IBS Journal June 2015
Equitable Bank nearing launch with Temenos T24 core banking system
Equitable Bank, an online savings start- up in Canada, is implementing the T24 core banking system from Temenos. The bank belongs to a Toronto-based niche mortgage lender, Equitable Group, which decided to set up a new entity to attract tech-savvy savers. Dan Dickinson, VP, dig- ital banking at Equitable Bank, says that the bank will target both younger and old- er generations. Whilst everyone is talking about chasing the millennials, there is a large segment of older population that is
the technology as the new generation, he observes.
employee of the online bank at Equitable, poached from Bank of Montreal in Octo- ber 2013 and given a task to build the bank from scratch, including recruiting the team
The implementation is set to take one Toronto, home of Equitable Group
year from the signing of the contract in Q2 2014. This is a relatively straightforward project as the bank has adopted a ‘build and migrate’ route, says Dickinson. It will launch for new business only, and in due course a decision will be taken on wheth- er to migrate any of the existing business
BIAN unveils completed universal banking standards
Around 60 per cent of those involved in the work stem from vendors, with most of the rest from banks, estimates Tesselaar. In
of BIAN’s three planned meetings for 2015. Sopra is hosting the next, in mid-June in Brussels, and another is planned for the Middle East in the autumn, with details to
There is now a North American sub-
group, which started on 1st May, and was organised by BIAN advocate, PNC Finan-
the work that has already been done, says
requirements, such as for mortgages and wealth management. CIBC, Axxiome and IBM are also involved in this sub-group. There is interest in an Indian equivalent and he foresees something similar for Asia
regional work is integrated, he says, as the intention is only to have one model.
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these and submitted them back into the Service Landscape once they had gone through BIAN’s governance processes. On the IFX front, the working group
follows a study by Carnegie Mellon Univer- -
-
nitions. It concluded that IFX was more suitable for this than ISO 20022 because the latter is primarily focused on B2B. IFX was involved in the study and a report was submitted in December 2014. ‘This was the trigger for IFX to ask, how can we move
© IBS Intelligence 2015
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onto the new platform. Equitable Group has been in the banking business since the 1970s, via its subsidiary, also called Equita- ble Bank. This bank is a long-standing user of the Portfolio Plus core banking software from local developer, Strategic Information Technology (SIT). The online proposition will be under-
pinned by T24 for core processing (based on the Microsoft stack), Temenos Connect at the front-end and the Insight business intelligence and analytics tools. The soft- ware will be hosted by HP, which is also assisting with the implementation. HP is an established partner of Temenos in Canada and was there from the outset, from the
in the country, Blueshore Financial (North Shore Credit Union at the time). Deloitte Digital, a design and development agency owned by Deloitte, is helping with the cus- tomer-facing part of the project.
...continued from front page Although BIAN had an initial retail
banking slant, the work is now more or less consistent across all areas, says Tesselaar. The example of PNC, which has been using the BIAN Service Landscape as an enabler for its bank-wide transformation (IBS Jour- nal, March 2015), shows the likely route for
14 or so scenarios for payments, it found
forwards?’ says Tesselaar. There had previ- ously been a proof of concept and there will now be work by the BIAN Services Group, IFX Forum’s Architecture Commit- tee and its Service Oriented Architecture -
es and additions to the IFX architecture, framework and content to support BIAN services. With regards IBM’s involvement in
BIAN, this has worked out as hoped, says Tesselaar. IBM’s Rational Software Archi- tect development tools provide a hook into IBM’s long-standing Information Framework (IFW) banking data, process and object models. While all of this is going on, there is
still a campaign to recruit new members, with a few additions to be announced shortly, from both North America and Europe. The Brussels event has an ini- tial introductory day, on 16th June, for non-members.
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