recent orders
IBS Journal October 2015
Who’s bought what? WHO? Nordea WHAT? Temenos’ T24 core banking system
Temenos lands one of its largest ever deals, with Nordea. The vendor has been selected to provide its T24 core banking system to standardise operations across the group. Accenture was picked as the integration
partner. The system selection was underway for some time and the outcome was eagerly anticipated by the market. The project is the largest in Western Europe in the post-crisis years and among the most complex ones, so Temenos and Accenture will be very busy in the next four to five years. Nordea is undergoing an enter-
prise-wide ‘simplification’ programme, and core banking renovation is a major part of it. The bank serves eleven million customers. The bank is looking to automate its
largely manual processing (which at present requires input from 5000 staff) and replace ageing systems such as Misys’ Midas and Tieto’s Core Banking Suite. The migration to the new platform will
be gradual, says Nordea’s head of group sim- plification, Jukka Salonen.
The focus is currently on domestic retail
operations, it is understood. ‘Along with simplified processes and
products, the new platform will provide the framework for an end-to-end digital business model, improving our operational agility and delivering the benefits of scale,’ Salonen says. Infosys with its Finacle system was
Temenos’ rival in the final for this lucrative deal. IBM lost out to Accenture for the inte-
grator role. Temenos has a number of T24 users
in the Nordics region, including one site in Sweden, as part of a pan-European project with Danske Bank. Nordea went public on its plans to ‘rip
and replace’ its old core banking and pay- ments systems in October last year, setting aside a budget of €1 billion and warning of an €350 million impairment charge from the decommissioning of the legacy platforms. Tanya Andreasyan
Nordea Danish HQ, Copenhagen © Mahlum, Wikipedia
WHO? UBS Global Asset Management WHAT? Simcorp Dimension for investment management
UBS Global Asset Man- agement is replacing its legacy technology platform with Simcorp Dimension, provided by Denmark-based special- ist vendor, Simcorp. The project covers
UBS HQ, Zürich © Port(u*o)s, Wikipedia
As of 30 June
portfolio accounting, derivatives processing, regulatory and client reporting, and associ- ated asset management functionality. UBS Global Asset Management, a business division of Swiss giant UBS, is a large-scale asset and investment manag- er. It offers a broad range of investment solutions, including equity, fixed income,
32
2015, UBS Global Asset Management’s invested assets totalled CHF 650 billion ($671 billion). It employs 2400 staff across 24 countries. Simcorp already
has an established
currency, hedge fund, real estate, infra- structure and private equity. It is undoubtedly a standout deal for Sim-
corp. UBS Global Asset Management is the largest mutual fund manager in Switzerland and one of the largest fund of hedge funds and real estate investment managers in the world.
© IBS Intelligence 2015
www.ibsintelligence.com
presence in Switzerland with its Simcorp Dimension platform. Customers here include Eurofima, GAM Investment Man- agement, Notenstein Private Bank, Swiss- canto Asset Management and Swiss Life (the country’s largest life insurance group). Tanya Andreasyan
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