software with fully integrated and easily implemented solutions from both Temenos and fully vetted third party providers. Offerings include a range of additional banking software (such as for security, and automated investments), as well as products that banks can offer directly to their customers such as CurrencyCloud. There are currently 100 products from around 150 FinTech providers onboarded, or in the process of being onboarded, such as fraud and risk assurance solutions by NetGuardians, encrypt and query tool for sensitive data by Inpher, document management by EFS and biometrics and authentification by DigitalPersona. Marketplace also includes a core banking sandbox in the cloud (Dev/Test Platform-as-a-Service environment) where banks can test innovations while limiting risks; while the development community and startups can build and test innovations, and also certify and integrate FinTech solutions within 2-4 weeks.
In December 2016, Commerce Bank and the Housing and Development Bank went live with Temenos’s Core Banking system. The implementation project at Housing and Development Bank involved the migrating of data for 1.5 million customers across 64 branches over two years. In April 2017, Saudi Arabia’s Islamic lender Amlak International chose Temenos’ T24 core banking system for a tech revamp, replacing its decade-old, Silverlake Axis’ SIBS core banking system. The implementation and delivery is
Partnerships
Australia-based Rubik Financial, a long-standing Temenos partner, will now be also offering Temenos’ omnichannel platform, Temenos Connect, to the local market. The agreement includes the upgrade of Rubik’s existing channel offering to that of Temenos. Temenos Connect stems from the 2012 acquisition of a small UK-based vendor, Edge IPK, and its Edgeconnect product. Nordics’ largest IT group, Tieto, has joined the list of service partners of banking software vendor Temenos. Tieto will be offering delivery services for Temenos’ flagship core banking system, T24, as well as auxiliary products, across the Nordic and Baltic regions. In particular, it will specialize in the T24 Model Bank (a preconfigured, ‘out of the box’ version of T24) delivery. Indeed, the vendor has recently secured the largest deal in Europe, with Sweden-based Nordea Bank, for a complete IT overhaul. The bank put aside €1 billion for the project. There is also a project underway at a bank in Finland, Aktia, which is running late and over budget. Earlier, Temenos signed with Danske Bank to replace its proprietary corporate lending software with T24 and standardize operations across the group.
to be done by National Data Consultants (NDC), a Pakistan- based system integrator and Temenos partner in the Middle East and Asia. Panama-based Prival Bank also chose T24 as its new core banking system, which will be delivered on the Microsoft Azure cloud. T24 will support lending and deposits at Prival Bank. The bank is also implementing the vendor’s front-end offering, Temenos Connect; business intelligence/ analytics software, Insight BI; and AML tools. Go-live is said to be scheduled for 2018. First Abu Dhabi Bank, the new entity created through the merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) on 1st April 2017, also announced plans to centralise its operations on Temenos’ T24 core banking system. First Abu Dhabi Bank is the new largest bank in the UAE and one of the largest in the MENA region, with total assets of over AED 670 billion ($180 billion). The new platform will support the bank’s conventional and Islamic banking operations across the board (retail, corporate, investment etc.). Al Khaliji France, a Paris-based subsidiary of Qatar’s Al Khaliji Bank, went live with Temenos’ T24 core banking platform at its branches in the UAE, replacing CapitalBanker core banking system by Capital Banking Solutions (CBS). Al Khaliji implemented the R15 version of T24 and Temenos’ analytics solution, Insight BI. It has also updated its internet banking platform for corporate and individual customers.
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US Financial Services Technology Market Report |
www.ibsintelligence.com
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