vendor focus: temenos


IBS Journal July – August 2015


Full steam ahead


What has Temenos been up to in the wealth management space and should other vendors watch out?


Temenos has muscled into the wealth man- agement space with its T24 core banking system a while back and has been steadily growing its market share, successfully com- peting with the industry heavyweights like Avaloq and ERI. Among its recent conquests is the project to overhaul Julius Baer’s back office operations in Asia (the deal was won against Avaloq and the system to be replaced is that of ERI), a large-scale deal for T24 to support the private banking activities of ABN Amro (ousting ERI’s Olympic) and an extension of a deal with long- standing client, Credit Suisse. Temenos means business: indeed,


earlier this year, the vendor’s CEO, David Arnott, stated that among its key priorities over the next three years is to consolidate its position in the private/wealth market. Of course, the 2010 acquisition of a large


specialist vendor in this space – Odyssey Financial Technologies – helps. Thanks to Odyssey, Temenos has a significant footprint in the front office space, with the TripleA (Sybase-based) and Wealthmanager prod- ucts. According to the vendor, TripleA will be available on Oracle by the end of this year. Pierre Bouquieaux, Temenos’ product


director, wealth, says that the vendor’s latest development effort has brought to market Model Bank Wealth Suite, a fully packaged solution that combines the T24 core, TripleA


‘The product has strong integration – not interface! – on the business process level, to make workflows


user-friendly and efficient.’ Pierre Bouquieaux, Temenos


for portfolio management and Temenos Connect for channels. ‘The product has strong integration – not interface! – on the business process level, to make workflows user-friendly and efficient,’ he states. An ear- ly taker of the emerging offering is Nordea Luxembourg, which has been implementing the three components for a couple of years now (so its version of the system precedes the Model Bank one). It is yet to go live. As for Wealthmanager, it is being posi-


tioned for CRM and client facing activities (e.g. marketing and campaigns), says Bou- quieaux, and offered alongside TripleA. The combined offering has a common user inter- face through Temenos Connect, he notes. In terms of geographies, Bouquieaux


Pierre Bouquieaux, Temenos 28


sees potential in Latin America, where Tri- pleA already has users but all those are part of international roll-outs. Domestic insti- tutions are on the agenda. Middle East is ‘getting traction’, he observes, with a major bank, Masraf Al Rayan, signing last year for the wealth management suite. In Asia, the mass affluent market is experiencing rap- id growth and presents a great opportuni- ty for Temenos, he says. The vendor signed its first TripleA deal in the Philippines last year, at Bank of the Philippine Islands (BPI), the country’s oldest and second largest. Martin Frick, regional director, Asia Pacific, at Temenos, says that the system has been


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‘downsized’ to make it more attractive for the mass affluent business. ‘It has been simplified to basic modules, so it has less functionality but more volume specifical- ly for this market,’ he explains. Other coun- tries in the region lucrative for this busi- ness are Singapore, Vietnam and Thailand. Temenos has a patchy track-record in the latter, having experienced a lot of difficult projects there, but this is now in the past, notes Frick, ‘with a recover strategy and new faces’.


Elsewhere on the mass affluent front, ING is applying TripleA for this type of busi- ness, says Bouquieaux. The bank has been using the system for its private banking operations for 14 years and is now extend- ing the relationship with Temenos. There is also a less known system in


the vendor’s wealth management stable of products, Datasource. It is an enterprise data management system for top-tier banks that are active in the securities business. It stems from a German software vendor, Actis.BSP, acquired by Temenos back in 2007. Data- source is being integrated with TripleA and Wealthmanager, says Bouquieaux. There are also ‘significant cross-selling opportuni- ties for Datasource with our acquisition of Multifonds’, he adds, a fund administration software provider purchased by Temenos earlier this year for €235 million.


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