News
Metavante, Temenos launch core-banking platform in U.S.
March 14, 2007
MILWAUKEE - Metavante Corp., a subsidiary of Marshall & Ilsley Corp., and Temenos Group, an international provider of integrated core-banking systems, have signed a strategic deal to launch an advanced core-banking platform based on Temenos CoreBanking, also known as TCB.
According to a news release, the two companies plan to target top-tier U.S. financial institutions.
"We expect the combination of Metavante's leading market position, its development and distribution prowess in the U.S. banking software market, and its expertise in outsourcing services, with the product superiority of TCB will prove a formidable combination both in the United States and internationally," said Temenos chief executive Andreas Andreades.
The initiative combines TCB banking technology with Metavante's banking knowledge and experience. Metavante is expected to be the exclusive provider of the TCB-based platform to the U.S. market; Metavante says it also will enjoy a preferential status for providing TCB as an outsourced solution internationally.
Metavante will deliver the TCB-based platform as a licensed solution designed for tier-one and tier-two FIs. Metavante also plans to integrate TCB's advanced capabilities as a series of component upgrades for large FIs that already use Metavante's core-banking platform.
"Metavante is making a significant investment in core banking that, together with our on-going investment in our core business, will provide financial institutions with access to the latest technology and functionality to successfully compete in tomorrow's banking market," said Metavante president and chief executive Frank Martire. "This platform will be one cornerstone of Metavante's growth strategy for serving large financial institutions and expanding business internationally."
TCB is the Temenos' solution for large-scale retail and commercial banks. TCB is a scalable next-generation platform that delivers core retail processing.
Robert Hunt, a senior analyst specializing in core-banking and transaction systems at Boston-based consultancy TowerGroup, said the combination of Temenos' global banking technology and Metavante's deep banking knowledge and experience in developing and deploying technology to the U.S. financial-services marketplace will have a significant impact on the industry.
"With large U.S. banks considering the need to implement new, real-time capable core banking systems, TowerGroup believes this alliance will allow Metavante to deliver Temenos' new enhanced platform on both a software license and service bureau basis," Hunt said. "TowerGroup expects this alliance to reap rewards for both companies. In this agreement, Metavante will gain a state-of-the-art core banking system, while Temenos will gain U.S. banking support and expertise."
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