Friday, August 24, 2012

Temenos T24 banking software unveiled in Kenya

A leading IT consulting firm Sofgen launched in the country, a banking software branded ‘Temenos T24’ on a shared model accessed via the cloud platform.
Local small and Medium (SME) banks and microfinance institutions, which are the main target for the new service, are set to benefit from a more secure core banking system through pay-per-use model.
Speaking during last week’s Sofgen executive committee meeting in Nairobi, Sofgen Africa CEO Tunda Oladele said that microfinance institutions in the country fail to invest in robust IT systems due to high costs. Leading to the increased number of fraud cases in the mentioned institutions.
Sofgen tags its software as comparatively cheaper to maintain, having no operational expenditure as well as annual license fees. It only has annual subscription and on-boarding fees.  
The software comes as a great relief to the banking industry in the region as a recent research by Deloitte East Africa showed that the East African banks lost Sh4.05 billion (approx. $48.3 million) to fraud in the last 18 months, mainly through insider collusion.
Temenos T24 microfinance institution banking software solution comes with a pre-configured model bank based on microfinance and community banking best practices.

About Temenos T24
Temenos T24 is a banking system that pairs the most comprehensive and most powerfully flexible business functionality with the most advanced and scalable architecture.
T24 is built on open architecture, offers low cost of ownership and uses established standards such as HTTP, XML, and J2EE. Its design offers multiple application server support offering horizontal scalability and supporting huge numbers of users with non-stop resilience. 

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