integrated into the platform."
The new core banking system is also expected to help the Bank take a quantum leap in being 'future-ready' as it is poised to become one of the foremost banks across the GCC region. The TEMENOS T24 system is expected to help the Bank provide a diversified range of high quality banking products, services and solutions to its customers with far greater speed, accuracy and integrity through a wide range of distribution channels for greater customer comfort and convenience.
-Ends-
About BankMuscat:
With assets worth over US $ 6.2 billion, BankMuscat (SAOG) is the largest Bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 93 branches in Oman and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank, the 7th largest private sector bank in India and has a 49% stake in BankMuscat International (BMI), an independent Banking entity that is focused on becoming a truly GCC regional bank.
About TEMENOS:
Founded in 1993, TEMENOS Group AG is a provider of integrated modular core banking systems to over 500 financial institutions in 110 countries worldwide. TEMENOS software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, TEMENOS knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project.
Headquartered in Geneva, Switzerland, the company has 39 offices in 31 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). www.temenos.com
For more information, please contact:
Sukanti Ghosh
Head - Corporate Communications
BankMuscat (SAOG)
Ph: + 968 99261325
Email: sukantig@bankmuscat.com
Suha Al Raisi,
Officer - Corporate Communications
BankMuscat (SAOG)
Ph: + 968 24 768595
Email: suhaa@bankmuscat.com
For more information, please contact:
Geet Bhalla
Country Sales Manager - Middle East
Temenos Middle East
Ph: +9714 3913100
Caroline Guennelon
TEMENOS
Communication and Marketing Advisor
Tel: +41 (0) 22 855 1476
Email: cguennelon@temenos.com
© Press Release 2006
