aimed at wealth management advisors. Temenos stated that the Odyssey offerings would be combined with T24 to create a complete front-to-back system for wealth/asset managers and private banks. It was known from the due diligence report, which had been seen by IBS, that one option under consideration was to replace both Triple A and Wealthmanager with enhanced T24 functionality and a gradual withdrawal of the Odyssey products. Retaining each product would incur a lot of investment and many thousands of man-days of development. If adopted, it seemed such a transition would only happen over a number of years, with Temenos selling both Odyssey products ahead of this. Another option was to retain Wealthmanager as the front-end to T24, in place of T24’s existing asset management functionality. Either way, a shift of development to Temenos’ Chennai centre was on the cards. There was some overlap with ARC, and this issue would be


addressed in due course, said Chuard, but for now the solutions would continue to be included in the Temenos product line. They would provide a great cross-selling opportunity, he hoped. Only two of Odyssey’s customers had Temenos’ back office system: EFG and Commerzbank’s private banking and wealth management arm, both in Luxembourg. There was also a third site, where the implementation plans were in place but the work had not started yet (this might have been a reference to ABN Amro).


EFG and Commerzbank provided Temenos with the ready interfaces between T24 and Odyssey’s products, but ‘in time there will be much tighter integration’ resulting in one combined offering, said Chuard. Wealthmanager used Oracle but also some IBM technology. By TCF 2011, the stated aim had become to eventually


move towards a best-of-breed approach from the three products, although there would be intermediate steps to this. An interface was under way between T24 and Triple A. Interfaces for Wealthmanager, to T24 or Triple A, would be built on request. Temenos claimed that the technology roadmap for these products had accelerated due to the extra investment capability that it could bring compared to Odyssey. Odyssey had apparently previously attempted a componentisation project but was unable to complete it. 500 people, or about one in seven, within Temenos were now dedicated to private banking. There was now a private wealth division within Temenos, with its own dedicated sales operation. A few new deals were closed in the six months after Odyssey


was acquired. These included Bankhaus Main in Germany for Triple A and First Hawaiian Bank and Gluskin Sheff in North America for Wealthmanager. With regards the opportunities for cross-selling, Temenos estimated that half of ERI’s Olympic


user base were Odyssey customers. Temenos’ private banking division now had 150 clients in 125 countries, and there were specific geographies where the Odyssey acquisition would strengthen Temenos’ market position. Hong Kong and China were given as examples, so too North America. Temenos was also seeking, over two years, to move Triple A to databases other than Sybase. Pierre Bouquieaux, the vendor’s product director, wealth, said the Triple A functionality was ‘already quite rich’, so no significant developments were anticipated in this area, so the team was concentrating on ‘the improvement of usability’. The shift of database was still planned in early 2015, with the target being Oracle. There was apparently a client commitment for this, so it looked as though it might finally happen. For the Wealthmanager product, Temenos was seeking


to replace the user interface with the recently launched Temenos Connect, said Bouquieaux, apparently with a lot of interest here. RBC Dominion Securities, for example, was upgrading from ‘a very old version’ of Wealthmanager to the latest edition, which would include the Connect component. Canada-based RBC was a long-standing user of the system, and the implementation predated Wealthmanager joining the Temenos product portfolio. Incidentally, RBC’s operations in the UK ran Triple A, commented Bouquieaux. Also important was long-standing Globus/T24 user,


Credit Suisse, which was rolling out Wealthmanager to replace its existing front-end system and, according to Temenos’ Arnott, was ‘doing so in such a way that when it is live with Wealthmanager, it could move on to changing the back’. A bank could also go the other way, he continued, as was the case of the aforementioned Nordea in Luxembourg, which had started with the implementation of T24 (replacing Olympic from ERI), followed by the front office renovation with Triple A Plus and Temenos Connect. There was also another less high profile product in the


vendor’s wealth management portfolio, Datasource. It was about to get a marketing boost, said Bouquieaux. It is an enterprise data management solution for large banks, ‘particularly those with significant securities business’. The product originated from Actis, Temenos’ German acquisition of six years earlier (see below). ProDB, as it was then known, was among the company’s set of products. It has a handful of takers today, mainly large European financial institutions (primarily German), including Landesbank Berlin (LBB), plus UBS and Credit Suisse. ‘It is fully centralised, thus reducing cost and risk,’ stated Bouquieaux. ‘You can have the best front and back office systems, but if you don’t have the right data, the principle is simple: rubbish in, rubbish out.’ In the wealth management sector, Temenos took the


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