Bank and Exim Bank were both live with T24 in Bangladesh, while a handful of other banks were implementing the system. In


Asia/Asia Pacific in 2011, there were two deals


in Indonesia and Malaysia and one each in Azerbaijan, Bangladesh, China (Xiamen International Bank), Nepal (Civil Bank) and Taiwan (Landbank). There was further progress in Bangladesh in 2013 with a win at a start-up bank, NRB Global, gained alongside local partner, Datasoft Systems. NRB Global is a niche bank, offering banking services to Bangladeshi expatriates (predominantly in the UK), who are also the main benefactors of the bank. Farmers Bank and South Bangla Agriculture and Commerce Bank, another pair of Bangladeshi banks, finished their T24 implementations in 2013. Temenos in total had nine customers in the country by this stage.


Australasia


In Australia, Temenos has had a rocky time, with a couple of early, high profile failures and one more of late. This meant it has struggled against Australia-based FNS with Bancs (now TCS but still a dominant player in Australia) as well as one or two other domestic suppliers plus other incursors (Fiserv has done reasonably well in the past, while Infosys, SAP and Oracle FSS won the big deals that cropped up in the last few years from ANZ, CBA and Westpac respectively, albeit for international operations in the case of ANZ/Infosys and Westpac/Oracle FSS). The initial two failures were at Bank of Queensland and RAMS Home Loans; a later one came at Queensland Treasury Corporation (QTC). At QTC, the Queensland government’s central funding authority and corporate treasury services provider, its T24 project was cancelled in early 2012. Temenos provided IBS with this statement: ‘Following a strategic review of the project’s objectives, which identified a desired change in the project’s direction, QTC and Temenos have agreed that T24 will no longer be a part of QTC’s systems strategy. Whilst the leveraging of our standard packaged software platform as a component of the overall solution did not prove in this case to be the most appropriate, we have been very pleased nevertheless to have had the opportunity to assist QTC with their IT renewal project, and have enjoyed a constructive and mutually amicable relationship.’ QTC spent $22 million on its system modernisation venture.


Of this, $7.5 million was paid to Temenos and a similar amount went towards internal expenses. T24 had been acquired by QTC in April 2009, with the objective of replacing its legacy, in- house developed software by July 2010. At the time, Temenos’ Andreades had referred to QTC as ‘a prestigious client’ that would strengthen Temenos’ position as the region’s ‘leading core banking solutions provider’.


544


It is not all bad news in Australia. Rabobankfinally provided a live site in the country for Temenos, with cutover as well for New Zealand, in 2006. Temenos has also gained ground in Australia via Rubik Financial. It was putting together a hosted platform and selected T24 to reside with a range of acquired components for the low-end of the Australian and New Zealand markets. The company undertook a selection that included the mainstream Indian suppliers, plus Sungard and Open Solutions. Rubik’s initial idea was to offer a retail solution, said CEO, Brent Jackson. However, feedback from potential customers suggested the need for a broader offering and this played into the hands of Temenos, giving Rubik ‘a range of directions beyond our original plans’. He was not deterred by Temenos’ problems in the past in Australia. The aim was to offer a ‘bank- in-a-box’ solution.


Having gone public on the tie-up in October 2008, Rubik announced its first and second customers for the service in the first half of 2009. The first was Maleny and District Community Credit Union (MCU), with 5500 members. Areas of focus, as well as replacement of the core back office, would include mobile banking, CRM and card management. By virtue of being the first, MCU was intended to work with Rubik on localisation of T24 for the Australian credit union market. ‘By the time we are complete, we will have probably 80 per cent of what any other customer groups will have,’ said Jackson. This included links to ATM and Eftpos networks. A tentative go-live was set for November. The second taker was First Chartered Capital Corporation, which was a larger player than MCU but took much of the same functionality. However, shortly after the announcement of this deal, First Chartered Capital Corporation was taken over by another entity, Firstfolio (a mortgages and financial


Universal Banking Systems Market Report | www.ibsintelligence.com


Other new takers in 2013 included Bank of Maldives. The


bank’s board of directors approved the selection in spring, and the go-live was scheduled for Q1 2014. It was also modernising its ERP by deploying the Microsoft Dynamics ERP solution. In the first half of 2014, Temenos won a notable deal at State Bank of Vietnam, the country’s central bank, as part of a broad modernisation project dubbed ‘Financial Sector Modernisation and Information Management System Project’ (FSMIMS). This was under the auspices of the World Bank. Local integrator, FPT Information System, won the deal to supply, implement and integrate the core banking, accounting and budgeting software. The contract was understood to be worth $8.84 million. Polaris and the incumbent vendor, South Korea-based Hyundai Information Technology, were also evaluated at the shortlist stage.


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