The dispute between the companies arose after Metavante announced plans to become a fully owned subsidiary of Fidelity National Information Services (FIS), a provider of core processing for financial institutions, card issuer and outsourcing services company.
Under the terms of the settlement between the parties, Metavante has been awarded a license to continue its use of the Customer Information Management functionality of TCB for the development of core technology. In its turn, Temenos continues to retain all rights in the development and investment done in TCB to date as a result of the agreement.
Both organizations have agreed that they will jointly pursue Temenos T24 deals in the U.S. market on a non-exclusive basis.
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