Temenos and ABN Amro to Build New Payments System
Temenos, a provider of banking software, has teamed up with Dutch bank ABN Amro to develop a new payments system. The new system will be based upon the Temenos Enterprise Frameworks Architecture (TEFA), which provides the platform for Temenos’ T24 core banking software, and will be implemented globally at all of ABN Amro’s international locations. The payments system will also be available as a standalone solution, operating seamlessly and in real-time with any core banking or checking accounts system.
Following the rollout of T24 in ABN Amro’s international corporate business locations over the past two years, the bank is extending the use of Temenos to deliver an automated, sophisticated and centralised payment solution. This will provide fully integrated and comprehensive support for all wholesale payments in all international locations. This global 24/7 solution will provide ABN Amro with high levels of straight-through processing (STP) for all payment types. This will allow the bank to handle greater volumes and thus support its business growth and expansion into new and existing lines of business and new territories, while lowering cost of ownership, maintenance costs and risks.
Mark Winterburn, group product director, Temenos, said: “Today’s ambitious banks are hungry for expansion into new territories and new profitable lines of business. The development of this fundamentally new payment services hub will deliver the industry a robust, fully automated system which will process incredibly high volumes of payments. We are very excited about this joint development project that will enable institutions to take a leadership position in this area.”