OREANDA-NEWS. April 20, 2010. This process was over after the introduction of new software T24 of Swiss company Temenos at the head office of the bank, reported the press-centre of Bank Standard.

The management of Bank Standard and the Temenos Company’s representatives have held a press conference on this subject in the head office of the bank. The vice-president of the bank Samir Rzayev has underlined that the given event is a successful experience of introduction of new progressive bank technology not only in Azerbaijan, but also within the CIS as a whole.

In 2008, Bank Standard became the first user of this program in Azerbaijan with the supply of T24 software in its Arena branch. T24 has successfully replaced the bank’s previous system RS Bank 5.1, which lacked the scale and scope required to support the bank’s future growth. The bank has deployed T24 with an extensive set of modules including foreign exchange, funds transfer, loans and deposits, money market, nostro reconciliation, trade finance, securities and portfolio management, teller and internet banking.

Temenos’ T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos’ Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24’s flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.

Chief Executive Officer of Temenos in CIS and Baltic countries, Sergey Metelskiy said: “We are sure that a new system will establish best banking practices and help the bank optimize their business operations and be ready to scale properly to support their growth plans.”

About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 58 offices worldwide, Temenos serves over 1200 customers in more than 125 countries. 

Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. 

Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely.