Bank Standard in Azerbaijan Goes Live With Temenos T24
Bank Standard has become the first bank in Azerbaijan to go live with T24 solution from Temenos Group. T24 now provides the bank with centralised core banking capabilities across its retail, treasury and Internet banking operations. The system, which went live in June 2008, has been implemented at the bank’s branch in Baku, Azerbaijan, with a further 13 sites, including the head office, to go live later in the year. 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. The system was implemented by Temenos’ Moscow-based team. Based on this implementation, Temenos has created the Model Bank platform for Azerbaijan, which will be used as a standard for further implementations in the country. The bank will deploy T24 in a further seven branches in 2008. This is part of a two-year expansion plan during which the bank will look to grow its assets and loans by 35-40% and extend its branch network to 21 sites. The system runs on HP servers with an HP Unix operating system and Oracle database.