HP, Temenos to Transform Operations for Bank of Shanghai
SHANGHAI, China, HP, Temenos and Bank of Shanghai, a joint-stock commercial bank, today announced the implementation of a core banking solution at Bank of Shanghai to streamline operations, reduce time to market for new products, and enhance the experiences of the bank’s customers.
The flexibility of HP Adaptive Bank architecture combined with TEMENOS T24 core banking software will allow Bank of Shanghai to centrally manage approximately 13 million customer accounts and process more than 2.5 million transactions per day from one point of contact.
The core banking solution is expected to transform the bank’s retail banking operations by supporting a wide range of products and services, including deposits, loans and Internet banking. In addition, it will support regional payments services including the China National Payment System and China Union-pay.
“HP and Temenos successfully implemented the core banking system along with the Bank of Shanghai team, which is a milestone in our cooperation,” said Jiang Hong, vice president, Bank of Shanghai. “With the implementation and application of the core banking system, our service vision to be ‘customer centric’ will be taken to the next level. Meanwhile, the core banking system will help us boost our business development with a flexibly managed system of customized products, highly efficient business operations and international rules of business management.”
“Bank of Shanghai will be able to quickly respond to the needs of its customers across multiple delivery channels, while reducing its total cost of technology by implementing HP’s and Temenos’ solutions,” said Mike Blum, vice president, Financial Services Industries, HP. “By leveraging HP’s extensive knowledge of the Chinese and international banking markets, Bank of Shanghai will have a core banking system that drives competitive advantage today and into the future.”
“Working together, Temenos and HP bring value to customers around the world, helping them improve performance as well as ‘future proof’ their core banking infrastructure with scalable and flexible software and hardware solutions,” said Andreas Andreaedes, chief executive officer, Temenos. “By collaborating with Temenos, Bank of Shanghai is supporting its long-term business goal of becoming a truly international bank with global scope.”
More information about Bank of Shanghai is available at www.bankofshanghai.com.
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 44 offices worldwide, Temenos serves over 600 customers in more than 120 countries.
Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe.
Temenos’ advanced and automated implementation approach, provided by its strong Client Services organization, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20 percent of revenues in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. For more information please visit http://www.temenos.com.
HP, the world’s largest technology company, simplifies the technology experience for consumers and businesses with a portfolio that spans printing, personal computing, software, services and IT infrastructure. More information about HP (NYSE: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected results; and other risks that are described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2008 and HP’s other filings with the Securities and Exchange Commission, including but not limited to HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2007. HP assumes no obligation and does not intend to update these forward-looking statements.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.