Metavante and Temenos Agree to Settlement Terms
July 21 2009 - 6:00PM
Business Wire
Metavante Corporation, the principal subsidiary of Metavante
Technologies, Inc. (NYSE:MV), and Temenos (SWX:TEMN), the global
provider of integrated core banking systems, today announced that
they have reached a settlement relating to the termination of their
agreement to launch an advanced core banking platform based on
TEMENOS Core Banking (TCB) in the U.S. market.
The amicable settlement resolves all issues associated with the
agreement. As part of the settlement, Metavante received a license
to continue its use of the Customer Information Management
functionality of TEMENOS Core Banking for the development of
next-generation core technology. Temenos continues to retain all
rights in the development and investment done in TCB to date as a
result of the agreement.
Both organizations have agreed that they will jointly pursue
TEMENOS T24 (T24) deals in the U.S. market on a non-exclusive basis
and look forward to collaborating on further future
opportunities.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX:
TEMN), Temenos Group AG is a global provider of banking software
systems in the Retail, Corporate & Correspondent, Universal,
Private, Islamic and Microfinance & Community banking markets.
Headquartered in Geneva with 52 offices worldwide, Temenos serves
over 700 customers in more than 120 countries. Temenos� software
products provide advanced technology and rich functionality,
incorporating best practice processes that leverage Temenos�
experience in over 600 implementations around the globe. Temenos�
advanced and automated implementation approach, provided by its
strong Client Services organisation, ensures efficient and low-risk
core banking platform migrations. Temenos annually invests around
20% in R&D, significantly more than its peers, into a single
fully packaged upgradeable software release, which ensures all
Temenos customers benefit from modern technology and support
indefinitely. Temenos is top of the IBS Sales League Table 2008,
winner of the Best Core Banking Product category in Banking
Technology magazine�s Readers� Choice Awards 2008, winner of the
Financial-i Leaders in Innovation award for the most innovative
core banking systems solution 2008 and is listed in the American
Banker top 100 FinTech companies.
For more information please visit www.temenos.com.
About Metavante
Metavante Technologies, Inc. (NYSE:MV) is the parent company of
Metavante Corporation. Metavante Corporation delivers banking and
payments technologies to approximately 8,000 financial services
firms and businesses worldwide. Metavante products and services
drive account processing for deposit, loan and trust systems,
image-based and conventional check processing, electronic funds
transfer, consumer healthcare payments, electronic presentment and
payment, outsourcing, and payment network solutions including the
NYCE� Network, a leading ATM/PIN debit network. Metavante
(www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered
trademarks of Metavante Corporation, which is the principal
subsidiary of Metavante Technologies, Inc.
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