Temenos signs new contracts with Mellon, TIB and Techcom

These new contracts represent a strengthening of Temenos’ presence in the US and a move into the emerging markets of Asia Pacific and Eastern Europe, bringing the total number of countries with Temenos installations to 96.

“Mellon will be implementing selected modules of Globus primarily to manage the exposure to credit risk of its international cash management group in London, Boston and Toronto,” said Temenos Group vice chairman, Kim Goodall.

“In terms of the timeframe of the implementation, there is a three-phase approach. The first phase will be live by the end of Q2 this year,” he added.

The Techcom and TIB implementations will see Globus replace both institutions’ current core banking systems in an effort to drive revenue growth and general operational efficiency. It will also assist Hanoi-based Techcom in the development of a broader range of products and services, as well as supporting both institutions in the management of credit, market and operational risk.

“The existing systems that TIB is replacing are partly computerised, but significantly manual,” said Goodall. “Much of their business is booked and processed manually, which is potentially error-prone and puts constraints on the overall growth of the bank.”