IBS Journal December 2015
Backchat
The recent Black Hat Europe conference – a major information security event – nearly had a presentation on the vulnerabilities of the Temenos T24 core banking system… but the speaker dropped out at the last minute. Much to Temenos’ relief, no doubt. Nadeem Douba, founding principal of Canada-based Red Canari Information Security,
was going to present at the Amsterdam-based event, following his involvement in a T24 project in Canada. The story goes that a bank in Canada recruited Douba’s company to test information security as part of its core banking system roll-out and that some issues were detected. Needless to say, neither bank nor vendor was thrilled with Douba’s upcom- ing presentation at Black Hat. Shortly before the event took place (mid- November), all ref- erences to the presentation and the speaker were removed from the conference website.
Meanwhile, another Canadian outfit, Cidel, is believed to be modernising its core software. The choice of system is understood to be ERI’s Olympic. Cidel is an international financial services group that specialises in wealth, invest-
ment and asset management. Its head office is in Toronto, but much of its business activities are in the Caribbean, with the main back office operations based in Barbados.
UK-based private bank Arbuthnot Latham is believed to be finalising its core banking system selection, with a winner to be unveiled shortly. The bank is looking to replace its legacy solution, Bankmaster, supplied by Misys, and has been in search mode since early 2015. IBS Journal understands that the bank has examined the ‘usual suspects’, including
Temenos’ T24, Oracle FSS’s Flexcube and ERI’s Olympic. Our bet is on Temenos (Oracle FSS is a close second).
Also in the UK, Close Brothers, a London-based banking entity offering lending, deposit taking, wealth management services and securities trading, is believed to be on a technology modernisation path. The banking group’s legacy IT set-up is convoluted as it has accumulated a large
number of various systems over the years, dealing with specific operations. The installed solutions include Sword Apak’s Aurius for property lending (including development and bridging loans), 4Series Fund Manager from Microgen Financial Systems (formerly Lynx Wealth Management Systems) and Sungard’s Ambit/Quantum for treasury operations. Incidentally, Close Brothers is also looking for a new head of IT, treasury.
A digital banking start-up, Tandem, has received a banking licence from the UK regula- tor and plans to launch next year. It is also understood to be a step closer to selecting a new core banking system. Set up by the co-founder of transfer service Azimo, Ricky Knox, and Matt Cooper,
a former director at Capital One, the new bank aims to challenge the traditional high- street heavyweights. Tandem’s focus will be on helping people manage their money rather than on direct
product sales, according to its founders. It will offer current accounts, credit cards, savings and loans. In addition to the digital delivery channels, Tandem will have a ‘brick and mortar’
call centre to deal with customer queries and more complex transactions. On the core banking software front, it is understood that Temenos’ T24, FIS’s Profile
and Fiserv’s outsourced platform, Agiliti, are in the running for the deal. It is very likely that the latter will get the contract.
In the next issue FOCUS: Core banking software and solutions – the latest ups and downs of the market 42 © IBS Intelligence 2015
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This report considers the drivers for change in the US market and US channel trends. It then looks at the make-up of the US financial services industry and the systems that support it, including the established domestic suppliers, would-be domestic newcomers and relevant inter- national suppliers.
Who should read this report • Banks operating in the US that want to gain an understanding of the current market and the new technologies available
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