Temenos, a Switzerland-based banking software company, recently launched its TEMENOS 24 (T24) platform for microfinance and community banking, which is a version of its retail banking software that has been tailored in an effort to meet the needs of microfinance institutions (MFIs). The software operates via a cloud-based model, which involves the use of a third-party network server that stores data and software, allowing users to access applications and information via the internet. T24, which works on the Azure cloud platform offered by US-based software firm Microsoft, is billed as a “low cost consumption-based pricing model” that is easily installable and flexible. The software is advertised as having specific functionality related to group-lending and other lending methodologies, management and portfolio reporting in line with standards espoused by CGAP (Consultative Group to Assist the Poor) and the ability to track investors’ funds.
According to a press release from Temenos, the software has been successfully piloted with six unnamed Mexican MFIs and is among the first microfinance-specific services offered on the Windows Azure platform. The announcement was made at the Microsoft Worldwide Partner Conference, where Temenos was selected as the Microsoft Financial Services Partner of the Year.
By Rohan Trivedi, Research Associate
About Temenos Group AG:
Temenos is a public banking software company that was founded in 1993 and has its headquarters in Geneva, Switzerland. Temenos develops and markets software systems for retail, corporate, universal, private, Islamic and microfinance & community banks. As of July 2011, Temenos works with approximately 1,000 financial institutions in 125 countries. For the year ending December 31, 2010, Temenos reported total assets of USD 984 million and net income of USD 37 million.
Sources and Additional Resources:
[1] Temenos Press Release: “Temenos Launches Cloud Strategy For The Global Microfinance Community With Microsoft Windows Azure”, http://www.temenos.com/Press-Releases/2011/Temenos-Launches-Cloud-Strategy-For-The-Global-Microfinance-Community-With-Microsoft-Windows-Azure/
MicroCapital.org story, June 14, 2011: “MICROCAPITAL BRIEF: MicroPlanet Technologies Announces Guatemalan Microfinance Institution (MFI) is First Customer for Hybrid Software-as-a-Service (SaaS) Platform”, https://www.microcapital.org/microcapital-brief-microplanet-technologies-announces-guatemalan-microfinance-institution-mfi-is-first-customer-for-hybrid-software-as-a-service-saas-platform/
MicroCapital.org story, June 5, 2007: “MICROCAPITAL STORY: Banking Software Company Temenos Wins Banker Award for its Product Geared Toward Microfinance”, https://www.microcapital.org/microcapital-story-banking-software-company-temenos-wins-banker-award-for-its-product-geared-toward-microfinance/
MicroCapital Universe Profile: Temenos Group AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Temenos+Group+AG
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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