case study: nordea luxembourg
IBS Journal September 2015
Pioneers for an October revolution
Five years after Temenos acquired Odyssey Financial Technologies, Nordea Luxembourg is set to become the first client to go live with an integrated combination of the former’s T24 core banking system and the latter’s Triple A portfolio management system. IBS talks to the bank about its pioneering journey to date.
Nordea Luxembourg is a flagship for Temenos’ efforts in the wealth manage- ment sector. If things go well within the bank’s revised project, in October it will be the first to go live with the integrated combination of the supplier’s T24 core banking system and Odyssey-derived Triple A portfolio management system. This is to underpin a major transformation that will see the bank move from today’s 25 or so disparate systems to a mere eight, with Temenos’ suite at its heart.
Nordea Luxembourg
The original timescales were too ambi-
tious, says the bank’s COO, Jean-Philippe Bailly. However, he seems relaxed about this, with the need to be ambitious at the outset to focus minds on the project. The original planning for the project started in March 2012 and the contract was signed late in that year, with the implementation starting the following March. In Luxembourg, there are only really
three core systems to choose from when it comes to private banking, he feels: T24, Avaloq Banking Suite and ERI’s Olympic. The bank was already a user of the latter, on IBM’s proprietary midrange platform, the AS/400/iSeries, and it had an old ver- sion of Triple A, Release 4.303. Around this it had the other applications that had been added over time. There were three aims, says Bailly. First,
it wanted to improve the service to its cli- ents, including meeting their demands for different types of access, including via mobile and tablet. Second, it wanted improved operational efficiency. And third, it wanted to upgrade its IT infrastructure to support its growth over the next decade. Temenos was deemed able to provide the bulk of what the bank needed and, as well as T24 and a new version of Triple A, the bank signed for the supplier’s software for e-banking (Temenos Connect), report- ing/MIS and anti-money laundering (AML). It selected separate systems for matching and reconciliations (Sungard’s Intellimatch)
42 © IBS Intelligence 2015
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