Compagnie Monégasque de Banque (CMB), an established private bank in Monaco, has selected Temenos T24 to replace its legacy core systems. The bank signed the deal in the first quarter of 2005 and has now commenced the implementation of Temenos’ modular core banking system in its Monaco head office and its two Monaco branches. The system will enable CMB to increase process efficiency through automation, and more easily meet its customer and operational reporting requirements. Mr. Also Menduni, CIO, CMB, says: “We realised that we needed a replacement for our existing system that could meet the expanding demands of modern banking. Specifically, our architecture had become outdated and the ability to add new capabilities was restricted. We selected Temenos T24 because it is built on an open platform and can easily be integrated into our other systems. It can also be adapted to our customers’ needs and accommodate ongoing functional enhancements.”
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