Metavante Technologies Inc. of Milwaukee has agreed to market a core banking application developed by Temenos Group of Geneva to international banking companies operating in the United States.
The deal, announced Monday, expands on one to collaborate on a core processing product for large U.S. financial companies.
The two companies will jointly market Temenos' T24 application to the U.S. arms of international financial companies. The core banking product provides support for foreign exchange processing, securities management, retail banking, and large corporate payments.
Metavante and Temenos announced in March of last year that they would modify another Temenos product, Temenos Corebanking, to meet the needs of top 20 U.S. banks. The companies said then that the project would take up to three years, but Metavante said Monday that it expects to roll out the first component of the software next quarter — a module that supports enterprise customer management — as part of its own Global Integrated Banking Suite of core processing applications.
In addition, Metavante is developing other modules based on the Temenos software that will offer customers deposit and loan servicing capabilities.
Last year's agreement gave Metavante warrants to purchase up to 4% of Temenos if the companies met their goal of $195 million of U.S. sales by 2012.
