Trinovus


As mentioned, for the US, Temenos had previously teamed up with Metavante to tailor a high-end retail system, Temenos Core Banking (TCB), for the US market. The project included moving this to Java but it ended abruptly when Metavante was acquired by FIS. As FIS had the Profile core banking system, in particular, that competed with T24, the plug was immediately pulled on the tie-up with Temenos. There had been one taker for TCB, plus T24, from within Metavante’s existing US user base, Jacksonville-based EverBank. Temenos then went the acquisition route for its latest attempt


to break into the US. It picked up Alabama-based Software-as-a- Service (SaaS) solutions provider, Trinovus. It brought a workforce of around 50 and a ‘well-established client base’ of 800+ financial institutions across the US, ranging from small community banks to credit unions and large financial institutions. Trinovus had compliance software, in addition to offering core processing solutions on its IBM iSeries-based Trinisys core system. According to David Brasfield, CEO at Trinovus, the aim would


be to take the legacy system, ‘renovate it with T24 wrapped around it’, with the real-time, 24x7 SaaS model coming to market by the end of 2013. He said the ultimate aim was to offer one solution, with Trinisys eventually phased out, although he gave no timescales. Farmers Exchange Bank and Clare Bank in the US became


the first takers of T24 on a SaaS basis, following the arrival of Trinovus. Both banks chose the full core banking package, with additional applications such as business intelligence, mobile and internet banking and compliance. T24 was to run from Temenos’ acquired Alabama-based data center for Farmers Exchange Bank. This bank had been a long-standing user of Trinisys. The two banks were expected to collaborate for the implementations. Three more banks followed later in the year, all being Trinisys users looking to modernise technology. While Temenos has struggled in the US, it has made good sales in Canada. In 2010, the signing of Servus Credit Union, Canada’s third largest credit union, suggested that Temenos had gone a long way to sewing up this market. North Shore and Coast Capital credit unions were already customers, and the largest, Vancity Credit Union, then followed. To the south, it has


Recent Activity


About 50% of the 154 new universal banking system sales made in 2015 remained with the top three players. The leadership position was retained by Temenos (34), followed by Oracle (28) and Infosys (16). Temenos had most of its deals in Central/South America, and in Africa with 14 sales in these two continents. Kenya alone saw four of the seven deals signed last year in that market go the way of Temenos. While the supplier had only three deals in its home territory of Europe, it did include a big win with Nordea. Two Malawian banks are set to come together in a merger that will result in job cuts and a Temenos-based core banking


122


had a reasonable position in central and south America (a clutch of wins a few years ago in Mexico, for instance). Also in Mexico, Temenos signed twelve microfinance entities in the country to pioneer T24 on Microsoft’s Azure cloud (with a few other small institutions taking this version elsewhere since then) In fact, not everything has gone smoothly in either market. In Canada, it seemed Servus gave up and reverted to its existing system, Open Solutions’ Ovation, while the project at Coastal Capital ran late. The latter was finally live by early 2013, by which time Temenos had added two new signings, Canadian Western Bank and Caisse Financial Group. The former took T24 for retail banking, plus front office, channels and business intelligence. The latter, an amalgamation of four local co-operatives (caisses) in Manitoba, also signed for retail banking plus channels, CRM and business intelligence. On the product side, Temenos set to work with existing T24


user, ABN Amro, to develop a payments hub. The bank uses T24 in multiple sites for corporate banking (300 users by mid-2012, from two hubs) and wanted to add support for high-value and low-value payments. The first phase, set for Q4 2012, would be for credit transfers.


The major announcement at 2014’s Temenos Community


Forum was the Database Framework, which is intended to help Temenos pick up clients in the tier one space. JPMC was unveiled as the beta customer for the framework. The idea of the Database Framework is to split the transactional (read-write) from the reporting (read-only) database at a bank. This framework was in the early stages of development, with phase one available in R14 of T24 and more functionality promised for 2015. However, in May 2017, Temenos announced plans to do


away with Trinovus’ Trinisys core system by June 2018. While a few banks were onboarded in 2013/14 including AimBank, Farmers Exchange Bank, Independence National Bank, National Bank of Andrews, Clare Bank and Independent Bankers Bank, others continued to operate with Trinisys, with none of them using T24. Per Temenos, there are currently ten remaining users of Trinisys while about 20 users have already moved to other providers. With Temenos’ US strategy to focus on banks greater than $1 billion in assets, the company has decided to do away with Trinisys, and those customers on it will be migrated to a competitive platform better suited for their needs.


upgrade. Malawi Savings Bank (MSB) and First Discount House (FDH) Bank are the two entities set to merge, creating a new bank that is expected to be floated on the country’s stock exchange in the next three years or so. The merger is good news for Temenos, as its T24 core banking system will be underpinning the new bank’s operations. FDH is already a customer of the Swiss vendor, but plans are in motion for a full upgrade from its current version R10 to R14. MSB will be ditching its previous provider, Neptune Software, and its Rubikon system. It’s expected that by the middle of May of 2016 both banks will be running with T24 R14. Aktia Bank is implementing a new core banking system,


Temenos’ T24, but the go-live has been pushed back to H2 2016. The bank has been on the core system modernisation


US Financial Services Technology Market Report | www.ibsintelligence.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132