‘most important from a customer point of view’. The third stage was to set parameters in T24 to mimic IBIS’s style in terms of reports. ‘What we want is to say to customers that everything they do in IBIS is in T24.’


Carruthers felt that if a bank took the model bank


approach, a project based merely on data migration could be completed in a few months. Moving to T24 proper would take longer, but ‘some of them will take the opportunity to upgrade their processes, including the two or three we’re talking to at the moment’. Temenos’ efforts had been ‘well-received’, Carruthers claimed. However, he did see different levels of enthusiasm across the user base. As T24 is a much newer system than IBIS, he said, with much more investment, he saw it as ‘quite a natural sell’. ‘The users that are growing have been most receptive to the message.’ One oddity is the Croatian Bank for Reconstruction and Development (HBOR). This government-owned bank signed for IBIS around the time of the acquisition, and was still under implementation. Carruthers’ opinion was that HBOR would


continue to be supported after 2013, although nothing had been decided. ‘This is a special case, as this bank is nothing like our other customers.’ By now, Temenos had negotiated the sale of the source code to the few users of the newer Activebank Retail. ‘Whereas Activebank is a straightforward retail lending solution, IBIS is a comprehensive banking system,’ said Carruthers, making the latter closer to T24. The fact that there were only four users of Activebank Retail meant it was both uneconomical to support them and too expensive to produce a model bank upgrade path to T24. Temenos therefore spent 2010 negotiating the sale of the source code to the banks, which were C Hoare & Co and Charity Bank in the UK, ICA in Norway and Sweden, and SBAB, also in Sweden. SBAB was the last to agree terms with Temenos, finally settling in December 2010. One of the other, non-core banking parts of the former Financial Objects, Activebank Treasury, has been subsumed into the T24 product set, and is now being sold as a front-end to T24 (see above).


Viveo


Following on from Actis and Financial Objects, Temenos made a third user base-oriented acquisition with Viveo. This was Temenos’ largest deal at the time (subsequently surpassed by Odyssey), paying $81 million (3.8 times the expected maintenance revenue of 2010). The deal was fully financed from an existing debt facility and was intended to secure Temenos’ position in the French-speaking markets, where it had so far struggled to gain a strong foothold. In this, there were similarities to the German market, targeted with Actis, with both still dominated by domestic vendors and in-house developments.


Viveo had over 400 clients in France alone and another


350 across 35 countries. Not all clients were core banking users, as Viveo had a range of products, such as AML and other compliance software, securities solutions and payments processing. The vendor’s core banking system, V.bank, had around 30 users, including GE Money Bank in France, BRED Banque Populaire, Monabanq, BNP Paribas and the French arms of Lloyds TSB, Bank Saderat Iran and National Bank of Abu Dhabi. There were a number of other, older core banking system user bases within Viveo, as it too had been acquisitive over the years. Viveo’s payment processing engine and AML software


were cited as complementing Temenos’ portfolio (a deal was signed with Barclays for the AML solution around the time of the takeover). Indeed, the AML software has continued to


be pushed and there were apparently 19 new licences for it during 2014, some of which were on a SaaS basis. For the time-being, it was stated that the V.bank users would continue to be supported. It was possible to foresee V.bank’s components being integrated into T24 or even for V.bank to become the future for Temenos’ core banking offering. After all, V.bank had been described by Viveo as ‘the third generation solution’, boasting such features as platform independence (Viveo claimed references on Unix, the IBM iSeries and MVS) and database options including Oracle, SQL and DB2. The vendor also claimed a Service Oriented Architecture (SOA) design for V.bank, with three layers and Web 2.0 support. Much of it was Java based, although, rather oddly for a system that did seem to have been written from scratch in the last few years, it had a Cobol core. It could be taken as a broad package, in components or as a technology platform for building bespoke applications. BRED Banque Populaire used the claims management


module of V.bank and also had Viveo’s component banking model. It had also been evaluating the debt management module of V.bank and had been talking to Viveo about the savings component. Temenos’ Hilsenkopf took responsibility for the integration of Viveo, and was also put in charge of French-speaking territories as part of a wider shake-up. In fact, it soon became apparent that V.bank was to be


Universal Banking Systems Market Report | www.ibsintelligence.com 533


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