Temenos a provider of banking systems, says that Equitas, a leading ‘Microfinance’ specialist in India, has selected TEMENOS T24 (T24) to help drive its expansion across the country. Established in December 2007, Equitas offers financial support to those who are unable to access financial services from the mainstream banks in India. The system is scheduled to go live in Q3 2009.
To support its rapid growth & expansion, Equitas required a stable and scalable microfinance platform to provide long term operational support. After conducting a rigorous selection process in which a number of leading suppliers were considered. Equitas selected T24 for Microfinance and Community Banking (T24 for MCB) to support and automate its operations from a single platform.
“Our vision is to be the number one microfinance provider in India and investment in modern technology is vital to achieve this goal. T24 for MCB will help us to rapidly define new products and dramatically reduce our time to market. T24 will play an important role in automating the production of our management reports and delivering these in a matter of hours. As a result, we will be excellently positioned to support critical business decisions around performance, product strategy, resource allocation and customer requirements. We will also be able to deliver compliance data rapidly in line with local regulations”, comments Mr. H. Mahalingam, C.T.O, Equitas.
The microfinance market is evolving rapidly, with specialist MFI’s becoming more active by offering a complete set of services and traditional banks increasingly entering into the market. As part of this trend, MFI’s will require standardised yet cost effective core banking platforms to support appropriate pricing strategies and deliver a wider range of services. T24 for MCB will provide Equitas with best practice processes gained from Temenos’ implementations in over 130 microfinance institutions and some 500 banks across the world, along with the depth and breadth of functionality to deliver a wide range of banking services from the same platform.
“As our first signing in India, this is a key win for Temenos which not only reinforces our leading position as the core banking systems vendor of choice for microfinance institutions, but also signifies our growing presence in South Asia,” says Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Equitas to implement T24 for MCB on IBM Power P6 servers and a jBASE database.
