Metavante Corporation, the principal subsidiary of Metavante Technologies, and Temenos, the global provider of integrated core banking systems, have reached a settlement relating to the termination of their agreement. The deal was to launch a core banking platform based on TEMENOS Core Banking (TCB), in the US market.
They said that the amicable settlement resolves all issues associated with the agreement. As part of the settlement, Metavante received a license to continue its use of the customer information management functionality of TCB for the development of core technology. Temenos continues to retain all rights in the development and investment done in TCB to date, as a result of the agreement.
Both the organizations have agreed to jointly pursue TEMENOS T24 (T24) deals in the US market on a non-exclusive basis, and look forward to collaborate on further future opportunities.
Founded in 1993 and listed on the Swiss Stock Exchange, Geneva-based Temenos group AG provides banking software systems in the retail, corporate & correspondent, universal, private, islamic and microfinance & community banking markets.
Headquartered in Milwaukee, Wisconsin, Metavante Technologies delivers banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide.
