Technology firm Temenos, known for providing mission-critical solutions to the financial services industry, has enlisted Bangalore-based microlender Grameen Koota as its major client for the Temenos T24 banking platform solutions.
In association with Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, Temenos said it has implemented Temenos T24 for Grameen Koota Financial Services Private Limited, which it said would help in achieving higher levels of automation and flexibility to reach a larger client base. Grameen Koota recently crossed the milestone of 1 million customer base.
Temenos T24 was implemented across 270 branches of Grameen Koota in five states, over a period of nine months migrating the entire customer base, consisting of 2.3 million loans to achieve a daily loan disbursement for 10,000 customers, it said.
T24’s scalable architecture improves operational efficiency, streamlines Grameen Koota’s Management Information System, and enables access from remote locations, said Temenos about the robust software platform.
“Revamping our infrastructure with T24 is an important step towards accelerating operational efficiency and achieving growth targets. We can now become more customer-centric with the help of a versatile back-end system,” said Mr Udaya Kumar, Managing Director and CEO of Grameen Koota.
Martin Frick, Managing Director, Asia Pacific, Temenos, said: “Our award-winning T24 will fuel Grameen Koota’s ambitions in propelling India’s rural communities to a more progressive future.”
Temenos, which has 220 clients world over, said T24 has been consistently ranked as the first or second best-selling core banking software platform worldwide for the past 14 years.