Banking software provider Temenos has announced plans to develop a new payments system, built in conjunction with Dutch bank ABN AMRO Bank N.V. The new system will be based upon the Temenos Enterprise Frameworks Architecture (TEFA), which provides the platform for Temenos' 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, integrating 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 and centralized payment solution. The solution will provide fully integrated and comprehensive support for all wholesale payments in all international locations, said Temenos, and 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, according to the firm.
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 also be able to handle different payment schemes, formats and protocols and will allow new payment channels to be linked. Temenos said its experience of implementing core banking systems in over 125 countries 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.