Deutsche Bank implements Temenos T24 for new Private Wealth Management IT platform
Deutsche Bank has today announced that it has signed a contract with TEMENOS Group, the provider of integrated core banking systems, to implement the TEMENOS T24 in major parts of its Private Wealth Management (PWM) business globally. The deal, the largest ever for the vendor, was signed in October 2006 and marks the completion of a detailed software selection process carried out during the past eight months.
By selecting TEMENOS as the global provider of its new IT platform, Deutsche Bank made another step to further strengthen its competitive position in the Private Wealth Management area. The implementation will cover both front and back office, with Deutsche Bank being an early adopter of TEMENOS ARC, launched in June last year. ARC will provide Deutsche Bank with strong e-channel client-relationship capabilities. ARC comes complete with modules for operational and analytical CRM process workflow and channel banking.
Pierre de Weck, Global Head of Private Wealth Management at Deutsche Bank and a member of the bank's Group Executive Committee, said: “We have been committed to establishing a unique business model for demanding private and selected institutional clients and to focussing on top quality service propositions. At the same time, we are operating in one of the fastest growing businesses in the financial sector. The new state-of-the-art IT platform will enable further profitable business growth, reduced time-to-market for new and innovative product solutions and an increased operational efficiency – all to benefit our clients.”
Andreas Andreades, CEO, TEMENOS, adds: “Deutsche Bank is one of the leading players in the wealth management area. Choosing TEMENOS as the vendor for PWM’s new IT platform is an enormous vote of confidence in our company and our product. TEMENOS T24’s fully-integrated architecture offers a significant cost advantage compared to other competing products. We are confident that TEMENOS T24 will provide the basis and support for ongoing strong growth of the Private Wealth Management business for years to come.”
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. 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.
For further information, please contact:
Tel: +44 20 7545 7790
Team 660, Metia for TEMENOS
Tel: +44 20 3100 3596
Director, Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,097 billion in assets and 67,474 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Private Wealth Management is the division of Deutsche Bank for high net worth clients around the world. Private Wealth Management seeks to understand the personal goals of our clients, and translates these into practical financial plans for life. Private Wealth Management’s mission is to be the lead, trusted advisor for wealthy individuals, their families and select institutions worldwide.
The Private Wealth Management division has client assets of Euro 178 billion and with over 3,400 employees in 80 offices in 30 different countries handling client accounts.
Founded in 1993, TEMENOS Group AG is a provider of integrated modular core banking systems to over 500 financial institutions worldwide. 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 retail, universal, wholesale and private banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, 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 39 offices in 31 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN).
This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include: the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our management agenda; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 23 March 2006 on pages 7 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.