Metavante and TEMENOS Form Strategic Alliance to Launch Advanced Core Banking Platform for United States
14 March 2007 - 11:00PM
Business Wire
Metavante Corporation, the financial technology subsidiary of
Marshall & Ilsley Corporation (NYSE: MI), today announced the
signing of a strategic agreement with TEMENOS Group (SWX: TEMN),
the international provider of integrated core banking systems, to
launch an advanced core banking platform based on TEMENOS�
COREBANKING (TCB) for top-tier U.S. financial institutions. This
innovative initiative combines leading TEMENOS TCB global banking
technology with Metavante�s unique depth of banking knowledge and
40 years of experience in developing and deploying technology for
the U.S. financial services marketplace. Metavante will be the
exclusive provider of the new, advanced TCB-based platform to the
United States market and also enjoy a preferential status for
providing TCB as an outsourced solution internationally. Metavante
will deliver the new, enhanced TCB-based platform on a component
basis, enabling large banks to replace aging solutions on a �line
of business,� or phased approach. It will initially be available as
a licensed solution designed for tier-one and tier-two financial
institutions. In addition, Metavante plans to integrate these
advanced capabilities as a series of component upgrades for those
large financial institutions already using its core banking
platform. �Metavante is making a significant investment in core
banking that, together with our on-going investment in our core
business, will provide financial institutions with access to the
latest technology and functionality to successfully compete in
tomorrow�s banking market,� said Metavante President and Chief
Executive Officer Frank Martire. �This platform will be one
cornerstone of Metavante�s growth strategy for serving large
financial institutions and expanding business internationally.� �We
expect the combination of Metavante�s leading market position, its
development and distribution prowess in the U.S. banking software
market, and its expertise in outsourcing services, with the product
superiority of TCB will prove a formidable combination both in the
United States and internationally,� said TEMENOS Chief Executive
Officer Andreas Andreades. TCB is the Temenos� solution for
large-scale retail and commercial banks. TCB is a highly scalable
solution for tier-one and tier-two banks, as well as multi-bank
outsourcing centers. It is a next-generation platform that delivers
core retail processing together with a competitive advantage. TCB
runs a number of large-scale banking operations. In Europe, TCB
operates in the largest retail bank outsourcing center in Spain,
running 74 banks and supporting a branch network of over 4,000
branches in a single processing instance. In Asia, TCB has been
used as the core platform for a retail bank processing 17 million
accounts. �Because the TCB solution is platform independent, it can
be deployed in COBOL as well as Java in a J2EE environment. This
should be attractive to large U.S. banks, which operate with large
mainframe environments and are challenged with aging platforms,�
said Paul Danola, group president, Metavante Enterprise Solutions.
�The new Metavante solution will provide large banks with
next-generation technology to support advanced frameworks and
standards; platform independence; offer a parameter-based solution
built with flexible code generation; and a services-oriented
architecture that is both open and able to integrate to other
environments,� he added. Metavante and Temenos will be co-hosting
an investor briefing session in New York on 21st March, and in
London on the 22nd March. Investors who are interested in attending
should contact the respective investor relations officers (see
contacts below). About TEMENOS Founded in 1993, TEMENOS Group AG is
a provider of integrated modular core banking systems to over 580
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 About Metavante Metavante Corporation delivers
banking and payments technologies to over 8,600 financial services
firms and businesses worldwide. Metavante products and services
drive account processing for deposit, loan and trust systems,
image-based and conventional check processing, electronic funds
transfer, consumer healthcare payments, electronic presentment and
payment, and business transformation services. Headquartered in
Milwaukee, Metavante (www.metavante.com) is wholly owned by
Marshall & Ilsley Corporation (NYSE: MI). Metavante is a
registered trademark of Metavante Corporation. TEMENOS and TEMENOS�
COREBANKING are registered trademarks of TEMENOS Group AG.
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