Universal Bank Cyprus upgrades from Temenos to T24 to meet market adoption of Euro

Temenos Group, the Geneva-based provider of integrated core banking systems, today announced that Universal Bank Public Ltd. has upgraded its system from TEMENOS Globus (Globus) to TEMENOS T24 to meet the requirements of the Euro adoption in Cyprus. The upgrade was completed using Temenos Application Management Services (TAM), which provides a rapid and cost-effective migration path for banks enabling them to concentrate on banking operations.

Universal Bank first installed Globus in 1999 and signed the deal with Temenos in May 2007 to upgrade to T24.

Dr Episkopou, General Manager of Universal Bank, says: “Temenos’ core banking technology has served us well over the last eight years, so there was no question of which vendor to choose when the time came to upgrade our system to accommodate the growing business. The migration to T24 enabled us to manage such a huge change as the Euro introduction with relative ease and no disruption to our service, and all within a fast timescale.”

With a team of dedicated Professional Services Staff, Temenos upgraded the full application in six months allowing the Bank to go live in time for the Euro adoption, which was on January 01, 2008.

“Through our TAM services we provide banks with a smooth transition process, enabling them to future-proof their systems with minimal risk and cost,” added Andreas Andreades, CEO, Temenos.

“The fully upgradeable annual release of our products ensures that our clients maximise the return on their investment, and can continue to take advantage of our consistently high spending in R&D.”

“Our Professional Services team has implemented more than 600 core banking systems over the past decade, which ensures that banks can quickly take advantage of the benefits of their new banking system.”

T24 can be deployed on a fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment.