Swiss banking systems provider Temenos and Metavante Corporation said they have amicably reached a settlement related to the termination of their agreement to launch an advanced core banking platform in the US market using Temenos Core Banking.

Under the settlement, Metavante Corporation, the principal subsidiary of New York-listed Metavante Technologies, received a licence to continue its use of the customer information management functionality of Temenos Core Banking for future product development purposes.

Temenos continues to retain all rights in the development and investment done in Temenos Core Banking to date as a result of the agreement.

Both firms have agreed to jointly pursue Temenos T24 deals in the US market on a non-exclusive basis and said they look forward to collaborating on further future opportunities.