Temenos T24 & CORE Banking
Core Banking- what is it?
As described by Antony Peyton, senior reporter at IBS Intelligence, “CORE banking is the essential services the bank offers” which includes:
· Taking deposits & lending money
· Managing financial transactions
· Keeping details of accounts and account holders
· Linking all accounts and account holders via a database
· Maintaining its own accounts i.e. fixed & Variable Costs
· Routine maintenance i.e. Opening & Closing accounts, Interest calculations etc...
Where does Temenos and their star product T24 come in?
Temenos is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic and microfinance & community banks. T24 is a widely used core banking system and provides a technically advanced, SOA-based front-to-back platform for banks in over 120 countries, from small community banks to large retail banks with over 15 million accounts, the company has recently received the title of:
· A 'Global Power Seller' for new business deals for 11 consecutive years
· A 'Top Global Player' for 5 consecutive years signing 173 deals with new and existing customers
Emmanuel Daniel, chairman of Asian Banker, stated he wanted to “Kill CORE Banking as we know it”.
So why does Emmanuel Daniel want to “Kill CORE Banking”?
Daniel believes that the future of CORE Banking rests in Digitisations; most modern banks claim they are 80% digitised. However, more often than not, this is not the case. Digitisation has changed its definition since the early 21st century, having an online presence and a contactless card is just not enough.
Emmanuel claims that most CORE Banking services are still carried out manually be it “the routine due diligence to the customer, the fulfilment process or the securitisation process.”
If you are staffing your projects and need expert recruitment in the T24 space please reach out to Skillfinder International: +44 (0)203 763 9500 / firstname.lastname@example.org