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ANNUAL REPORTAND ACCOUNTS2018Temenos AG
OverviewWelcomeWHAT’S INSIDETHIS REPORTOVERVIEWFINANCIAL STATEMENTSPERFORMANCEChairman’s statementOur market opportunityOur investment caseHighlights of the yearIndustry recognitionAcquisitions in 2018SoftwareOur solutionsProductsTechnologySectorsInsights – thought leadershipResearch and developmentDelivering client successInsights – 11th annual banking survey020406070809101112161820222831Business and financial reviewPrincipal risks and uncertainties3442OPERATING RESPONSIBLYMessage from the CEOOur CSR approachAchieving business excellenceOperating responsiblyInvesting in our peopleEnabling access to financial servicesInvesting in our communitiesAbout this reportIndependent assurance reportUN Global Compact indexGRI content index5254575966757680818283GOVERNANCEBoard of DirectorsExecutive CommitteeCorporate governanceCompensation ReportReport of the statutory auditoron the Compensation ReportRead more on our websiteRead moreon our websitewww.temenos.comRead more in our CSR ReportRead more onpage 50909294104Report of the statutory auditoron the consolidated financial statementsConsolidated statement of profit or lossConsolidated statementof other comprehensive incomeConsolidated statementof financial positionConsolidated statementof cash flowsConsolidated statementof changes in equityNotes to the consolidatedfinancial statementsReport of the statutory auditor onthe unconsolidated financial statementsUnconsolidated balance sheetUnconsolidated income statementNotes to the unconsolidatedfinancial statementsFinancial highlightsInformation for PENDIXTemenos worldwide officesSources189193119Read more in our Annual ReviewSee the separatebookTemenos AG Annual Report 2018
OverviewPerformanceOperating responsiblyGovernanceFinancial statementsTEMENOS ATA GLANCE500mend customers rely on Temenos softwareOUR VISIONTo provide financialinstitutions, of any size,anywhere in the world, thesoftware to thrive in thedigital banking ageHOW WE ACHIEVE ITWe do this by building, deliveringand supporting the world’sbest packaged, continuouslyupgradeable end-to-end bankingsoftware which is both cloudnative and cloud agnostic;through design led thinking,we orchestrate all our customers’touchpoints to create a frictionlesscustomer journey150 countries with Temenos clients3,000 financial institutions use Temenos softwareTEMENOS IS THE BANKINGSOFTWARE COMPANYTemenos AG Annual Report 201801
OverviewChairman’s statement25 YEARS OFINNOVATIONIN TECHNOLOGYIt is with great pleasure that wepresent our Annual Report for2018 to our shareholders.In November 2018 Temenos celebrated its 25thanniversary. Temenos became 25 years old, orrather young as we prefer to think about it. In thepast 25 years we established Temenos as the leaderin banking software and made it synonymous withbanking software. We support more than 3,000 banksworldwide in conducting their daily business andservicing their customers and other stakeholders.It has been 25 years full of successes, full of passion forwhat we do, industry firsts in product and technologyand relentless growth in revenues and of courseprofitability. In the 25 years we have had our fair shareof challenges and disappointments, but even thoseevents have only served to strengthen our resolve andcharacter with key learnings that remain with us today.In those 25 years, we navigated three of the largestfinancial crises the world has ever experienced – the dotcom crisis in 2001, the financial crisis in 2008 and theEuro crisis in 2011/2012, only for Temenos to comeout of each one of those periods stronger and betterplaced to compete in the marketplace.Application software companies that make it to 25 yearsand are able to keep growing their revenues at thepace we do, usually continue to become the giants oftheir target markets. There are two or three key reasonswhy this is the case. Technology cycles are incrediblyfast. Building business functionality to run the worlds’premier organizations takes much longer to do. Thismeans that software companies that are not able todramatically change their technology while protectingbusiness functionality, usually run out of steam and stopgrowing after 10 years or so. As a result, they cannotcontinue to invest aggressively, build client successesor Partner ecosystems. In fact we can only think of lessthan ten software companies that after 25 years couldstill exhibit our level of growth and each one of thosecompanies ended up taking the lion’s share of theirtarget market.As Max explains in his report, we had anotheroutstanding year with record growth in our revenuesand profitability. Our revenue continues to accelerate.2018 was particularly exciting as we saw broad baseddemand for our products, from the largest to the smallestbanks, across all regions, whether in core, wealth,payments, front office or fund management. Software asa service and cloud deployment is starting to come ofage in the banking world and we have now started tosee spectacular growth in this segment.02We continued to win most, if not all, the strategicdeals in the market and continued to demonstrateunparalleled progress and success with ourimplementations. Our superior growth, as well asthe scale of our business, allows us to invest moreaggressively than our competitors, providing our clientswith a superior platform and a partnership modelthat has stood the test of time based on upgradeablepackaged software.“We will continue to have a senseof purpose and do business whilewe help our world become abetter place.“During 2018 we focused our effort and investmentsamongst other things on strengthening our digital frontoffice product with the acquisition of Avoka, a leadingUS-based software company in the area of customeronboarding for banks and financial institutions. With thesupport of the Avoka team we will be able to competemore effectively and deliver more complete and excitingsolutions to our clients.We will continue to have a sense of purpose and dobusiness while we help our world become a betterplace. Whether it is helping the two billion people thatare unbanked to access banking services, or helpingour communities where we do business, while providingequal opportunity for all and creating an environmentthat promotes human endeavor and assists our peopleto achieve their aspirations.I feel that the business opportunity ahead of us is moresignificant than it has ever been, our target marketis estimated to be USD 57 billion and we are in theenviable position of leading our market and thereforehave the chance to deliver against this opportunity.Technology is rapidly changing consumer behavior andin turn this changes the way people would like to interactwith their banks. The customers of banks increasinglydemand a full digital experience, innovative serviceswith instant gratification and a user experience equalto the standards already set by the global technologycompanies. Open Banking initiatives, starting inEurope, are already resulting in a far more competitivemarket place for banking services. Fintech companies,banks and technology players are now able to takeadvantage of Open Banking initiatives to deliver realtime, personalized services to their customers that arerelevant and contextual. Banks all over the world arescrambling to take advantage of the opportunities thattechnology provides and put their customers’ trust towork for the next generation and they expect us to betheir partner in this journey.Our business is about building relationships, with all ourstakeholders, our clients, our Partners, our shareholdersand between us Temenosians. The fundamental trustwe have created between our clients and Temenoswill continue to be the cornerstone of how we conductbusiness. Our passion for innovation and for seeingthings differently will ensure that we continue to developwinning products for our clients. Our determination,resolve, integrity, commitment, people focus andnever-give-up attitude will ensure we remain theleading banking software company and overcome anychallenges that may lie ahead of us. At Temenos, evenafter 25 years, we have the energy and enthusiasm of astart-up and we deal with every day as if it is our first dayin the Company.As market leaders we see ourselves as the catalyst forthe acceleration in this conversion. We do have thebest software in the world and would like to ensure thatour clients deploy this software rapidly, predictably andefficiently for their use. We will increasingly bring 25years of Temenos functionality to different consumptionmodels, developing in the morning and deploying in theafternoon, whether this is on premise or in the cloud, andwe are well on our way towards achieving this. By thetime you read this, we will have launched our two newproducts Temenos T24 Transact for the back office andTemenos Infinity for the front office which I expect willbecome the standard in banking software for the next25 years.Influencing the way banking is carried out for the 21stcentury continues to be our end goal, one that guidesour daily endeavors. With more than 3,000 bankingclients in over 150 countries worldwide, we are wellon our way to doing so. With a local investment mindset, we hope we also successfully contribute to theeconomies of the world where our clients do business.The success of all who are involved with Temenos, be itclients, shareholders, Partners or employees, will alwaysunderpin the positive development of our business.Andreas AndreadesExecutive ChairmanTemenos AG Annual Report 2018
OverviewPerformanceOperating responsiblyGovernanceFinancial statementsOUR VALUESWe see things differently fromeveryone elseWe believe in the powerof peopleWe operate responsibly to builda sustainable businessAverage people see difficulties,exceptional people see opportunities.People make things happen. Peopledefine our destiny.Read more on page 20Read more on page 66We walk the extra mile to build strongand lasting relationships with ourstakeholders and create sustainablevalue for them.Read more on page 50Temenos AG Annual Report 2018We inspire, through living upto our full potentialWe place clients at the core ofwhat we doWe dream big and pursue ourgoals fearlessly.Everything starts and ends with ourclients’ goals.Read more on page 24Read more on page 2803
OverviewOur market opportunityA GLOBALOPPORTUNITYEUROPEOFFICES IN THEREGION22TOTAL REVENUETOTAL SOFTWARELICENSING REVENUE45%44%19%18%19%21%17%17%ASIA PACIFIC19AMERICAS15MIDDLE EASTAND AFRICA048Temenos AG Annual Report 2018
OverviewPerformanceCLOUDThe use of remote computing resources to host softwareand data is driving down the total cost of ownership andreducing risk for incumbents as well as lowering barriersto entry for new entrants to banking.AI/MACHINELEARNINGThe move to utilizing AI and Machine Learning in bothinteracting with customers, for example through roboadvisors and chat bots, and in risk and compliance,improves customer service and satisfaction whilst alsoreducing cost and risk.Operating responsiblyKEY INDUSTRY TRENDSA number of technology trendsare driving change acrossthe banking landscape andinfluencing the approach bankstake to their IT renovation.GovernanceFinancial statementsBIG DATABanks have vast quantities of uniquely valuable data ontheir customers, however they are only just starting to useanalytics to leverage this as a competitive advantage.Banks have the potential to improve customer service,increase product penetration and reduce risk.BLOCKCHAINThe rise of new technologies such as distributed ledgersmay present an important opportunity for banks in thefuture. Banks need to ensure they are using modern,open IT platforms in order to take advantage ofemerging technologies.APIsMOBILEThe move to Open Banking is both a risk and anopportunity for banks. There is increasing pressure onbanks to support interfaces that allows third parties toaccess their customer data, equally banks with modern,open IT platforms are better able to take advantage ofthird party innovation to improve their customer service.Banking has seen exponential growth in the numberof interactions and transactions taking place throughmobile devices. Banks need to ensure they can providetheir customers a complete banking service with minimalfriction. Those banks with the best mobile service will beable to better attract, retain and cross-sell products totheir clients.Temenos AG Annual Report 201805
OverviewOur investment caseWHAT MAKESTEMENOSUNIQUESAME SOFTWARE, ANY BANK,ANYWHERE IN THE WORLDSoftwareWe supply the same software to all of our clients – regardless of their size andlocation. There are optional modules within this which a bank can choose from,but we produce the same software for all our clients.PACKAGED, INTEGRATED & INDEPENDENTProductWe make our products packaged, integrated and upgradeable. Our productsare designed to work separately and together and, once installed, be upgradedas new versions of the software are released. This means that our clients benefitfrom our ongoing investment in the product which has created the richest bankingfunctionality in the market.WE BELIEVE THAT THEREARE FIVE KEY AREAS THATMAKE TEMENOS UNIQUESTABLE BUSINESS MODEL ;COMMITTED COMMUNITYStabilityTemenos has a stable business model, shown in the strength of our financialresults and also by the long tenure of the management team. We benefit froma strong and committed ecosystem of Partners working closely with us.CONTINUOUS & FASTER DEPLOYMENTImplementationWith advanced and automated tools and methodology, the testing anddeployment of change means banks can reduce their release cycles frommonths to hours enabling them to roll-out new applications at speed. Temenosinvests both in its own staff and implementation tooling, as well as working withits Partners to build a large ecosystem of implementation capability outsideof the Group.RELENTLESS FOCUS ON INNOVATIONInnovationTemenos has a long history of investing in its products. This has ensuredour position as the leading solution in our sector and, together with theupgradeability, means that clients can continue to enjoy the benefitsof our industry leading investment in the future.06Temenos AG Annual Report 2018
OverviewPerformanceOperating responsiblyGovernanceFinancial statementsHighlights of the yearANOTHER YEAROF SUCCESS2018 NON-IFRS FINANCIAL HIGHLIGHTSTOTAL SOFTWARE LICENSING2018USD 383m2017USD 316m 21%MAINTENANCE2018USD 308m2017USD 275m 12% Total software licensing revenue growth of 21%Maintenance revenue growth of 12%Total revenue growth of 15%Services margin of 11.5%, improvement of 1.9 percentage pointsEBIT margin of 31.5%, up 1.1 percentage pointsOperating cash flows of USD 365 million, up 22%Operating cash conversion of 117% with DSOs down five days in the yearStrength of cash flows and growth in profit support 2018 dividend of CHF0.75 per share, an increase of 15% (2017: CHF 0.65 per share).2018 OPERATIONAL HIGHLIGHTS Outstanding performance in 2018 with broad based demand acrossTOTAL REVENUERead moreon page 38Read moreon page 34geographies and tiers2018USD 847m2017USD 737m 15% Digital and regulatory pressures and move to Open Banking are drivingmarket growth Strong incremental growth in demand for SaaS and cloud adoption,exceeding our expectations Temenos sees growing appetite for large institutions to optimize deliverythrough cloudEBIT MARGIN Strong momentum in the US market with two strategically important deals201831.5%201730.3%31.5% OPERATING CASH FLOW CONVERSION2018USD 365m2017USD 300m117% EARNINGS PER SHARE2018USD 2.962017USD 2.45signed with a top tier US bank for visionary front office replacement andPayPal, Inc. for loan management in the cloudTemenos won a total of 76 new clients in 2018 with competitive dealscontributing 40% of total software licensing in the yearContinued high levels of activity with Tier 1 and 2 banks which contributed53% of total software licensing in 2018Temenos is the market leader, raising barriers to entry and pulling aheadof the competitionWe started 2019 with very high levels of revenue visibility and a strongpipeline, driven by recurring revenue, committed spend and our installed baseThere are now over 5,000 third party Temenos consultants, with a criticalmass of experts available to support clients across implementation, testingand training. 21%DIVIDEND PER SHARE2018CHF 0.752017CHF 0.65 15%Temenos AG Annual Report 201807
OverviewIndustry recognitionA MARKETLEADERGartner1 Recognized as a Leader for the 9th consecutive timein ‘Magic Quadrant for Global Retail Core Banking.’Forrester2 Leader in Forrester Wave for global digital bankingplatforms and digital banking engagement platforms. Classed “Global Power Seller” for new business forthe 13th consecutive year and “Top Global Player”for new and existing business deals for7th consecutive year.Ovum3 “Market Leader” in core banking and “MarketLeader” in digital banking platforms. “Market Challenger” in Anti-Financial Crimesolutions.IBS Intelligence4 Ranked bestselling core banking system for thelast seven years and top two positions for the past19 consecutive years. Ranked bestselling digital banking and channelssystem.Celent5 Awarded ‘2018 XCelent Award’ for Client Serviceand Client Base’ for CRM Technology Vendors forWealth management.International Data Corporation6 Recognized as a ‘Leader’ for Know Your Customer(KYC) Solutions in Financial Services and as a ‘MajorPlayer’ for Anti-Money Laundering (AML) Solutions inFinancial Services. Recognized as a Leader in globalcore banking, European mobile banking and wealthmanagement front and middle office.9thRecognized as a Leader nine consecutivetimes1 in Gartner Magic Quadrant forGlobal Retail Core Banking13yrsClassed “Global Power Seller” for newbusiness27yrsRanked best selling core banking system4FS Tech Awards 20187 Awarded “Payment Innovation of the Year”.1 The Gartner Report(s) described herein, (the “Gartner Report(s)”) represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”),and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of this Annual Report) and the opinions expressed in the Gartner Report(s)are subject to change without notice.Gartner, ‘Magic Quadrant for Global Retail Core Banking’, Gartner, Vittorio D’Orazio, Don Free, June 2018.Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or otherdesignation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressedor implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.08Temenos AG Annual Report 2018
OverviewPerformanceOperating responsiblyGovernanceFinancial statementsAcquisitions in 2018STRATEGICACQUISITIONSAND INVESTMENTS2018 was a very exciting yearfor Temenos, with one strategicinvestment and one acquisitioncompleted, both of which havea material impact on our R&Droadmaps and ability to provideour clients with cloud native,cloud agnostic products.In November, Temenos announced it had taken aminority stake in NuoDB, an enterprise-class distributedSQL database provider, as well as entering into aTechnology Partner Agreement. This partnership givesthe global banking community greater choice ofnext generation cloud & Container-Native databasetechnologies that are able to run the Temenos bankingsoftware products. It also further strengthens Temenosopen strategy to work with all database vendors that areable to answer the demands of scalability in the cloud.Banks of all sizes around the globe are migrating moreof their banking applications to the cloud and benefitingfrom significant speed, agility and performanceimprovements. Temenos and NuoDB have both beenat the forefront of cloud innovation and this partnershipwill make it significantly easier for banks to migratecritical applications to the cloud while maintaining theirend-user experience and benefiting from significantoperational cost savings.Avoka has more than 85 customers that are largelyserved through a SaaS model hosted in the cloud,and serves all key banking segments including retail,corporate and wealth. Founded in Australia, its customerbase has grown most rapidly with both top tier andmid-market banks with clients in the US, Europe andAustralia. With over 270 employees in offices acrossthe US, UK and Australia, Avoka is purpose-builtfor creating omni-channel customer acquisition andonboarding solutions that enable banks to create simplecustomer-friendly experiences that improve conversionrates. Avoka customer successes include a top tier bankwhich increased new account openings by 60% andshortened customer time to onboard by nearly 70%,while another major bank created an advisor-assisted,tablet-based loan application, from kickoff to launch in60 days.Digital customers accustomed to a one-click retailexperience expect the same from their bank and throughAvoka, banks have been able to create fast and simpleaccount opening and onboarding experiences resultingin significant reductions in abandon rates and increasedcross-sales. Avoka’s innovative technology has wonnumerous awards, including the 2018 Celent ModelBank for Commercial Account Onboarding with HSBC,The Banker’s Tech Project Awards 2018 with HSBCfor the compliance category, The Banker’s Tech ProjectAwards 2018 with Citi for delivery channels, the 2017Banking Technology Awards as well as the AustralianBusiness Banking Awards 2017 with Bankwest.24585270mAvoka purchased for USD 245 millionAvoka customersAvoka employees acrossUS, UK and AustraliaIn December, Temenos acquired Avoka, a US-basedleader in digital customer acquisition and onboarding.The Avoka platform has been integrated with TemenosInfinity, our market-leading digital front office whichprovides banks with a comprehensive single solutionfor their omni-channel digital banking needs. Temenospurchased Avoka for USD 245 million.Temenos AG Annual Report 201809
OverviewSoftwareCOMPREHENSIVE,CLOUD NATIVE,CLOUD AGNOSTICTEMENOS COREPRODUCTSOPENBANKINGECOSYSTEMDigital Front OfficeThird partydevelopersAPIsAPIsTEMENOS INFINITYAPIsBank PeripheralSystemsCore BankingThird partyprovidersTEMENOS T24 TRANSACTClient runs softwareOn-premiseTemenos’ software solutionsare centered around two mainpackages; Temenos Infinity andTemenos T24 Transact.Both of these are available as independently deployablesolutions, together with several other more specialistpackages described in the following pages. Their valueto clients is, however, increased when they are deployedtogether to form and end-to-end digital banking solution.All of the software solutions enjoy the benefit of continuingfunctional investment by Temenos, ensuring that Temenos’clients can access the latest banking functionality as wellas the legacy of many years of functional enhancementswhich have been packaged into the products.All of Temenos’ software packages can be deployednatively on the main commercial cloud platforms;this means that they take the full benefit of the loweroperating costs and elastic scalability of these services,as well as enjoying in-built operational resilience.They are also available on a continuous deploymentbasis which enables banks to reduce the cost ofimplementation and maintenance by the use of modernDevOps approaches and technology, as well as makingit faster for banks to deploy innovations into their liveoperating environments and hence to enjoy a shortertime to market.10BANKTemenos runs softwareCloudTemenos SaaSTEMENOS INFINITYTemenos Infinity is an independent digital bankingsolution which focuses on customer engagement acrossall channels by means of an integrated “conversationalbanking” customer engagement module, cutting edgedigital customer acquisition and onboarding functionalityand an integrated product origination capability.It can be deployed on any combination of back officesystems by means of its open API framework anddefinitions in a quick and cost effective manner, allowingaccess to all of the underlying product manufacturingand servicing capabilities which those platforms offer.Even greater benefit can be gained when the solutionis deployed with Temenos T24 Transact as the bankcan then make use of the end-to-end product designand distribution capabilities to gain large benefits inthe areas of customer insight and new productgo-to-market agility.TEMENOS T24 TRANSACTTemenos T24 Transact is the market leading corebanking solution which incorporates the broadest anddeepest set of functionality available in the market.Temenos has invested in expanding the functionalityof the product for over 25 years which, when alliedwith policy of producing standard packaged software,provides a functional footprint which is without parallelin the industry.This functional richness is further supported by anextensive set of country model banks. This combinationof global product capability, off-the-shelf regionalfunctionality and the underlying flexibility of the productenables banks to implement the solution in a cost effectivemanner and to continue to innovate, and to deploy theseinnovations, at speed and on an efficient economic basis.The cloud native and cloud agnostic capabilities whichunderpin the product also enable banks to operate it atscale in an elastic and agile manner.Temenos AG Annual Report 2018
OverviewPerformanceOperating responsiblyGovernanceFinancial statementsOur solutionsSOLUTIONSPRODUCTSRead more page 12TECHNOLOGYRead more page 16SECTORSRead more page 18Temenos AGAG AnnualAnnual ReportReport 20182018TemenosTemenos software formsan end-to-end digitalbanking solution whichis cloud native andcloud agnostic. It iscomprehensive in itscoverage and includesa huge depth andbreadth of functionality.Temenos organizesits products into sixkey areas reflecting theneeds of its customers.Technology is strategy.We say this because ourTechnology products andframeworks make banksmore agile, competitiveand profitable, and helpthem thrive in complex,margin-pressuredenvironments.Temenos offers softwaresolutions to banks andfinancial institutions ofall types and sizes.1111
OverviewOur solutions continuedPRODUCTSTemenos Infinity hasrevolutionized our currentoffering delivering a newindependent digital bankingsolution.Temenos T24 Transact is themarket-leading core bankingsolution which incorporates thebroadest and deepest set offunctionality available.12Temenos focuses its productsinto six main solutions. Althougheach of these is independentlydeployable, they are basedaround a common set ofcapabilities and design principlesaimed at increasing analyticinsight and product agility, andreducing the cost of operationand ownership. Even thoughthey often are implemented onan independent basis, Temenosclients gain progressively morebenefit when multiple solutionsare deployed in an end-to-endmanner. The extent to whichthis is done, and the speedand sequencing of deploymentare all selectable by the client,thus ensuring that the softwaresupports their business andcommercial goals in anoptimal manner.TEMENOS INFINITYTemenos Infinity has revolutionized our current offeringdelivering a new independent digital banking solution.It can be sold and deployed on any combinationof back office systems, including non-Temenos corebanking systems as well as Temenos T24 Transact.Temenos Infinity is deployed using the Temenos BankingPlatform. It incorporates Temenos channels and real-timemarketing, our market leading onboarding capability aswell as a simple product origination process.More complex product origination, such as lending,is provided by the new origination architecture,developed as a way to enable banks to future prooftheir digital experience through providing tools tosupport their lending products. All of these capabilitiesare enhanced by Temenos Analytics to support a datadriven digital banking experience.Digital transformation programs can be long andcomplex. Acquiring new customers in a competitivedigital banking market, even more so. Temenos Infinityenables banks to deliver short to medium term gainsin digital sales and service performance by identifyingand addressing customer experience issues. A keyrequirement of any digital transformation is to delivergrowth as well as new channels of revenue generation. A standalone software container built usingthe Temenos Platform which can be deployedindependently from Temenos T24 Transact and cancommunicate with multiple core/back office systems Omni-channel capability across Mobile, Web,Customer Contact Centre and more A user experience platform that enables businessusers to deliver change independent of IT processes Real-time Marketing engine for delivering targeted,personalized offers and messaging Customer onboarding and account opening Product Quotation and Origination Account Aggregation to enhance product innovationand Open Banking Published list of Open APIs to support integrationand lower Total Cost of Ownership (TCO) Money Management (PFM) to empower customersto take control of their finances.Temenos AG Annual Report 2018
OverviewPerformanceTEMENOS T24 TRANSACTOperating responsiblyTEMENOS PAYMENTSTemenos T24 Transact is the market leading corebanking solution. Designed to operate in a trulypackaged manner, and with a consistent policy ofmaintaining a single functional base, the breadth anddepth of the products capabilities have grown overthe years. With more than 25 years of investment inthe product functionality, the product contains massivefunctional capabilities, all of which can be accessed by
packaged software. During 2018 we focused our effort and investments amongst other things on strengthening our digital front office product with the acquisition of Avoka, a leading US-based software company in the area of customer onboarding for banks and financial institutions. With the support of the Avoka team we will be able to compete
