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August 25, 2009

Microfinance Firm Equitas Selects T24

To support appropriate pricing strategies and deliver a wider range of services in line with local regulations

By CBR Staff Writer

Equitas, an India-based Microfinance firm, has selected TEMENOS T24 (T24) to help drive its expansion across the country. It has been reported that Equitas required a stable and scalable microfinance platform to provide long term operational support. After conducting a rigorous selection process, in which a number of suppliers were considered, Equitas selected T24 for Microfinance and Community Banking (T24 for MCB) to support and automate its operations from a single platform.

Geneva-based Temenos has said that T24 for MCB would provide Equitas with practice processes gained from Temenos’ implementations in over 130 microfinance institutions and some 500 banks across the world, along with the depth and breadth of functionality to deliver a wide range of banking services from the same platform.

Andreas Andreades, CEO, Temenos, said: As our first signing in India, this is a key win for Temenos which not only reinforces our leading position as the core banking systems vendor of choice for microfinance institutions, but also signifies our growing presence in South Asia. The new partnership highlights our global and multi sector appeal, derived from our cost effective out of the box offering which promises a rapid, low risk deployment ahead of local competition. Furthermore, T24’s best practice processes and inherent scalability are instrumental in enabling MFIs such as Equitas to realise its growth potential. We welcome Equitas to the Temenos community in full confidence that T24 will be instrumental in helping the company achieve its expansion plans.

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