IBS Journal March 2015
Who’s bought what? WHO? Santander in Switzerland WHAT? NetGuardians’ NGScreener
Santander Private Banking in Switzerland has selected oper- ational risk software from NetGuardians. As with a number of other NetGuardians customers, the bank has Temenos’ T24 as its core system. The implementation is underway, with the cutover due imminently, says NetGuardians CEO, Joël Win- teregg. The Geneva-based supplier claims a relatively pre-pack-
aged solution for T24 and for ERI’s Olympic. The NGScreener package monitors all of the interactions with the core system and its behavioural analysis provides operational risk control and compliance management. This is something the Swiss reg- ulator, as with others around the world, is becoming ever more interested in, so there is a need for proactive alerts and an audit trail, says Winteregg. The types of business control monitored by the Net-
Guardians product are centred on aspects such as user actions and unexpected modifications; access including activities such as fund transfers; changes to records including custom- er accounts, loans, etc; and self-authorisation of transactions.
On the IT side, NGScreener looks for changes to JBase/Oracle records (within T24); large downloads of data; low-level modifi- cations; user permission changes; and IT activity history. Winteregg says NGScreener is a good fit with Temenos’
product set, as this vendor handles other areas of risk, with its Insight and T-Risk solutions, but not IT and business operation- al risk. Such requirements are increasingly being added to RFPs, he adds. NetGuardians has increasing interaction with Temenos and a good relationship with ERI, he says. For Avaloq, Net- Guardians is working with this Swiss supplier’s partner, Orbium. As well as opportunities in Europe, NetGuardians has been
working with banks in Africa, where fraud is a hot topic. Win- teregg expects a first win in Ethiopia shortly. The company has recently gained additional investment and has made new appointments in Nairobi and Dubai, as well as adding to its teams in Switzerland and in its development centre in Poland. Work is underway to add more visualisation reporting to the product, as well as interfaces to feed other audit and risk software.
WHO? DNB Luxembourg WHAT? Temenos’ T24
DNB Luxembourg, a private banking sub- sidiary of major Norwegian banking group, DNB, has signed for Temenos’ T24 core banking system and Temenos Connect for digital channels. The bank is a small 40-per- son organisation that has two key business lines: private banking and mortgages for affluent and high net-worth Norwegians who want to buy second homes abroad. Go-live is planned for January 2016. DNB Luxembourg has been using
Misys’ Midas system since 1993, says Johan Ludvigsson, head of IT at the bank, ‘but over the years we have looked at vari- ous options’. The bank still uses the orig- inal version of Midas (it never moved to MidasPlus) and has built up a large num- ber of auxiliary systems around it. ‘We have grown out of it,’ Ludvigsson says. The mounting regulatory pressure and the increasing volumes of business strained the existing set-up. Overhauling this was a less risky route than continuing to
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maintain it, he observes. The bank identified four key suppli-
ers with experience in Luxembourg (local presence was paramount, notes Ludvigs- son): Avaloq, Temenos, ERI and Sungard. An upgrade route to Misys’ newer offering, Fusionbanking Midas, was not considered. At the time of the selection, Avaloq was in the process of setting up a BPO joint ven- ture with another private bank in Luxem- bourg, BIL, so it offered the outsourcing route to DNB Luxembourg. However, the bank was keen on an in-house deployment, so this option was ruled out early on (inci- dentally, the BIL/Avaloq joint venture failed to get off the ground). Temenos with T24 and Sungard with its Ambit Private Banking system made it to the final. DNB Luxem- bourg was impressed with the short time- to-market model offered by Sungard and the CRM component of Ambit, Ludvigsson recalls, but felt that overall, T24 was a more modern product. ‘We were looking at it
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with a long-term view,’ he states. The bank felt that Temenos’ offering would provide a suitable platform to support business growth, and ensure compliance with exist- ing and upcoming regulations. The contract has recently been signed and the initial gap analysis completed. The implementation work will be carried out by Temenos’ local partner, Syncordis. In addi- tion to the Microsoft-based T24 core and Temenos Connect at the front-end, there will be a new document management sys- tem from UK-based EFS Technology and a regulatory reporting application from Wolters Kluwer Financial Services. Ludvigsson says that the bank intends
to adapt to the new system, not the oth- er way around. ‘We are going to learn how the system works and update our prac- tices,’ he states. ‘We are a small organisa- tion that can successfully embrace change. There is no point in moving obsolete prac- tices onto a modern platform.’
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