with Avaloq, Deutsche Bank Asset and Wealth Management (DAWM) chose to outsource its core banking and business processes in Singapore and Hong Kong to Avaloq as well, in the second half of 2014, using Avaloq’s newly created business process outsourcing (BPO) centre in Singapore. The set-up was then understood to be extended to Deutsche Bank’s UK operations (outsourced from Switzerland). This was the only live site for T24. The aforementioned Schroders has been a long-standing


and proactive user in the private banking market. As stated, it was the first to prove T24 in a centralised mode, cutting over in the first half of 2007 in its new Private Banking Service Centre (PBSC) in Zurich, supporting its mainland UK, Guernsey and Swiss private banking subsidiaries. In August 2016, BACB, the London based provider of trade finance and treasury services to Africa and the Middle East, decided to replace its existing legacy systems with Temenos’


Central and South America


The first route for Temenos in Latin America was via Modus International, the company set up by the original developer of Globus, Ernst Hennche. In Temenos’ first year in existence, Latin America contributed eleven of the 29 new-name deals. However, over the years there was a considerable attrition rate, largely due to closures, mergers, and acquisitions, so that a fair few of the takers dropped off the Globus user list. There were Globus wins in Ecuador, Peru, Argentina, Brazil, Cuba and Panama. However, by 2005, most of the survivors were in Ecuador, with a couple in Panama.


Modus (or Fisa, as it became) added a number of enhancements to Globus. In


particular, it built off-line


processing functionality, a necessity due to the poor telecoms infrastructures of many Latin American countries. In 1997, it launched a full retail branch system. The first phase went into two small Quito-based banks in the second half of 1997. It was interfaced to Globus so that, for instance, Globus balances could be accessed by the teller. Modus gained a first commercial sale of the full branch system in the third quarter of 1997 when Pribanco in Panama signed for this, with Globus again part of the deal. A number of Fisa staff had worked on projects in Poland,


Croatia and elsewhere, and Fisa continued to provide staff to Temenos on a contract basis. Hennche said that Fisa had ‘set up a completely independent effort for this business, to avoid conflicts’. Temenos then acquired this part of Hennche’s business, so that twelve or so staff moved across. Brazil is another country of interest. Votorantim, a private bank based in the country, is a user of T24. One partner, Capgemini, has a good presence in Brazil through its acquisition of CPM Braxis, formerly the largest Brazilian IT services company, in 2010. Temenos and Capgemini were responding to RFPs in the country together, said Greg Green,


who became president of Temenos Americas before leaving the company in Q1 2012. He felt there were about 80 banks in Brazil that would be well suited to T24. Existing user, Bancoldex in Columbia (see below), has branches in Brazil, and Bank of China, one of the largest T24 users, also opened a branch in the country. In Columbia, Bancoldex provided a first live site in the country for T24 at the end of 2010, when it went live in a first phase for trade finance. The state-owned commercial bank offers mainly second tier loans to companies, with a focus on importers and exporters. ‘This is the most important technology project Bancoldex has undertaken since it was founded in 1992,’ said Jorge Garcia, COO of the bank. T24 was chosen in 2008 and was to cover domestic lending, foreign trade finance, treasury, deposits, investment and collections. The bank was initially planning a big bang go-live but switched to three phases. The second phase, which started in early 2011, covered domestic lending, ‘which is the largest part of the bank’. The third phase would be centred on treasury operations and accounting. Garcia viewed the project after the first phase as successful to date, adding that support from Temenos was ‘very good in general although there are some response points that could be improved’. ‘Bancoldex is confident it is working with the best core banking system,’ he added. As for the rest of Latin America, Temenos had been


ramping up resources, Green said. Temenos had seen most success in the region in the years when it had plenty of local resources, he believed, but a few years later it had moved to an offshore support model (although ‘we never completely left’, he added). This may have coincided with the drop-off in sales in 2008 and 2009, as well as a few banks’ decisions to abandon T24 in countries like Mexico.


Universal Banking Systems Market Report | www.ibsintelligence.com 549


CorporateSuite. Additionally, in October, the UniversalSuite front-to-back software solution was selected by Bank of Ireland for retail, commercial and corporate banking. This deal includes Temenos’ flagship core banking solution, T24, as well as a omni-channel support, analytics and risk and compliance. Banque Internationale à Luxembourg (BIL), the largest bank in Luxembourg selected Temenos to replace its legacy systems as a part of its digital transformation process. The bank decided to go with a combination of Temenos’ Retail, Corporate Banking and Private Wealth Suites, alongside its flagship T24 core banking system In March 2017, Fortuna Banque SC Luxembourg selected


Temenos’ Retail Suite which includes the core banking platform, T24, along with a host of other digital solutions. Temenos has an established presence in Luxembourg, which was an important factor in Fortuna Banque’s selection process.


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