August 18, 2008
Metavante Technologies, Milwaukee, is to start selling T24, a core banking system from Temenos Group, Geneva, building on an earlier agreement that gave Metavante exclusive rights to sell Temenos' other core system TCB (for Temenos Corebanking) within the U.S.
Temenos, has been selling T24, an application for Tier 1 banks, in its own right in the States since 1997—shortly after the company was established in 1993. Temenos now has eight U.S. clients for T24, the biggest of which is JP Morgan (New York; $1.8 trillion in assets), Sole Chirco, a Temenos spokeswoman told BS&T.
"Temenos hopes to leverage Metavante's client relationships, distribution network and hosting capabilities to penetrate the foreign banking market in the U.S.," she said.
Metavante will provide T24 in an outsourced environment, as TCB is typically provided now. Metavante has more than 8,000 financial services clients worldwide for its banking and payments technologies.