including those of New Athena, R-Style Softlab, CFT and Diasoft. Temenos appeared to be left with just two users in Russia, AF


Bank and Banca Intesa. The former is the Russian subsidiary of Kazakhstan’s Astana Finance. ‘We are the first successful full T24 implementation case in Russia,’ said Aidar Zubairov, chairman of AF Bank, in late 2010. The system had been adapted to Russian accounting and regulatory requirements and Zubairov believed that the development could be now applied by Temenos to create a T24 Model Bank for Russia. ‘I was sceptical at first, especially when you look around and don’t see any successful examples in Russia, and when you look at Temenos’ projects in Kazakhstan which are several years into the project with very little accomplished. And you think: how will we manage? But we analysed the issues and mistakes and decided that we could do it. And I believe that the system can now be packaged and sold to other banks in Russia.’


The implementation at AF Bank took just nine months (which involved a lot of work on evenings and weekends). Zubairov attributed this to AF Bank’s dire need to modernise its core software, as the previous DOS-based home-written system was ‘from the last century’. The bank had no choice but to succeed, he felt. The IT modernisation was prompted by the arrival of new shareholders at the bank around three years earlier: it was sold to Astana Finance by Russia’s Alfa- Bank. At that time, Astana Finance was already in the process of deploying T24 at its headquarters, ‘so for the purposes of standardisation and efficient management it made sense to go for the same solution’, explained Zubairov. There was


also a financial incentive: a discount on the licences for the group. Rostelecon, a local IT consultancy firm, acted as the main contractor and integrator, and there were no issues with resources. Temenos has a reasonable spread of users in parts of central


Europe. One fruitful country has been Azerbaijan, where Amrahbank signed as its fifth T24 customer in 2009, after National Bank of Azerbaijan, Texnika Bank, Azerigazbank and Bank Standard. In central Europe, one notable project has been at the


previously mentioned Austrian pioneer, Hypo Alpe Adria Bank. Ernst Fanzott, project head and a director at ZIS d.o.o, the bank’s IT services subsidiary, said ‘Temenos’ role from the beginning was very limited – too limited.’ This changed as the project progressed. ‘Temenos is a vendor that needs a lot of attention. It was a bit underestimated and we then had close contact, nearly daily, at all levels.’ The supplier ended up with two to four people onsite and there was a dedicated Temenos project manager. Temenos had been ‘very strong in emergency mode’ – in other words, when there had been a problem – ‘but there is some improvement potential with their standard service levels’, said Fanzott. He felt the latter were not particularly standard, reflected in the fact that Temenos’ help desk often did not know the details of the bank’s agreement. After a rocky first cutover for Montenegro in November 2009 (a small operation with around 230 staff, 31,000 customers, 38,500 accounts, 7000 loans and ten branches), a second one for Herzegovina went much more smoothly, so the bank looked to be on track with a project that was ultimately to span Bosnia and Herzegovina, Montenegro and Serbia.


Europe-Western


Europe is where the company started and remains the largest geography in terms of sales and installed base by some distance. There have been tier one bank takers for departmental and/or international branches, such as Deutsche Bank for wealth management. There are mid-tier banks similarly for niche areas, such as Danske Bank for corporate lending (a 2010 project to replace a proprietary system, with a hub in Denmark to ultimately support ten countries). There are plenty of users among private banks or the private banking operations of larger ones. There are also users purely for treasury and corporate banking. An unusual profile of taker was mobile payment specialist,


Luup, which took T24 to form part of a new platform to underpin its services. The organisation went through a formal selection process, including an RFP. Microsoft’s Biztalk forms part of the solution, providing Business Process Management (BPM) capabilities on top of T24. Luup initially considered both core banking and payment systems. ‘We found we


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needed an account-based system, especially for emerging markets, where we effectively have stored value accounts,’ said Luup CEO, Thomas Bostrom Jorgensen (however, he did not remain to oversee the projects as his departure from Luup came shortly after the selection). Luup took the Microsoft SQL version of T24 on Windows


(Luup’s existing platform ran on Microsoft .Net). The breadth and componentisation of T24 were attractions, said Jorgensen. This was important, he pointed out, as Luup had a wide range of customers, from Deutsche Bank, with a corporate banking slant, to branchless solutions in Asia. One opportunity might stem from becoming part of Temenos’ large client base, with a lot of T24 users constituting potential partners for Luup. There have been some long-standing and successful


relationships with banks in Western Europe, including EFG Eurobank, an early user going back to the EBS days, and remaining a customer since then, and Schroders. Banks in the Netherlands have had a tough time with


Universal Banking Systems Market Report | www.ibsintelligence.com


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