three new projects with T24. The first was the addition of client browser-based access via its website. The second was the introduction of a third party custodian element for securities. This would allow clients, particularly institutional investors, to keep the same reporting regime whilst maintaining a number of custodians. The third major task would enhance the management of portfolios. Temenos was already working


Functionality


In the early days, functionality was often through joint developments with customers. For instance, a letters of credit module was added with Bank Handlowy in Luxembourg in 1992. A syndicated loans module followed in 1995 and then support for forward rate agreements (FRAs). A new release, G7, in mid-1996, brought a module for interest rate swaps, support for past due processing, and added management information capabilities. Release G8 at the end of 1997 brought support for repos and enhanced risk management. The development efforts saw the creation of product management groups to oversee particular areas from the initial concept through to delivery. By the start of 2000, there were groups for private banking (a multi-site deal signed with Kredietbank in the third quarter of 1997 was important here), trade finance (Dresdner Lateinamerika was a partner), futures and options, financial risk management, and retail banking. An asset management module was under development in 2005 and there had been a lot of work in the area of syndicated lending, within an over-running project at Caja Madrid (now part of Bankia). Today, there is not a system as broad as T24. It is multi-


branch, multi-currency, multi-base currency, and multi- lingual. It spans customer and counterparty management with operational and analytical CRM. There is a general ledger, plus support for current and savings accounts, deposits, loans, nostro and vostro account management, cash and stock reconciliations, and statutory reporting. There are batch and real-time Swift interfaces, management reporting and profitability analysis.


Retail banking support includes administration of tills, local and foreign currency transactions, travellers’ cheques, denomination control, cheques, sweeps, deposits, funds transfer, mortgages, personal loans, remittances, passbooks, signature verification, direct debits, ATM/POS links, and mutual funds/unit trusts. There is off-line branch functionality where required.


Private banking support includes coverage for multiple client types such as advisory, execution only, managed or discretionary, custody and external custody. T24 handles equities, fixed income, funds, futures, options, structured


products, gilts, repos, CDs, precious metals, and fiduciaries. There is order management support from order entry through execution to trade settlement. Portfolio


management allocation, securities capabilities modelling, including rebalancing and


asset cash


management, with online and periodic client valuations. There is performance reporting including whole portfolio returns, instrument level returns and returns at a segmented level, plus back office support for corporate actions and transfers and processing of transactional and periodic fees. There is also support for intermediaries. Wholesale functionality includes treasury, across foreign


exchange, money markets, forward, FX and interest rate swaps, and FRAs. Front office treasury functions are also supported, so too electronic banking. There is deal capture, blotter, position monitoring, limit monitoring, risk monitoring, and VaR calculations. Corporate banking components including corporate cash management, commercial and syndicated loans, import and export letters of credit, clean/documentary collections, incoming and outgoing clean payments and guarantees. For payments, Temenos claims to have built a full engine, to compete with the likes of ACI and Fundtech, working with ABN Amro. By October 2014, ABN Amro was still not live but Temenos was claiming another ‘large European bank’ as a taker for what is now dubbed the Temenos Payments Suite (TPS). Into 2015, there was still no cutover at ABN Amro but, with the European taker and another in Latin America, there was work to further enhance the functionality of TPS and it was expected to become the standard payment engine within future T24 sales, albeit still also positioned as a product in its own right. Treasury and corporate banking is still an area of strength and plenty of deals have this emphasis. The successes here have sometimes been to replace older treasury and corporate banking systems. Temenos gained an early replacement of Misys’ Midas, for instance, in 2000 at Arab Malaysian Bank. A major deal which spanned both wholesale and treasury in that year was from Construction Bank of China. The global contract was for Globus to be installed initially in Johannesburg to cover


Universal Banking Systems Market Report | www.ibsintelligence.com 525


with Deutsche Bank to build additional dynamic modelling and constraint management functionality into T24 to assist its portfolio managers. However, Scheiwiller confirmed that Schroders was planning ‘to enhance the system a bit further.’ It had centralised a lot of its activities, such as customer management, at the same time. It had apparently reduced costs in the UK by more than 50 per cent.


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