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couple each. Calypso had only gained three deals in the US in 2009, while FSS had picked up two – Bank of Oklahoma and Signature Bank. It seems that FX is still recognised as a money-winner so there are moves among small to mid-sized banks to set up services or overhaul existing ones, while others are seeking to extend their instrument coverage. The Federal Home Loan banks still throw up such deals from time to time. Openlink won one of these in 2009, at FHL Bank of Cincinnati. Relatively new kid on the block, TwoFour Systems, had one win in 2010 and a couple in 2009. However, TwoFour Systems was the big winner in 2012,


with five wins, which rather suggested a coming of age for this somewhat newer supplier. FSS, in its last year as an autonomous company, had four wins. Misys had a poor year, with a solitary OpicsPlus win being its only success across any of its systems. For syndicated lending, the two deals up for grabs both went to FIS with ACBS. Calypso brought in US Bancorp and Openlink had two sales. Aside from the T24 deals, the 2013 haul was purely for


treasury systems. TwoFour again scored well with three, with one each as well for Misys with Summit and Openlink with Findur, constituting a quiet year in the US, all in all. 2014 was an appreciably busier year. While the big roll-


outs at Zions and Discover Financial continued, Temenos gained two more deals at small US banks, one of which was Independent Bankers Bank of Florida. Temenos also beat ERI with Olympic to a deal at Bermuda Commercial Bank (in part, it is believed, because the bank favoured a Microsoft platform). Speaking in early 2015, Temenos’ CEO, David Arnott,


said Temenos would continue to chase business from the dominant domestic vendors (Fiserv, FIS, Jack Henry and D+H) via its SaaS version of T24 derived from Trinovus. ‘Banks, community banks and credit unions are extremely upset by underinvested products,’ he suggested. The US market experienced between six and seven per cent churn per annum, estimated Arnott. By this stage, Temenos had gained its first live site in the country for T24, Independence National Bank, as it switched to the new system on 1st December 2014. Temenos continued the scaling up of its resources in the US with the acquisition of Philadelphia-based loan origination and collections


specialist, Akcelerant. The


acquisition came with a $50 million price tag, with a further $5 million due subject to an earn-out over the next three years. Akcelerant brought $15 million in revenues, although it was only expected to be break-even in 2015. It claimed 600 customers, mostly in the credit union space, and brought 130 staff. SAP’s two wins in 2014 for its Deposits Management core


banking system at mid-tier institutions were also notable. Misys had another couple for Loan IQ while Calypso was the big winner in the treasury and capital markets space, with four wins (Murex had two, Openlink had one). Oracle did


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have a win for a subset of its OBP system, for online loan origination, at Keybank, but this is outside of our scope, because it is not for core banking. There have been a few other front-end channel-oriented deals in the last few years for international suppliers.


Canada


Canada has been a relatively active market in the last few years and is rather more open to international vendors than is the case in the US. While the largest banks tend to use in- house systems, there has been a spate of decisions by mid- tier players.


An initial three of these headed for SAP’s lending system


and/or retail banking system (Farm Credit Canada in 2006, followed by ATB Financial and Home Trust in 2008). Although the projects at ATB and Home Trust seriously overran, other Canadian banks have followed (including National Bank of Canada, then TD Bank). As such, this market represents something of a stronghold for the German supplier when it comes to banking software although with the projects continuing, it hasn’t added new takers in the last couple of years. An important cutover came at ATB in September 2011. This was for the bank’s 170 branches within a ‘big-bang’ migration. Home Trust went live a couple of months earlier, also with a ‘big bang’, at head office and five branches. Particularly notable in Canada has been the activity in the higher end of the credit union sector and here the clear winner has been Temenos. In 2009, T24 was selected by Coast Capital Savings Credit Union, following on from a sale in 2006 at North Shore Credit Union that culminated in a successful cutover. Coast Capital signed to replace FIS’s Profile and went live in February 2013. In 2010, the third largest domestic credit union, Servus


Credit Union, signed for T24 (although the project was subsequently abandoned), followed by a long-anticipated win at the largest, Vancity. Given Coast Capital is the second largest, this gave Temenos an impressive set, ahead of Servus CU falling by the wayside. Temenos claims to have a ‘Model Bank’ version of T24 for the Canadian credit union market and there has been no progress in the country for Oracle FSS, beyond an earlier win at Caisse Centrale des Jardins. Temenos gained two more wins in 2012, Canadian


Western Bank and Caisse Financial (also known as Manitoba Caisse). There was a solitary off-the-record T24 win in 2013 but that was the sum total of new-name deals for any supplier in 2013 in Canada. Temenos added two more wins in 2014, one of which was at First Ontario Credit Union. Calypso also had a couple of wins, at a large domestic bank and at an investment advisor. Going further back, there was an interesting lending deal in 2010 for Indian supplier, Nucleus, at University of British Columbia. The other deals in 2010 were treasury-


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