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HP to Build Service Center to Help Bank of Shanghai Streamline Transaction Processing
Company expands relationship with TEMENOS to help customers develop and implement core banking solutionsPALO ALTO, Calif., Dec. 7, 2004
HP today announced an agreement with the Bank of Shanghai, a fast-growing retail bank with more than 200 branches, to build a standards-based service center designed to help the bank significantly reduce the costs and processing time of online transactions.
Working closely with TEMENOS, a provider of integrated, modular core banking systems, and Oracle, the world's largest enterprise software company, HP will build a complete service center to improve the performance of the bank's processing capabilities.
Scheduled for implementation in 2006, the service center will consolidate the Bank of Shanghai's global processing needs using industry-standard HP OpenBank infrastructure, software and services to deliver consistent information across multiple channels, such as branch, Internet, A™ and point of sale (POS) - dramatically improving customer experience.
"Companies in emerging economies like China face fast-growing demands on the efficiency of core banking systems, driving demand for initiatives to improve processing capabilities," said Susan Cournoyer, principal analyst, Global Industries, Financial Services, Gartner, an IT analyst firm. "These challenges, however, are not limited to emerging economies, with 30 percent of large U.S. banks reporting plans to increase spending on core banking through 2005, according to responses to Gartner's 2004 Global Industries survey."
In related news, HP and TEMENOS have announced an expanded global relationship to jointly offer core banking solutions for financial institutions. HP will provide technology products and a broad range of services - including consulting, implementation, customer-specific development and support - for TEMENOS T24™, a banking system designed to drastically reduce a bank's end of day processing.
"HP is diligently working to deliver to institutions, such as the Bank of Shanghai, core banking solutions that maximize business agility as never before," said John Wallace, vice president and managing director, Global Financial Services Industry, HP. "As a result of our expanded relationship with TEMENOS, we are now investing technical resources and infrastructure to pre-integrate TEMENOS T24 into HP OpenBank resulting in faster and easier core banking solutions deployments to financial services organizations around the world."
Together, HP, Oracle and TEMENOS have created a comprehensive flexible core banking system of TEMENOS T24 on HP Integrity Superdome servers running Oracle® Database 10g and HP-UX 11i.
"The combination of TEMENOS T24 and HP OpenBank is critical for banks and financial institutions looking to service markets with millions of people," said Andreas Andreades, chief executive officer, TEMENOS. "The challenges of combined performance, reliability, scalability and resiliency are all ably met in this advanced banking solution born from the cooperation with TEMENOS, HP and Oracle."
HP, Oracle and TEMENOS
HP, following extensive consultation with TEMENOS and Oracle, provides a range of offerings that support the specific needs of financial services clients. The relationship builds on HP's years of experience with financial services industry customers and provides a comprehensive solution to address online banking IT challenges around the globe.
Using the HP Adaptive Enterprise strategy to help customers synchronize business and IT to capitalize on change, HP can provide requirements analysis and solution architecture, system implementation and customization, as well as integration with associated systems emphasizing standards-based technologies and modular components.
TEMENOS T24 - built on an open architecture with established standards such as HTTP, XML and J2EE - offers a single client view across the enterprise designed for huge numbers of users with multiple application server support for real-time non-stop banking.
HP and TEMENOS manage a TEMENOS T24 competency center in Vienna, Austria, and a joint demonstration and testing center at TEMENOS headquarters in Geneva, Switzerland, both of which run a multi-tier configuration of HP infrastructure products, including Intel® Itanium®-based HP Integrity servers running 64-bit UNIX® and Oracle 10g.
Oracle technology and Oracle Financial Services Applications meet the specific requirements of the financial services industry. The largest banks in Asia run on Oracle - including the world's largest bank (by asset size), Mizuho Financial Group in Japan.
More information about HP's offerings for the financial services industry is available at http://www.hp.com/go/corebanking.
Founded in 1993, TEMENOS Group AG is a provider of integrated, core banking systems to over 300 financial institutions worldwide. Live in over 600 sites, TEMENOS software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private banking sectors or partnering with central banks on core system replacement, TEMENOS knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 34 offices in 29 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). http://www.temenos.com
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Oct. 31, 2004, HP revenue totaled $79.9 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
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