14 November 2007

Glitnir Bank has selected Temenos T24 (T24) to support the launch of its Finnish retail banking arm. The bank will use T24 Model Bank, which includes pre-configured retail banking products and processes for banking best practice, in order to reduce the implementation time and costs, minimise customisation and lower the project risk.

Teri Heilala, head of retail banking at Glitnir Finland, said: "We were looking for a proven, international retail banking platform that could integrate effectively with our Microsoft platform and could be implemented within a relatively short timetable with minimum risk. We turned to Temenos following references from several leading retail banks and found T24 to be the ideal fit. As well as supporting our current retail banking operations, the system will support the rollout of more complex banking products."

Glitnir Finland signed the deal with Temenos in August 2007 after a six- month selection process. A joint Glitnir-Temenos team will manage the first phase of the implementation across the bank's ten Finnish branches, with a target completion date of mid 2008.

Glitnir's T24 Model Bank will include the full breadth of retail banking functionality as well as treasury capabilities, all of which will be customised to the particular requirements of the Finnish market. The solution will be implemented on a Microsoft platform and database.

Andreas Andreades, CEO at Temenos, said: "I am delighted to welcome Glitnir to Temenos and T24. The choice of T24 Model Bank by Glitnir is further proof that our best market practice system provides real value to our customers, and that our experience in implementing over 600 core banking platforms is being put to good use."

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