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Canada's Second Largest Credit Union Goes Live on Temenos
GENEVA, Feb. 14, 2013, 2013 (Canada NewsWire via COMTEX) --
Vancouver-based Coast Capital Savings Credit Union switches over to
TEMENOS T24 to support growth and drive innovation
Temenos (SIX: TEMN), the market leading
provider of mission critical solutions to the financial services
industry, today announces that Coast Capital Savings Credit Union
("Coast Capital") has gone live with a new core banking system, TEMENOS
T24, to process approximately 450,000 transactions per day.
Coast Capital has deployed TEMENOS T24, the world's most widely-used
core banking application, on HP servers and hardware. It replaces two
systems, helping to give the bank better operational control and a
consolidated view of its business. In addition, Coast Capital is also
live on TEMENOS Insight, Temenos' domain-specific business analytics
tool, which makes available to managers a range of desktop reports and
dashboards helping to improve decision-making. The implementation was
carried out chiefly by staff from Coast Capital and Temenos with
support from Ernst & Young.
Coast Capital made the decision to replace its core systems primarily in
order to future-proof its IT infrastructure. In common with much of the
financial services sector in Canada, which has been little affected by
the financial crisis of 2008, Coast Capital has been enjoying strong,
consistent growth. It has more than doubled its asset base in the last
10 years from Canadian $5.7 billion to Canadian $11.8 billion as at
December 31, 2011 and member numbers have increased to more than half a
million. In light of this growth, Coast Capital was keen to move off
its legacy systems, so it could accommodate further growth in member
numbers and processing volumes, and to migrate to a modern system with
robust and proven scalability.
In addition, Coast Capital sought core system renewal to help foster
innovation. Innovation is at the heart of Coast Capital's value system
and it has a strong record of delivering pioneering products and
services, such as its highly flexible You're the BossTM Mortgage. Through system renewal, Coast Capital believes it can create the
conditions for further innovation, as well as bring these products and
services to market quicker.
Tracy Redies, president and CEO of Coast Capital Savings, said the conversion to the T24 banking system is a significant
investment in the future of the organization adding that it will ensure
the credit union has the needed technological backbone to accommodate
future growth and to further enhance its products and services to
members.
"Given our rapidly growing customer base, our new banking system
provides us with a strong, flexible and robust environment that will
help us continue to deliver innovative products and services to
customers across a wide range of channels, be it online, mobile or
in-branch," Redies said. "The primary reason we chose Temenos is that
it offers us a banking system solution that is scalable and that has a
built-in ability to grow with our organization and the constantly
evolving needs of our customers."
David Arnott, Temenos CEO, added: "We are delighted that Coast Capital has entered into live
production with T24 and Insight and we look forward to supporting them
through their next phase of growth. Canada is a highly strategic market
for Temenos, where we see strong demand for our applications and where
we have been making significant investments. The benefits of our
investment are becoming increasingly apparent with 29 Canadian
customers already live on our software and with Temenos having deep
expertise and knowledge in the market as well as a mature and growing
partner ecosystem."
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software
systems to retail, corporate, universal, private, Islamic, microfinance
and community banks, wealth managers, and financial institutions.
Headquartered in Geneva with more than 55 offices worldwide, Temenos
software is proven in over 1,500 customer deployments in more than 125
countries across the world. Temenos' products provide advanced
technology and rich functionality, incorporating best practice
processes that leverage Temenos' expertise around the globe. Temenos
customers are proven to be more profitable than their peers: in the
period 2008-2010, Temenos customers enjoyed on average a 30% higher
return on assets, a 46% higher return on capital and an 8.5 percentage
point lower cost/income ratio than banks running legacy applications.
For more information please visit http://www.temenos.com.
SOURCE: Temenos
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2013/14/c5573.html
SOURCE: Temenos
Temenos contacts: Ben Robinson Director of Strategy and Marketing Tel:
+41-22-708-15-35 Email:brobinson@temenos.com Andrew Smith Head of Investor Relations
Tel:+44(0)207-423-3713 Email:asmith@temenos.com Grace Keeling Hotwire for Temenos
Tel: +44(0)207-608-8362 Email:temenos@hotwirepr.com
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