path since 2013. It signed for Temenos’ T24 offering to replace a legacy development by a local vendor Samlink. T24 will be delivered on a hosted basis. The original budget was estimated at €30 million and the go-live was penned for the end of 2015. Ethiopia-based Construction & Business Bank (CBB) has
officially implemented Temenos’ T24 core banking system, 11 years after announcing the first bid. The state-owned bank’s project – known as the Banking Software Selection Implementation (BSSI) – had its first bid back in October 2004 and was plagued by problems. The first attempt attracted ten bidders, including Temenos, but the nine others failed the technical evaluation and so CBB cancelled it. India-based Grameen Koota Financial Services has gone live with Temenos’ T24 core banking system for its microfinance business. Temenos teamed up with IT consulting firm Tech Mahindra on the nine month implementation project. The deal with Grameen Koota was inked at the end of last year. The roll-out was across 270 branches in five states. The MFI’s 1.1 million-strong customer base and 2.3 million loans were migrated onto T24. Julius Baer finalised a lengthy core banking selection
process in early 2015, opting for Temenos and its T24 offering. T24 is being implemented initially in the Asian region, replacing legacy systems such as ERI’s Olympic, in use in Julius Baer’s Singapore and Hong Kong locations. DNB Luxembourg has gone live on Temenos’ T24 core banking system within set timescales and budget. In addition to the Microsoft-based T24 core, the bank has also deployed Temenos Connect at the front-end for digital channels, a new document management system from UK-based EFS Technology and a regulatory reporting application from Wolters Kluwer Financial Services. A local IT integrator and Temenos’ services partner, Syncordis, assisted with the delivery. Syncordis is now working on another T24 roll-out in Luxembourg, at Advanzia Bank. Nordea Bank SA, the international private banking arm
of the Nordea group, has gone live with Temenos’ integrated wealth management solution Wealthsuite after a three-year implementation. The go-live was set for October 2015 with Nordea Luxembourg seen as a flagship for Temenos’ efforts in the wealth management sector. Luxembourg-based digital bank, Advanzia Bank, is
replacing its legacy solution with the T24 core banking system from Temenos. The bank opted for a Microsoft- based version. The old system, which has been running in the bank for over ten years, has scalability, flexibility and integration limitations, according to Temenos. The Temenos offering
will completely replace Advanzia’s
current technology environment, states the vendor. A local IT integrator and Temenos’ partner, Syncordis, will manage the project delivery.
Canada-based Equitable Group has launched EQ Bank, a banking service based entirely online and on mobile. It is underpinned by Temenos software: T24 for core banking, Temenos Connect for channels and Insight BI for business intelligence and analytics. The software is hosted by HP, which
also aided in the implementation process. The firm has been an established partner of Temenos in Canada since the mid- 2000s. The new venture is an offshoot of an established bank of the Equitable Group, Equitable Bank. In August 2016, Temenos’ CorporateSuite solution was selected by British Arab Commercial Bank (BACB) to replace its
IT infrastructure. CorporateSuite packages several
analytics, payments, risk and Islamic solutions alongside Temenos’ flagship T24 core banking system. The replacement is a part of the banks’ plans to increase its trade finance and treasury presence in Africa and the Middle East along with sustainable growth. In October, Bank of Ireland Group and a major European bank, selected Temenos’s Universal Suite, as their new core banking, channels platform and front-to-back solution for retail, commercial and corporate banking. Banque Internationale à Luxembourg (BIL), the largest bank in Luxembourg selected Temenos to replace its legacy systems as a part of its digital transformation process. The bank decided to go with a combination of Temenos’ Retail, Corporate Banking and Private Wealth Suites, alongside its flagship T24 core banking system. In September 2016, in line with its strategy of growth in the
US market, the company opened a new and expanded North America HQ in Malvern, Pennsylvania. The move was based on market research conducted by the company which shows that the US represented 40% of the company’s addressable market.
In early 2016, Temenos rebranded all its products and
offerings, including T24, to ‘Temenos Core Banking’. The rebrand was a refreshment of the Temenos brand, while the underlying products and their functionality have remained the same, albeit with added functionality. Temenos provides one Annual Maintenance Release (AMR) per year, as well as monthly releases, with new functionality, enhancements and fixes. In May 2017, the company launched the annual maintenance release version R.17 of its Core Banking solution. Temenos also began following a Suite-based product development, with each Suite including integrated series of domain -specific products. For example, the RetailSuite includes Core Banking as well as other products such as Channels and Analytics for retail banking; the WealthSuite includes Core Banking and other products such as WealthSuite Front Office including CRM and portfolio management modules. Although marketed as Suites, customers have been given the ability to choose to license only particular elements or products of a Suite, such as Core Banking, with all components offering integration to not only Temenos’ other components but also those from third parties. Certain functions that go across the lines of business are implemented in cross functional areas, after factoring out of the lines of business functions, such as accounting, limits and interest, which are common across multiple modules and multiple lines of business. Apart from Core Banking, Temenos also began offering
MarketPlace, an online, self-service, digital store that facilitates open banking and allows banks to enhance the Core Banking
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