Temenos announced plans to develop a new payments system, built in conjunction with ABN AMRO Bank N.V., the Dutch bank.
The new system will be based upon the Temenos Enterprise Frameworks Architecture (TEFA), which provides the platform for Temenos’ market-leading 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 successful rollout and use 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 a fully 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 the highest 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.
The project will bring together ABN AMRO’s deep experience in using sophisticated payment engines inside the bank, with Temenos’ integrated approach and technology excellence, to maximise business productivity, STP efficiencies, product flexibility, and overall customer experience. The jointly developed solution will be fully integrated with the T24 core banking system, allowing the bank to take advantage of all core banking functionality including cash management, liquidity, business intelligence, AML, payment repair and account and risk management capabilities.
The payment gateway will handle different payment schemes, formats and protocols and will allow new payment channels to be linked. Temenos has experience of implementing core banking systems in over 125 countries; this will be leveraged to provide support for a wide range of different domestic payment schemes. Based on open standards, a sophisticated series of business rules can be applied independently to each aspect of the payment process (e.g. fees, routing, settlement, posting etc.). This will allow the rapid creation and rollout of innovative new payment products, ranging from complex high value to mass volume payments. Built using TEFA technology, the solution will be made available on all standard platforms. The new system has been designed to be completely scalable and capable of meeting the volume requirements of the largest banks for SWIFT, RTGS and ACH payments; it will also be available as an ‘out of the box’ model bank for banks with smaller volumes.
“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,” Mark Winterburn, Group Product Director, Temenos, added.