Temenos T24 Functional

TEMENOS T24 (formerly known as GLOBUS) has been an international sales leader in Banking Software packages in the last five years. Its development through its application in a great number of facilities has rendered this system capable of covering the most specialized banking needs. TEMENOS T24 is an integrated banking package which automates all banking work. By using the term "integrated package" refer to the system's capability to cover all operational requirements of the bank with regard to Retail, Wholesale, Treasury and Private Banking for front, middle and back offices.

Temenos T24 is a widely used banking software platform that provides core banking functionalities for financial institutions. The "Functional" aspect in the context of Temenos T24 typically refers to the functional aspects of the software, which include its features, modules, and capabilities related to core banking operations. Here are key functional aspects of Temenos T24:

1. Core Banking Operations:

   • Temenos T24 covers core banking operations, including customer accounts management, deposits, loans, and other essential banking functions. It provides the infrastructure for handling day-to-day banking transactions.

2. Customer Relationship Management (CRM):

   • T24 includes CRM functionalities to manage customer information, profiles, and relationships. It allows banks to understand their customers better and tailor services to meet individual needs.

3. Accounts and Transactions:

   • The platform supports a wide range of account types, such as savings accounts, checking accounts, and time deposits. It also facilitates various types of transactions, including fund transfers, payments, and standing orders.

4. Loans and Lending:

   • T24 offers capabilities for managing loans and lending processes. This includes loan origination, disbursement, repayment schedules, and interest calculations.

5. Payments and Transfers:

   • The system facilitates domestic and international payments, wire transfers, and other fund transfer operations. It integrates with payment networks to ensure secure and efficient transactions.

6. Online and Mobile Banking:

   • Temenos T24 supports online and mobile banking channels, allowing customers to access their accounts, perform transactions, and manage their finances through digital platforms.

7. Integration with Channels:

   • The platform integrates with various banking channels, including ATMs, online banking portals, mobile apps, and branch systems. This ensures a seamless and consistent customer experience across different touchpoints.

8. Compliance and Regulatory Reporting:

   • Temenos T24 includes features to help banks comply with regulatory requirements. It supports the generation of regulatory reports and ensures that the bank's operations align with industry regulations.

9. Risk Management:

   • T24 incorporates risk management functionalities to help banks identify, assess, and mitigate risks associated with their operations. This includes credit risk, market risk, and operational risk management.

10. Analytics and Reporting:

    • The platform provides analytics and reporting tools to enable banks to analyze data related to customer behavior, transactions, and overall business performance. This supports informed decision-making and strategic planning.

11. Multi-Currency and Multi-Language Support:

    • T24 is designed to operate in a global banking environment. It supports multiple currencies and languages, making it suitable for banks with international operations.

12. Modularity and Flexibility:

    • Temenos T24 is modular, allowing banks to choose and implement specific modules based on their business requirements. This modular approach provides flexibility and scalability.

13. Upgradeability:

    • The platform is regularly updated, and banks using T24 can benefit from new features, enhancements, and security updates. This ensures that the system remains current and aligned with industry best practices.

14. Audit Trail and Security:

    • T24 includes security features to protect sensitive data and ensure the integrity of banking operations. It maintains an audit trail for tracking changes and user activities within the system.

It's important to note that the specific functionalities and features of Temenos T24 may vary based on the version and configuration chosen by a financial institution. Additionally, Temenos T24 is often implemented as part of a broader suite of banking solutions to meet the comprehensive needs of financial institutions.