Release Date: Monday, February 01, 2010
AF Bank, a bank in the Ufa Region of Russia has gone live on Temenos T24 (T24) in less than nine months.
The rapid implementation has enabled AF Bank to launch T24 in their Ufa head office and 5 regional branches, including new operations in Moscow, as part of a growth drive throughout Russia. With a strategic focus on the growth in retail and corporate banking markets, the bank aims to become one of the leading banking groups in Russia in the next five years.
"Replacing ten systems with T24 has transformed our infrastructure, giving us the functional breadth to expand our product range. Furthermore, we can now offer 24x7x365 services to our retail and corporate client base, a fundamental requirement in banking today. Operational integration and business process automation means we can now leverage a single customer view to enhance service quality whilst minimizing IT costs; since running T24 we have generated a significant reduction in cost per transaction. We now have fully built in best practice processes which enable us to be compliant with the regulatory requirements of the Central Bank of Russian Federation and T24's inherent flexibility means we can quickly adapt to legislative change," says Aidar Zubairov, Chairman of AF Bank.
"With T24, AF Bank gets the advantage of the world's leading international banking solution while also delivering specialist local support for the Russian market, including regulatory reporting and accounting. We are pleased to see that T24 is already enabling AF Bank to open new branches and broaden its product and service set, giving it wide reaching appeal as it expands into new markets and increases profitability. As its partner of choice for core banking support, Temenos is excited to be part of the bank's success as it works to achiieve its growth objectives," says Keith Stonell, Regional Director, Temenos. *
About Temenos
Founded in 1993 and listed on the main segment of the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a leading provider of integrated modular core banking systems. We serve more than 600 customers in over 120 countries, supported by 44 offices with more than 2,300 staff made up of over 60 nationalities.
Temenos’ only domain is banking software and our success is achieved by being completely focused on providing the best banking software available today. To this end, we consistently devote 20 percent of our revenues to research and development, higher than the average of our industry peers.
Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximise returns while streamlining costs. We provide 24x7 functionality to the Retail, Corporate and Correspondent, Universal, Private Wealth Management, Islamic, Microfinance and Community banking sectors. Temenos partners with central banks on core system replacement; and works with the World Bank on solutions for emerging markets.
For more information, visit http://www.temenos.com
About Temenos T24 (T24)
T24 is the most technically advanced banking system in the world today. It is a 24-hour real-time banking application that provides multiple application server support to a huge number of users. The system also eliminates the need to run End Of Day processing. It ties together multiple channels, and provides CRM functionality and true non-stop processing in a single system.
For more information, visit http://www.temenos.com/Software/T24/
About jBase
A multidimensional database, a development environment including a
development language, and a middleware component allowing other
mainstream and standards-based products to communicate with the jBASE
products. The unique jEDI middleware enables access to other databases
such as Oracle, DB2 and SQL Server. Microsoft Windows, all major Unix
platforms including Linux, and IBM's e-Servers are supported.
For more information, visit http://www.jbase.com/products/jbase.html
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