KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its trade finance sector to contribute 20% to the group's revenue in financial year ending June 30, 2009 (FY09), following the introduction of its new online trade finance service.
The e-trade finance service, expected to be rolled out in April next year, is anticipated to contribute 20% to the group's revenue in its first year of implementation, and 25% for subsequent years, said senior executive vice-president, head of business banking Rozidin Masari after the signing ceremony for online trade finance services between Maybank and HCL (Malaysia) Sdn Bhd on Wednesday.
Rozidin said the trade finance sector contributed 16%-17% to the group's revenue for the last financial year.
At present, Maybank has more than 17,000 customers utilising its trade finance facilities, with about 3,000 business customers registered with Maybank2e.net, an integrated online enterprise cash management financial portal.
"We aim to convert 10% of our Maybank2e.net customers in the first year of rollout to use this service and to grow it by 30% each year," said Rozidin.
The online trade finance services via Maybank2e.net would "enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime" said chief operating officer Datuk Johar Che Mat.
The new e-trade service, targeted at small-medium enterprises (SMEs) is expected to further enhance Maybank's present SME market, said Rozidin.
"We anticipate double-digit growth in SMEs and the commercial market for the financial year ending June 30, 2008 (FY08)," he added, in spite of only 1.1% growth in SME loans in its first quarter results ended Sept 30, 2007.
http://thestar.com.my/news/story.asp?file=/2007/11/21/business/20071121161739&sec=business
Wednesday, November 21, 2007
Tuesday, November 20, 2007
Syarikat Takaful counts on new system (November 20, 2007)
By DALJIT DHESI
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is upbeat on turning in higher earnings and revenue for the fiscal year ending June 30 (FY08), thanks to its new operating system.
Group managing director Datuk Hassan Kamil said the company anticipated net profit and revenue to surge by 20% and 25% respectively for FY08.
He added that the new system would help boost revenue and enable it to manage the group's capital structure more efficiently. It will also hasten the development and the launching of new products.
For FY07, STMB's group net profit stood at RM24.8mil on RM1.1bil in revenue against net profit of RM36.5mil and revenue of RM969.1mil in FY06.
Hassan said at company level, STMB posted a lower net profit of RM15.8mil for FY07 compared with RM28mil previously.
The lower profit was mainly due to the less profitable general takaful fund and higher management and operating expenses, he said.
According to Hassan, general takaful is less profitable due to an increase in claims, in particular, for motor and fire classes.
STMB, he said was currently reviewing these classes of Islamic insurance in a bid to improve its claims ratio.
Another reason for the lower general takaful profits was the increase in additional operating expenses relating to bad and doubtful debts.
The increase in management and operations expenses was because of the accelerated depreciation on its main operating system, which was due for replacement.
On the family (life) takaful business, Hassan said it had performed quite well compared with the previous year, posting a higher surplus transfer to the shareholders’ funds of RM121mil from RM71mil previously.
http://thestar.com.my/news/story.asp?file=/2007/11/20/business/19487438&sec=business
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is upbeat on turning in higher earnings and revenue for the fiscal year ending June 30 (FY08), thanks to its new operating system.
Group managing director Datuk Hassan Kamil said the company anticipated net profit and revenue to surge by 20% and 25% respectively for FY08.
He added that the new system would help boost revenue and enable it to manage the group's capital structure more efficiently. It will also hasten the development and the launching of new products.
For FY07, STMB's group net profit stood at RM24.8mil on RM1.1bil in revenue against net profit of RM36.5mil and revenue of RM969.1mil in FY06.
Hassan said at company level, STMB posted a lower net profit of RM15.8mil for FY07 compared with RM28mil previously.
The lower profit was mainly due to the less profitable general takaful fund and higher management and operating expenses, he said.
According to Hassan, general takaful is less profitable due to an increase in claims, in particular, for motor and fire classes.
STMB, he said was currently reviewing these classes of Islamic insurance in a bid to improve its claims ratio.
Another reason for the lower general takaful profits was the increase in additional operating expenses relating to bad and doubtful debts.
The increase in management and operations expenses was because of the accelerated depreciation on its main operating system, which was due for replacement.
On the family (life) takaful business, Hassan said it had performed quite well compared with the previous year, posting a higher surplus transfer to the shareholders’ funds of RM121mil from RM71mil previously.
http://thestar.com.my/news/story.asp?file=/2007/11/20/business/19487438&sec=business
Tuesday, November 6, 2007
Malaysia's Islamic Banking at Full Tilt
LONDON, 5 November 2007 — Hong Leong Islamic Bank (HLIB) in Malaysia is a bank with a difference. It is not your archetypal Islamic bank owned by Muslim Malay shareholders or any of the government agencies. It is part of a diversified industrial conglomerate involved in financial services, real estate, manufacturing and the hotel sector, primarily owned by one Malaysian Chinese family, which owns 65 percent of the group.
In Malaysia's fast-growing Islamic finance sector, HLIB, owned by one of the most conservative but diversified financial services groups in the country, Hong Leong Bank (HLB) Group, is making waves and in some respects leading the sector, especially in Islamic mortgages and insurance (Takaful).
"The ownership of the bank has not made any difference. This is a sensible market. The customers are interested in products with quality of service and price. We service all customers irrespective of ethnic background or religion. We are not selling according to religious belief, but according to quality products at the right price. I recently read that Bank Islam Malaysia would like to attract the local Chinese market. This shows you how the Islamic banking industry is crisscrossing the ethnic and religious divide," Khalid Bhaimia, managing director of HLIB, said.
In reality, and perhaps uniquely in Malaysia, non-Muslims are major uptakers of Islamic finance products. Banks such as HLIB, OCBC, and even the Malaysian cooperative bank, Bank Rakyat, report a 70 percent uptake by Chinese customers, for instance, of Islamic financial products.
When HLIB got its full Islamic banking license from Bank Negara Malaysia, the central bank, in March 2005, it initially focused on retail banking and financing small-and-medium-sized enterprises. Before that HLIB operated as an Islamic window at HLB till March 2005.
The current strategy, according to Bhaimia, is to transform HLIB into a full service Islamic bank, with greater emphasis on wholesale banking - corporate finance, investment banking and wealth management. Takaful is an important part of this services strategy. Indeed the bank has established a joint venture, Hong Leong Tokio Marine Takaful, with Japan's Tokio Marine Insurance Company, one of the world's largest insurance companies.
Tokio Marine is targeting the Islamic insurance markets and has already set up similar ventures in Dubai, Singapore, Indonesia, and Saudi Arabia.
In the Kingdom, Tokio Marine is joining forces with SAMBA Financial Services Group, and is in the process of establishing a Takaful joint venture following its license approval from SAMA. According to Atsuhiko Ayabe, General Manager, Research and Development, Hong Leong Tokio Marine Takaful, the group is also exploring Takaful joint ventures in other GCC and Middle East markets.
Malaysia's Islamic banking sector is going through a massive transformation. There are 9 Islamic banks including three foreign-owned ones. Three local windows Maybank, Public Bank and Alliance Bank will also go down the subsidiary route. Foreign banks such as HSBC, Standard Chartered and Citibank are also seeking Islamic banking licenses. The Malaysia Islamic Financial Center (MIFC) is also attracting offshore players.
HLIB's Bhaimia is confident that the Islamic banking sector will achieve the 20 percent market share target of the total banking system by 2020 set by the Malaysian government. He is also confident that the local sector will attract growing funds from the GCC countries. The recent signing of the Iskandar Development Region first phase investment involves a total of $1.2 billion investment from Kuwait Finance House, Dubai's Millennium International Corporation, Mubadala Investments and Aldar Properties - both from Abu Dhabi.
HLIB has a capital of RM500 million and a net worth RM600 million, which makes its risk weighted capital ratio (RWCR) about 17 percent. "Because we are a very conservative bank, our portfolio is extremely clean," Bhaimia said. "Our non-performing financing (NPF) assets are less than 1 percent, which is one of the lowest in the sector. We tend to look at a long-term sustainable model. When we decided to switch from a retail to full service banking model, we brought in teams to ensure the viability of the model to profitability." HLIB said it has one of the widest distribution networks in the country through HLB's 185 branches, through electronic banking and telemarketing.
Bhaimia is not overly concerned about the brain drain of Islamic bankers from Malaysia to the GCC countries. This brain drain is slowing down, and Malaysian Islamic bankers are no longer moving merely because of financial incentives, but because of a desire to progress in their career and gain experience through learning. "Many of the new generation of Islamic bankers in Malaysia are prepared to sacrifice some of the financial incentive in order to learn more about Islamic banking. Historically people moved primarily for financial reasons only," Bhaimia said, who was formerly the CEO of Dallah Albaraka (UK) Limited.
HLIB has a 60-strong staff who manage RM6.5 billion in total assets.
Bhaimia sees four major developments in the sector over the next year or so. There will be more product innovation in all areas, although such products take time to develop and roll out. The knowledge of market players, investors and consumers of Islamic banking will expand. Malaysian Islamic banking will go more cross-border, with Middle East transactions coming to the region, and Malaysian transactions going to the GCC. And Islamic banking education and training will proliferate much more.
"The Islamic banking sector in Malaysia now employs more than 9,000 people. Universities in Malaysia offer degrees and programs. I am optimistic that a year down the road we will have a more knowledgeable market place," Bhaimia added.
http://www.arabnews.com/?page=6§ion=0&article=103193&d=5&m=11&y=2007
In Malaysia's fast-growing Islamic finance sector, HLIB, owned by one of the most conservative but diversified financial services groups in the country, Hong Leong Bank (HLB) Group, is making waves and in some respects leading the sector, especially in Islamic mortgages and insurance (Takaful).
"The ownership of the bank has not made any difference. This is a sensible market. The customers are interested in products with quality of service and price. We service all customers irrespective of ethnic background or religion. We are not selling according to religious belief, but according to quality products at the right price. I recently read that Bank Islam Malaysia would like to attract the local Chinese market. This shows you how the Islamic banking industry is crisscrossing the ethnic and religious divide," Khalid Bhaimia, managing director of HLIB, said.
In reality, and perhaps uniquely in Malaysia, non-Muslims are major uptakers of Islamic finance products. Banks such as HLIB, OCBC, and even the Malaysian cooperative bank, Bank Rakyat, report a 70 percent uptake by Chinese customers, for instance, of Islamic financial products.
When HLIB got its full Islamic banking license from Bank Negara Malaysia, the central bank, in March 2005, it initially focused on retail banking and financing small-and-medium-sized enterprises. Before that HLIB operated as an Islamic window at HLB till March 2005.
The current strategy, according to Bhaimia, is to transform HLIB into a full service Islamic bank, with greater emphasis on wholesale banking - corporate finance, investment banking and wealth management. Takaful is an important part of this services strategy. Indeed the bank has established a joint venture, Hong Leong Tokio Marine Takaful, with Japan's Tokio Marine Insurance Company, one of the world's largest insurance companies.
Tokio Marine is targeting the Islamic insurance markets and has already set up similar ventures in Dubai, Singapore, Indonesia, and Saudi Arabia.
In the Kingdom, Tokio Marine is joining forces with SAMBA Financial Services Group, and is in the process of establishing a Takaful joint venture following its license approval from SAMA. According to Atsuhiko Ayabe, General Manager, Research and Development, Hong Leong Tokio Marine Takaful, the group is also exploring Takaful joint ventures in other GCC and Middle East markets.
Malaysia's Islamic banking sector is going through a massive transformation. There are 9 Islamic banks including three foreign-owned ones. Three local windows Maybank, Public Bank and Alliance Bank will also go down the subsidiary route. Foreign banks such as HSBC, Standard Chartered and Citibank are also seeking Islamic banking licenses. The Malaysia Islamic Financial Center (MIFC) is also attracting offshore players.
HLIB's Bhaimia is confident that the Islamic banking sector will achieve the 20 percent market share target of the total banking system by 2020 set by the Malaysian government. He is also confident that the local sector will attract growing funds from the GCC countries. The recent signing of the Iskandar Development Region first phase investment involves a total of $1.2 billion investment from Kuwait Finance House, Dubai's Millennium International Corporation, Mubadala Investments and Aldar Properties - both from Abu Dhabi.
HLIB has a capital of RM500 million and a net worth RM600 million, which makes its risk weighted capital ratio (RWCR) about 17 percent. "Because we are a very conservative bank, our portfolio is extremely clean," Bhaimia said. "Our non-performing financing (NPF) assets are less than 1 percent, which is one of the lowest in the sector. We tend to look at a long-term sustainable model. When we decided to switch from a retail to full service banking model, we brought in teams to ensure the viability of the model to profitability." HLIB said it has one of the widest distribution networks in the country through HLB's 185 branches, through electronic banking and telemarketing.
Bhaimia is not overly concerned about the brain drain of Islamic bankers from Malaysia to the GCC countries. This brain drain is slowing down, and Malaysian Islamic bankers are no longer moving merely because of financial incentives, but because of a desire to progress in their career and gain experience through learning. "Many of the new generation of Islamic bankers in Malaysia are prepared to sacrifice some of the financial incentive in order to learn more about Islamic banking. Historically people moved primarily for financial reasons only," Bhaimia said, who was formerly the CEO of Dallah Albaraka (UK) Limited.
HLIB has a 60-strong staff who manage RM6.5 billion in total assets.
Bhaimia sees four major developments in the sector over the next year or so. There will be more product innovation in all areas, although such products take time to develop and roll out. The knowledge of market players, investors and consumers of Islamic banking will expand. Malaysian Islamic banking will go more cross-border, with Middle East transactions coming to the region, and Malaysian transactions going to the GCC. And Islamic banking education and training will proliferate much more.
"The Islamic banking sector in Malaysia now employs more than 9,000 people. Universities in Malaysia offer degrees and programs. I am optimistic that a year down the road we will have a more knowledgeable market place," Bhaimia added.
http://www.arabnews.com/?page=6§ion=0&article=103193&d=5&m=11&y=2007
Tuesday, October 23, 2007
AmBank to upgrade from Temenos Globus to Temenos T24 (23rd October 2007)
By http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
Temenos Group, a provider of integrated core banking systems, has announced that Malaysia-based AmBank is planning to upgrade from Temenos Globus to Temenos T24 to support its Kuala Lumpur operations.
Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank's local requirements.
With Temenos T24, (T24) the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. The upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
T24 is a thin client, scalable, integrated, modular banking system. It is built on open system principles and uses established technology standards such as HTTP, XML and HTML. It will offer a single client view across the enterprise and can support large numbers of users with true non-stop resilience.
Teng Choy, director of group treasury at AmBank, said: "Temenos' technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We're keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering."
http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
Temenos Group, a provider of integrated core banking systems, has announced that Malaysia-based AmBank is planning to upgrade from Temenos Globus to Temenos T24 to support its Kuala Lumpur operations.
Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank's local requirements.
With Temenos T24, (T24) the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. The upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
T24 is a thin client, scalable, integrated, modular banking system. It is built on open system principles and uses established technology standards such as HTTP, XML and HTML. It will offer a single client view across the enterprise and can support large numbers of users with true non-stop resilience.
Teng Choy, director of group treasury at AmBank, said: "Temenos' technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We're keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering."
http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
Wednesday, October 11, 2006
Microsoft Adds Support for FileAct and InterAct to BizTalk Accelerator for SWIFT
New BizTalk adapters extend connections to SWIFTNet, helping enable STP and lower operational costs.
SYDNEY, Australia — Oct. 11, 2006 — Microsoft Corp. announced today at Sibos 2006 that it now supports the full complement of SWIFT messaging services, adding adapters for SWIFTNet FileAct and InterAct to Microsoft® BizTalk® Accelerator for SWIFT. In addition, the solution has been granted a SWIFTReady Gold Financial EAI (enterprise application integration) label for the third year running.
Using BizTalk Accelerator for SWIFT’s new support for FileAct and InterAct can help financial firms achieve substantial cost savings when exchanging bulk payment files. The new BizTalk adapters facilitate the real-time exchange of financial information across SWIFTNet and enable externally supplied applications to fully utilize the features of InterAct and FileAct.
“SWIFT’s relationship with Microsoft is an important strategic alliance,” said Johan Kestens, head of marketing at SWIFT. “The solutions Microsoft and its partners are developing for SWIFTNet demonstrate real benefits for our customers as they simplify support for SWIFT messaging services.”
“When using SWIFTNet messaging services such as FileAct and InterAct, customers have indicated a clear need for technology that improves connectivity to SWIFT to help enable substantial cost savings,” said Robert Wahbe, corporate vice president, Connected Systems Division at Microsoft. “Microsoft has extended BizTalk Accelerator for SWIFT with FileAct and InterAct adapters as it provides customers with a platform through which to connect SWIFT and existing line-of-business applications, and achieve these goals.”
“The industry is calling for greater automation, more standardized business process flows in the payments area, and the continuation of the drive toward a single market,” said David Vander, worldwide managing director of Banking at Microsoft. “Microsoft and its partners are working to provide solutions for the industry that are efficient and cost-effective and enable employees to help their companies seize market opportunities, make smart decisions and realize maximum value from technology investments.”
The added Microsoft BizTalk adapters for SWIFTNet InterAct and FileAct provide connectivity between Microsoft BizTalk Server 2006 and the SWIFT Secure IP Network (SIPN) via the SWIFTNet link APIs. SIPN enables SWIFT customers to transfer messages and files using InterAct and FileAct respectively, over a security-enhanced, private network, and facilitates bilateral communication between financial institutions, industry infrastructures and customers.
BizTalk Accelerator for SWIFT enables customers to simplify their infrastructure and connect to SWIFT across one integrated messaging platform, helping deliver rapid return on investment by reducing the complexity of bilateral communications between institutions. It also provides customers with enhanced messaging capabilities, delivers specific formats and provides schemas for financial messaging standards and middleware integration tools.
At Sibos 2006, Microsoft is demonstrating how it enables partners to build sophisticated applications using SWIFTNet services, solutions and standards. The following are among the partners exhibiting with Microsoft at Sibos:
• Avanade, demonstrating SWIFTNet Cash Reporting
• Message Automation Ltd., demonstrating the potential for leveraging Financial products Markup Language (FpML) connectivity over SWIFTNet
• SAGA Services Ltd., demonstrating support for low-value payments
• TEMENOS, demonstrating connectivity of TEMENOS T24, its modular core banking solution to SWIFT
• Unisys, demonstrating support for SWIFTNet Bulk Payments
• WealthCraft Systems Ltd., demonstrating its solution for SWIFTNet Funds
http://www.microsoft.com/presspass/press/2006/oct06/10-10MSSWIFTPR.mspx
SYDNEY, Australia — Oct. 11, 2006 — Microsoft Corp. announced today at Sibos 2006 that it now supports the full complement of SWIFT messaging services, adding adapters for SWIFTNet FileAct and InterAct to Microsoft® BizTalk® Accelerator for SWIFT. In addition, the solution has been granted a SWIFTReady Gold Financial EAI (enterprise application integration) label for the third year running.
Using BizTalk Accelerator for SWIFT’s new support for FileAct and InterAct can help financial firms achieve substantial cost savings when exchanging bulk payment files. The new BizTalk adapters facilitate the real-time exchange of financial information across SWIFTNet and enable externally supplied applications to fully utilize the features of InterAct and FileAct.
“SWIFT’s relationship with Microsoft is an important strategic alliance,” said Johan Kestens, head of marketing at SWIFT. “The solutions Microsoft and its partners are developing for SWIFTNet demonstrate real benefits for our customers as they simplify support for SWIFT messaging services.”
“When using SWIFTNet messaging services such as FileAct and InterAct, customers have indicated a clear need for technology that improves connectivity to SWIFT to help enable substantial cost savings,” said Robert Wahbe, corporate vice president, Connected Systems Division at Microsoft. “Microsoft has extended BizTalk Accelerator for SWIFT with FileAct and InterAct adapters as it provides customers with a platform through which to connect SWIFT and existing line-of-business applications, and achieve these goals.”
“The industry is calling for greater automation, more standardized business process flows in the payments area, and the continuation of the drive toward a single market,” said David Vander, worldwide managing director of Banking at Microsoft. “Microsoft and its partners are working to provide solutions for the industry that are efficient and cost-effective and enable employees to help their companies seize market opportunities, make smart decisions and realize maximum value from technology investments.”
The added Microsoft BizTalk adapters for SWIFTNet InterAct and FileAct provide connectivity between Microsoft BizTalk Server 2006 and the SWIFT Secure IP Network (SIPN) via the SWIFTNet link APIs. SIPN enables SWIFT customers to transfer messages and files using InterAct and FileAct respectively, over a security-enhanced, private network, and facilitates bilateral communication between financial institutions, industry infrastructures and customers.
BizTalk Accelerator for SWIFT enables customers to simplify their infrastructure and connect to SWIFT across one integrated messaging platform, helping deliver rapid return on investment by reducing the complexity of bilateral communications between institutions. It also provides customers with enhanced messaging capabilities, delivers specific formats and provides schemas for financial messaging standards and middleware integration tools.
At Sibos 2006, Microsoft is demonstrating how it enables partners to build sophisticated applications using SWIFTNet services, solutions and standards. The following are among the partners exhibiting with Microsoft at Sibos:
• Avanade, demonstrating SWIFTNet Cash Reporting
• Message Automation Ltd., demonstrating the potential for leveraging Financial products Markup Language (FpML) connectivity over SWIFTNet
• SAGA Services Ltd., demonstrating support for low-value payments
• TEMENOS, demonstrating connectivity of TEMENOS T24, its modular core banking solution to SWIFT
• Unisys, demonstrating support for SWIFTNet Bulk Payments
• WealthCraft Systems Ltd., demonstrating its solution for SWIFTNet Funds
http://www.microsoft.com/presspass/press/2006/oct06/10-10MSSWIFTPR.mspx
Monday, October 9, 2006
TEMENOS T24™ to support SWIFTNet using Microsoft BizTalk Server and BizTalk Accelerator for SWIFT (9 October 2006)
Sydney, Australia:
At Sibos 2006, TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that TEMENOS T24, its modular core banking system, will support Microsoft® BizTalk® Server 2006, and Microsoft BizTalk Accelerator for SWIFT, enabling banks to directly access TEMENOS T24’s SWIFT capabilities. By leveraging BizTalk Server and BizTalk Accelerator for SWIFT’s rich support for SWIFTNet messaging services, TEMENOS T24 can provide a common integration platform for SWIFT customers and enable banks to maintain a cost-effective infrastructure through greater integration, reducing the total cost of ownership. This will be available with version R07 of TEMENOS T24 from April 2007.
BizTalk Accelerator for SWIFT extends BizTalk Server to provide comprehensive, reliable, and secure delivery of financial messaging using SWIFT standards, its secure messaging network. This minimises the need for extensive manual checking of data and allows staff to concentrate on tasks more directly, attributable to revenue growth. BizTalk Accelerator for SWIFT also makes it easier for customers using legacy systems to connect to SWIFTNet, increasing straight-through processing (STP) and enabling message generation, validation, repair and business activity monitoring. TEMENOS T24 supports both inbound and outbound SWIFT messages and can be linked directly with a SWIFT gateway if required or via BizTalk Accelerator for SWIFT using the TEMENOS T24 adapter. For SWIFT implementations using BizTalk Server, routing all messages from and to TEMENOS T24 via BizTalk Accelerator for SWIFT and the TEMENOS T24 adapter creates a common platform for managing all aspects of financial messaging. This enables TEMENOS T24 users to benefit from new SWIFTNet messaging services such as SWIFTNet FileAct and SWIFTNet InterAct, delivering major cost savings, improving business processes and increasing STP and the ability to react to changes in the market.
David Vander, worldwide managing director, banking, Microsoft, says: “This announcement demonstrates how together, TEMENOS and Microsoft are working to help customers get the most out of their core banking systems. It also demonstrates the commitment TEMEMOS has to extending its connection to SWIFT and providing SWIFT customers with a reliable and cost efficient platform on which to do business.”
This is the latest development in the partnership between TEMENOS and Microsoft, which the companies first formally announced in June 2005. In June 2006, TEMENOS announced that TEMENOS T24 would support Microsoft SQL Server™ 2005. Today, the system works with key Microsoft products running from the database back-end through to client front-end, providing customers with a greater choice of technologies for running their core banking systems.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Mark Gunning, group strategy director, TEMENOS, adds: “Effective integration has always been a key feature of TEMENOS T24. With this latest development, clients can take full advantage of BizTalk Server’s capabilities in enterprise application integration, while benefiting from BizTalk Accelerator for SWIFT’s SWIFTReady Gold Financial EAI accreditation. By managing SWIFTNet services, standards and solutions through the same environment, customers can simplify their architecture and reduce total cost of ownership.”
The announcement is made on the first day of the annual SIBOS conference in Sydney which runs until 13 October 2006. The event, organised by SWIFT, brings together over 2,000 delegates, including the world’s top financial institutions, vendors, technology and solutions providers along with SWIFT and its business partners. TEMENOS is exhibiting at Microsoft’s stand L07.
According to the latest International Banking Systems sales league table, published in March 2006, TEMENOS has the largest core banking client base in the world with a stated 600 live sites. The company continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24, TEMENOS™ COREBANKING and TEMENOS T-Risk.
http://www.bobsguide.com/guide/news/2006/Oct/9/TEMENOS_T24%E2%84%A2_to_support_SWIFTNet_using_Microsoft_BizTalk_Server_and_BizTalk_Accelerator_for_SWIFT.html
At Sibos 2006, TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that TEMENOS T24, its modular core banking system, will support Microsoft® BizTalk® Server 2006, and Microsoft BizTalk Accelerator for SWIFT, enabling banks to directly access TEMENOS T24’s SWIFT capabilities. By leveraging BizTalk Server and BizTalk Accelerator for SWIFT’s rich support for SWIFTNet messaging services, TEMENOS T24 can provide a common integration platform for SWIFT customers and enable banks to maintain a cost-effective infrastructure through greater integration, reducing the total cost of ownership. This will be available with version R07 of TEMENOS T24 from April 2007.
BizTalk Accelerator for SWIFT extends BizTalk Server to provide comprehensive, reliable, and secure delivery of financial messaging using SWIFT standards, its secure messaging network. This minimises the need for extensive manual checking of data and allows staff to concentrate on tasks more directly, attributable to revenue growth. BizTalk Accelerator for SWIFT also makes it easier for customers using legacy systems to connect to SWIFTNet, increasing straight-through processing (STP) and enabling message generation, validation, repair and business activity monitoring. TEMENOS T24 supports both inbound and outbound SWIFT messages and can be linked directly with a SWIFT gateway if required or via BizTalk Accelerator for SWIFT using the TEMENOS T24 adapter. For SWIFT implementations using BizTalk Server, routing all messages from and to TEMENOS T24 via BizTalk Accelerator for SWIFT and the TEMENOS T24 adapter creates a common platform for managing all aspects of financial messaging. This enables TEMENOS T24 users to benefit from new SWIFTNet messaging services such as SWIFTNet FileAct and SWIFTNet InterAct, delivering major cost savings, improving business processes and increasing STP and the ability to react to changes in the market.
David Vander, worldwide managing director, banking, Microsoft, says: “This announcement demonstrates how together, TEMENOS and Microsoft are working to help customers get the most out of their core banking systems. It also demonstrates the commitment TEMEMOS has to extending its connection to SWIFT and providing SWIFT customers with a reliable and cost efficient platform on which to do business.”
This is the latest development in the partnership between TEMENOS and Microsoft, which the companies first formally announced in June 2005. In June 2006, TEMENOS announced that TEMENOS T24 would support Microsoft SQL Server™ 2005. Today, the system works with key Microsoft products running from the database back-end through to client front-end, providing customers with a greater choice of technologies for running their core banking systems.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Mark Gunning, group strategy director, TEMENOS, adds: “Effective integration has always been a key feature of TEMENOS T24. With this latest development, clients can take full advantage of BizTalk Server’s capabilities in enterprise application integration, while benefiting from BizTalk Accelerator for SWIFT’s SWIFTReady Gold Financial EAI accreditation. By managing SWIFTNet services, standards and solutions through the same environment, customers can simplify their architecture and reduce total cost of ownership.”
The announcement is made on the first day of the annual SIBOS conference in Sydney which runs until 13 October 2006. The event, organised by SWIFT, brings together over 2,000 delegates, including the world’s top financial institutions, vendors, technology and solutions providers along with SWIFT and its business partners. TEMENOS is exhibiting at Microsoft’s stand L07.
According to the latest International Banking Systems sales league table, published in March 2006, TEMENOS has the largest core banking client base in the world with a stated 600 live sites. The company continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24, TEMENOS™ COREBANKING and TEMENOS T-Risk.
http://www.bobsguide.com/guide/news/2006/Oct/9/TEMENOS_T24%E2%84%A2_to_support_SWIFTNet_using_Microsoft_BizTalk_Server_and_BizTalk_Accelerator_for_SWIFT.html
Tuesday, May 2, 2006
Citibank Glossary
GCG Global Consumer Group
GCIB Global Corporate & Investment Bank
JA Jalan Ampang, PG Penang, JB Johor Bahru
AO Account Officer
SM Sales Manager
TSM Team Sales Manager
IC Investment Consultant
IS Insurance Specialist
CIM Customer Interaction Model
CMK Continuous Marketing
MME Micro Marketing Event
PCM Power Club Meeting
NTB New to Bank
NIA New Investment Account
PIW Personal Investment Worksheet
MOB Month-on-Book (calendar mth)
EOP End-of-Period
SOP Standard Operating Performance
SIP Sales Incentive Plan
GPA Guaranteed Performance Allowance
G3 3MM, G2 1MM, G1 300M
CG 100M+100M, GTB 50M+50M, TrueBlue 35M+15M
CASA Current Account & Savings Account
CPC Citibank Premium Checking
TD Time Deposit
PD Premium Deposit
DDA Demand Deposit Account
DCD Dual Currency Deposit
MLD Market-Linked Deposit
MLI Market-Linked Investment
OTC Over-The-Counter
CPO CitiPhone Officer
OIC Officer-In-charge
PIC Person-In-charge
CBM Country Business Manager
CCO Chief Country Officer
SCOO Senior Country Operations Officer
WMP Wealth Management Products
SFIO Share Finance and Investment Operations
GSD General Services Department
DMU Database Management Unit
APU Accounts Payable Unit
BSU Branch Services Unit
AMU Account Management Unit
SRU Service Recovery Unit
CRT Customer Relationship,Telesales
CRU Cards Retention Unit
BOPS Bankard Operations
CSIS Citigroup Security & Investigative Services
WSA Worldwide Sales and Advisory
VOE Voice of the Employee
VOC Voice of the Customer
VOP Voice of Process
TQ Total Quality
CSLM Customer Service & Loyalty Measurement
QAT Quality Action Team
PAR Power of Appreciation & Recognition
PRIDE Personal Responsibility In Delivering Excellence
SPP Stock Purchase Program
MDC Malaysia Diversity Council
NRI Non-resident Indian
MEP/CEP Management Expense Proposal
MYF Mid-Year Forecast
ANR Avg. Net Receivables (loans balances)
NCL Net Credit Losses
PCE Profit Center Earnings
ROTA Return on Total Assets
ABU Above Below Rating
FTE Full Time Equivalent
CNR Customer Net Revenue
NRFF Net Revenue From Funds
C&C Compliance & Control
BRCC Business Risk Compliance & Control
ARR Audit & Risk Review
CCSA Compliance & Control Self-Assessment
RCSA Risk and Control Self-Assessment
GPP Global Privacy Promise
FCPA Foreign Corrupt Practices Act
CDD Customer Due Diligence
AMLCO Anti Money Laundering Compliance Officer
BUCO Business Unit Compliance Officer
BISO Business Information Security Officer
GISO Group Information Security Officer
ISS Information Security Services
LOP Local Operating Procedures
LCP Local Credit Policies
COB Continuity of Business
CBOL Citibank Online (www.citibank.com.my)
CGOL CitiGold Online
CWP CitiGold Wealth Planner
OBP Citibank Online Bill Payment
EDM Electronic Direct Mailers
I-PIN Internet PIN
UWS Universal SABRE (GUI)
GRB Global Relationship Banking
ORBIT (UT system)
IMPACS (CASA system)
UDS Unfixed Deposit System
BAFES ?
ECCMS Enhanced Customer Contact Management System
IPP Insurance Product Processor
IMS Incentive Management System
MEMFIS Fixed Income Securities
RSFS Regional Share Financing System
APPC Asia Pacific Processing Center
ATO Asia Technology Office
IBS International Banking Systems
RBS Regional Banking Services
SMR System Modification Request
BRD Business Requirements Definition (Document)
VT Virtual Tech (IT Helpdesk Tool)
CSI Citigroup Systems Inventory
CITMP Citigroup Information Technology Management Policy
ELC Export Licensing Compliance
CTI Citigroup Tech. Infrastructure
DTI Distributed Tech. Infrastructure
EUA End User Applications
GPMS Global Problem Management System
GPMS Global Performance Management System
GTA Global Time and Attendance
EERS Enhanced Entitlement Reporting System
GCIB Global Corporate & Investment Bank
JA Jalan Ampang, PG Penang, JB Johor Bahru
AO Account Officer
SM Sales Manager
TSM Team Sales Manager
IC Investment Consultant
IS Insurance Specialist
CIM Customer Interaction Model
CMK Continuous Marketing
MME Micro Marketing Event
PCM Power Club Meeting
NTB New to Bank
NIA New Investment Account
PIW Personal Investment Worksheet
MOB Month-on-Book (calendar mth)
EOP End-of-Period
SOP Standard Operating Performance
SIP Sales Incentive Plan
GPA Guaranteed Performance Allowance
G3 3MM, G2 1MM, G1 300M
CG 100M+100M, GTB 50M+50M, TrueBlue 35M+15M
CASA Current Account & Savings Account
CPC Citibank Premium Checking
TD Time Deposit
PD Premium Deposit
DDA Demand Deposit Account
DCD Dual Currency Deposit
MLD Market-Linked Deposit
MLI Market-Linked Investment
OTC Over-The-Counter
CPO CitiPhone Officer
OIC Officer-In-charge
PIC Person-In-charge
CBM Country Business Manager
CCO Chief Country Officer
SCOO Senior Country Operations Officer
WMP Wealth Management Products
SFIO Share Finance and Investment Operations
GSD General Services Department
DMU Database Management Unit
APU Accounts Payable Unit
BSU Branch Services Unit
AMU Account Management Unit
SRU Service Recovery Unit
CRT Customer Relationship,Telesales
CRU Cards Retention Unit
BOPS Bankard Operations
CSIS Citigroup Security & Investigative Services
WSA Worldwide Sales and Advisory
VOE Voice of the Employee
VOC Voice of the Customer
VOP Voice of Process
TQ Total Quality
CSLM Customer Service & Loyalty Measurement
QAT Quality Action Team
PAR Power of Appreciation & Recognition
PRIDE Personal Responsibility In Delivering Excellence
SPP Stock Purchase Program
MDC Malaysia Diversity Council
NRI Non-resident Indian
MEP/CEP Management Expense Proposal
MYF Mid-Year Forecast
ANR Avg. Net Receivables (loans balances)
NCL Net Credit Losses
PCE Profit Center Earnings
ROTA Return on Total Assets
ABU Above Below Rating
FTE Full Time Equivalent
CNR Customer Net Revenue
NRFF Net Revenue From Funds
C&C Compliance & Control
BRCC Business Risk Compliance & Control
ARR Audit & Risk Review
CCSA Compliance & Control Self-Assessment
RCSA Risk and Control Self-Assessment
GPP Global Privacy Promise
FCPA Foreign Corrupt Practices Act
CDD Customer Due Diligence
AMLCO Anti Money Laundering Compliance Officer
BUCO Business Unit Compliance Officer
BISO Business Information Security Officer
GISO Group Information Security Officer
ISS Information Security Services
LOP Local Operating Procedures
LCP Local Credit Policies
COB Continuity of Business
CBOL Citibank Online (www.citibank.com.my)
CGOL CitiGold Online
CWP CitiGold Wealth Planner
OBP Citibank Online Bill Payment
EDM Electronic Direct Mailers
I-PIN Internet PIN
UWS Universal SABRE (GUI)
GRB Global Relationship Banking
ORBIT (UT system)
IMPACS (CASA system)
UDS Unfixed Deposit System
BAFES ?
ECCMS Enhanced Customer Contact Management System
IPP Insurance Product Processor
IMS Incentive Management System
MEMFIS Fixed Income Securities
RSFS Regional Share Financing System
APPC Asia Pacific Processing Center
ATO Asia Technology Office
IBS International Banking Systems
RBS Regional Banking Services
SMR System Modification Request
BRD Business Requirements Definition (Document)
VT Virtual Tech (IT Helpdesk Tool)
CSI Citigroup Systems Inventory
CITMP Citigroup Information Technology Management Policy
ELC Export Licensing Compliance
CTI Citigroup Tech. Infrastructure
DTI Distributed Tech. Infrastructure
EUA End User Applications
GPMS Global Problem Management System
GPMS Global Performance Management System
GTA Global Time and Attendance
EERS Enhanced Entitlement Reporting System
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