What is Temenos T24

27th of july 2015

Tuesday, the usual stuff, woke up at 6 and got ready by 6.30. Arrived at my office before 8,infact I was surprised at the time i got to the office. It was around 7.30,the road was free and it didn’t take me more than 35 minutes to arrive at my office. When I got in I greeted my colleagues, then went to my table and put on the system. 10 minutes later, a colleague of mine in the same unit called me that he wanted to show me something on T 24. T 24 by Temenos which is a banking software for banks and organizations as well for recording transactions and keep records which would be used in the valuation process.

 

I was showed the interface and told that my login details would soon be given to me. On the interface,  my supervisor strictly warned that on login in, I should ensure that I change the account to the required account that I would be posting to. He said that posting to the wrong account attracts a sanction….jor oo!!….so I quickly went online to Google the T24 and was getting anxious because I don’t want to be sanctioned oo.

 

So he said that on login in, I should change the companies account by going to tools and then change company, then I am to pick the companies account from the drop down menu. Then after I would navigate to the account maintenance, then fund transfer and fund transfer input. Then I press f3 to bring out a new input interface. I put in the details on the date, account to be debited, amount, amount to credit and the narration.  Then the final step would be to commit input.

 

I read this about T24 on their website though T24 is a massively scalable straight-through-processing solution. Robust transaction processing engines facilitate highly automated transaction handling from multiple channels and devices, driving growth and profitability for the bank. Key features include user configurable automated exception handling and a transaction recycling mechanism, plus protection from unwanted costs and potentially fraudulent transactions.

 

T24 provides an IFRS solution with the capability to classify and measure financial instruments, recognize the profit and loss, and enable full disclosure, as well as supporting your local GAAP accounting treatment. It also provides support for regulatory frameworks, such as Basel II and III, and regulatory reporting including:

FATCA compliance (for US-source income), through comprehensive functionalities relating to client identification, calculation of the withholding tax and reporting requirements

MiFID compliance, through a process that ensures trades are placed on MiFID-compliant stock exchanges and are executed at the best price.

 

TEMENOS T24 is the most technically advanced banking system available today. It combines the most comprehensive and flexible business functionality with the most advanced and scalable architecture. This gives it unprecedented power to meet the challenges of today and the opportunities of tomorrow.

I learnt that TEMENOS T24 runs on: Open hardware,  Open database, Open J2EE application server , Open user interface through browser, HTML and XSLT 3 Open connectivity through XML and Web Services , Open C language code, and Open Java development environment. TEMENOS T24  is highly scalable and permits clients to add further low cost servers as volume expands.

 

TEMENOS T24 can support:

• 1,000 transactions per second
• 10,000 signed-on users
• 100,000 signed-on Internet users
• 50,000,000 accounts

 

T24 can be used for the following operations:

 

T24 for Retail

T24 is used to support more than 250 retail operations ranging from the largest international retail banking groups to community banks and new start-ups. T24 for Retail offers broad retail functionality, from the front through to the back office, including CRM and product lifecycle management. Unparalleled scalability and resilience is combined with total customer centricity. T24 for Retail provides support for current accounts, property finance, consumer finance and cash deposits.

 

T24 for Corporate

Integrated support on a single platform is provided to banks offering services to corporate and professional clients. T24 enables them to introduce new business models quickly and add value to their customer relationships. Support includes coverage of corporate credit, correspondent banking and cash management, payments, treasury services and trade finance.

 

T24 for Universal

Supporting banks which deliver a wide range of products and services across retail and corporate banking, T24 for Universal offers an extraordinary breadth and depth of functionality across all channels, giving the universal bank the ability to offer products and services which compete with more specialised banks, together with the agility and flexibility required to compete with large international banks which may be entering the market. T24’s inherent scalability allows banks with many overseas branches to enjoy the benefits of a centralized production facility and product factory whilst maintaining local front office functionality

 

T24 for Private Wealth

Temenos has provided superior banking systems to private banks since its inception. It supports banking for affluent and high net worth individuals by providing front to back office support for the widest range of financial products. These range from the simplest fund and equity based instruments and FX through to structured products, exotic options and hedge funds. T24 for Private Wealth contains extensive discretionary and advisory asset management support, including full performance measurement, plus the ability to maintain and use multidimensional investment models. This Model Bank can provide full front to back processing or simply a component of this where, for example, an alternative asset management suite is in use.

 

T24 for Islamic Banking

The Islamic Banking industry has developed hugely over the last 20 years, particularly in the Middle East and South East Asia. Temenos has responded by creating a best-of-breed Islamic banking system. As a system which is both Sharia-compliant and commercially flexible,T24 for Islamic Banking supports organisations which operate solely on Islamic principles as well as allowing conventional banks to employ Islamic financial techniques in their banking and provide a profit-sharing framework as an alternative to an interest rate mechanism. So, clients using T24 for Islamic Banking benefit from adopting one core system to address all aspects of conventional and Islamic banking, and it is well-suited to most retail and corporate banking operations. T24 for Islamic Banking includes support for:

• Murabaha • Bei Salam • Musharaka • Istisnaa • Bei Bithaman Ajil • Wakala • Ijara

 

T24 for Microfinance and Community Banking

This Model Bank has been developed for microfinance institutions requiring a mature, flexible and affordable core banking system that is easy to install. It supports the specific operational and processing requirements of organisations engaged in retail, community and microfinance banking in emerging markets: micro lending institutions, smaller retail banks, large commercial microfinance institutions (MFIs) and global networks of financial intermediaries and Credit Unions. To date, Temenos has implemented T24 for Microfinance and Community Banking for more than 60 clients, many with multiple sites, in over 50 countries.

 

more information on T24 can be gotten on temenos.com