from the Greek government. Alpha Bank used Oracle FSS’s Flexcube for its international business as well as for some domestic activity (e.g. corporate lending) and ran an in-house built mainframe solution for domestic core operations (there were also various third party systems for specific functions such as trade finance, treasury and custody). Emporiki used the IBM- based Siglo legacy system from Accenture, and Hellenic Postbank ran Profits.
Laiki Bank in Greece had the older version of T24, Globus
and a late running implementation of T24 Release 8 for its operation in Ukraine. Laiki usedT24 in Cyprus, with the selection carried out after the merger with Marfin Bank and Egnatia Bank, with a decision to standardise on one core system. However, Laiki Cyprus and Bank of Cyprus were merged in 2013, presented as effectively the winding up of Laiki. At the latter, the painful T24 project was continuing (only savings accounts were live). As such, the combined bank was moved to Bank of Cyprus’ version of Misys’ Equation.
Ireland
This is a market that saw the two main banks badly hit by the financial crisis, with the government now owning Allied Irish Banks (AIB) and with a minority stake in Bank of Ireland. There are around 20 domestic banks and building societies in total plus around400 single branch credit unions, that have struggled with technology renewal over the years, and a declining number of overseas financial institutions, down from the peak at the height of the country’s International Financial Services Centre initiative.
The most notable core banking episode of recent years saw
AIB’s roll-out of Flex cube for its retail operations come to a juddering halt, culminating in the bank taking Oracle FSS to court claiming at least €84 million in damages, ending up with an out-of-courtsettlement. The bank was a happy user of Flexcube for wholesale banking and had embarked on a major roll-out at home and abroad for retail banking in 2007. A quirk of AIB was that its Financial Services arm had been offering T24 for some years on an out source basis to other financial institutions, albeit with no known success. It was later sold to Capita.
In the credit unions space, St Raphael’s Garda Credit union
(the country’s largest) uses Temenos’ T24. It was originally supplied by a local partner of Temenos, CU Plus, but it went bust in early 2014 and Temenos took over its clients. There is also St Gabriel’s Credit Union, which implemented T24 for electronic fund transfers in 2011. The only deal in Ireland in 2010 went to Temenos, from GE Capital Wood chester; it added KBC in 2013. Banca Consulia awarded contract to ERI for Olympic banking system.
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There were talks during2013 that the Central Bank of Ireland was looking for a new core system, which eventually culminated in 2016 with Temenos’ T24 being selected as the core along with omni-channel support, analytics and risk and compliance. The other deal during the year was a private banking system deal that was award to Miles Software.
Italy
While Italy is the fourth largest banking market in Europe (after Germany, UK and France), it has been arguably more reliant on domestic and in-house developed systems over the years than any other in Europe, with a fair amount of this having an out source aspect to it. There are a lot of banks (around 740), with 400+ small mutual banks and 37 co-operative banks, but it has seen virtually no penetration by outside suppliers other than within the treasury and capital markets sector. While the larger banks have taken packages outside of the country, at home they are largely centred on in-house systems or the offerings of a small number of domestic suppliers (Elsag is one).
In Italy in 2009, Temenos gained a deal in the last quarter
from UBAE Banca (a Rome-based banking corporation funded by Italian and Arab capital) and Murex had a deal from a domestic corporate. Montedei Paschidi Siena took T24 in 2010 in a notable deal, albeit for international branches. The historical twist was that this was where the roots of the IBIS system were from, now owned by Temenos after it bought Financial Objects. The selection of T24 preceded the bank hitting major losses, scandal and bailout. The other deal in Italy in the year was for Misys’ syndicated lending system, Loan IQ, a multi-site contract from Intesa Sanpaolo. Oracle FSS had one deal in the country in Q4 2011, at International Fund for Agricultural Development (IFAD); Misys gained a deal for its Thomson Reuters-derived Kondor+ treasury system in 2013. No outside vendors had a look in during 2014.During 2016, the lone deal reported in the country was for a lending system awarded to homegrown supplier, Object way.
Luxembourg
Clearly, this has been one of Europe’s traditional wealth management centres and most of the package deals have been in this area, albeit it has been much quieter of late compared with its heyday. In fact, the Luxembourg domestic banking market accounts for less than one percent of the total. The number of international banks has fallen steeply (220 in the 1990s, 142 as of September 2012). Sopra’s Thaler/Sopra Banking Platform is offered on a SaaS basis by Clear stream and has gained a couple of users via this route.
The overseas banks occasionally produce selections. The Market Dynamics Report 2017 |
www.ibsintelligence.com
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