This agreement builds upon an 11-year technology and services collaboration between the firms focused on wealth management and will benefit joint clients such as the Industrial Bank of Korea and Marfin Bank by providing them with the collective local market insight and regulatory understanding of the two companies, combined with a consistent level of service both within and across markets.

Under this agreement, Temenos and IBM Global Services will provide global banks a solution that drives profitability, reducing overall costs, and providing scalability to support future growth.

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Temenos’ 60% clients already use elements of IBM technology to support their core systems and over 55% of T24 clients run the application on IBM hardware.

The global financial crisis combined with various regulations have created added challenges to reducing costs and uncovering new revenue streams and with this agreement IBM and Temenos aim to convince more wealth management firms that they have a solution to help them expand their wealth management services to grow their businesses and capitalize on revenue potential.

"Extending our collaboration was a natural progression to help banks address today’s economic pressures around regulation, competition and consolidation. Regulatory changes will fundamentally impact banking business models worldwide, particularly in the mature market economies of North America and much of Continental Europe. With this enhanced services structure, Temenos and IBM will together help banks adopt solutions to transform business efficiency, cut costs and mitigate risk," said Mike Head, global alliances director at Temenos.

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