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MARCH 2015/ISSUE 24.6


GLOBAL INDEPENDENT PERSPECTIVE ON FINANCIAL TECHNOLOGY Julius Baer embarks on core system renovation


Temenos wins, Avaloq loses and ERI is to be replaced, but the bank keeps its global options open The project is global in nature, but the details


Switzerland-based private banking group, Julius Baer, has concluded its lengthy selection process to find a find a new core banking solution to har- monise its operations worldwide. The winner is Temenos and its T24 offering, beating rival Avaloq to the deal at the final stage. The news was greet- ed cheerfully by Temenos’ shareholders, following the disappointing Q4 revenue figure (see p10 for further details).


Julius Baer has now embarked on a sepa-


rate search for an implementation partner. This is being done independently, says Jean-Michel Hilsenkopf, MD for EMEA at Temenos, although the vendor will provide some input on the bank’s request.


have not been set in stone. What has been agreed so far is the implementation of T24 in Singapore and Hong Kong to support the group’s Asian operations, and the overall upgrade of its existing portfolio management solution, TripleA (the sys- tem stems from Odyssey Financial Technologies, a wealth management software vendor acquired by Temenos in 2010). Julius Baer uses the system in Switzerland and in Asia. Temenos’ T24 back office system will replace


ERI’s Olympic in Singapore and Hong Kong, with the work expected to last 18-24 months.


...continued on page 16


Euroclear Finland in major technology overhaul The new platform, Infinity, is claimed to be among ISO 20022 message format pioneers


Euroclear Finland has completed the first phase of a multi-year project to revamp its core systems for securities processing. The new platform, dubbed Infinity, has gone live to support fixed income after a two year replacement of its 20 year-old legacy proprietary system, known as Ramses. The new offering is underpinned by the Bancs Market Infrastructure system from India-based TCS Finan- cial Solutions. The platform stems from the Quartz system, developed by Switzerland-based TKS- Teknosoft (a TCS partner which was acquired by TCS in late 2006). A further two phases will be undertaken over the next couple of years, says Michael Carty, CIO for Euroclear Finland and Swe- den, comprising the replacement of Euroclear


Finland’s legacy equity transaction processing engine, HEXClear, with Bancs, as well as its central register. The project will culminate in connectivity with


the new Target2-Securities (T2S) infrastructure, which will push Europe’s CSDs towards centralised clearing and settlement of securities transactions. Euroclear Finland is due to migrate in the fourth migration wave of T2S, in February 2017, which is when the project is due to be completed. Euro- clear Finland claims that Infinity will be one of the first platforms to support the new ISO 20022 mes- sage format for certain types of corporate action and settlement activity.


...continued on page 6 ©Alessandro Della Bella, Keystone


inside SALES LEAGUE TABLE 2015 ibsintelligence


IBS Journal material may not be reproduced in any form without the written permission of the publisher. © 2015 IBS Intelligence, a trading name of IBS Publishing Ltd.


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