Temenos started to head back and began to grow its


regional help desks in Ecuador and Costa Rica. A Spanish- language Model Bank is available. Green believed that the two clients signed in the region in 2010, Larrain Vial in Chile and Inteligo Bank in Panama, were both reassured by this. In Argentina, the solitary T24 user is Banco Credicoop, the country’s largest co-operatively-owned bank. The bank was live on a number of modules by early 2010, confirmed the vendor, and would continue to roll out modules throughout 2010/11.


The Chile banking market has provided Temenos with


a few contracts. The first were signed in 2004, with Grupo Altas Cumbres (GAC) and Fondo Esperanza, although both sites are inactive today. The deal at GAC covered around six countries of the group’s operations and would have involved a regional system integrator, Sonda. However, according to Temenos, the implementation didn’t go ahead due to disagreements regarding the platform between the local heads of GAC in different countries and later a sale of a number of entities.


The Caribbean coastline region has seen a drop in sales


for Temenos in the last few years. Green described the activity there as ‘very cyclical’. The vendor scooped a spate of contracts in the mid-2000s, ‘but there is nowhere near the activity in the Caribbean as in years passed’. A number of banks were gearing up for T24 in 2010, such as Honduras-based Banca Ficohsa, which took the system early in 2009. A Caribbean conglomerate, RBTT Financial Group, has had a lengthy T24 roll-out (the project dates back to 2005). ‘We have recently got another major portion of RBTT live,’ said Green in the second half of 2010. This latest go-live covered the group’s major operations in its home country of Trinidad and Tobago.


In Mexico, there has been good sales success but some


delivery issues. Banco Compartamos, which started its project in 2005, confirmed that the implementation was abandoned in 2010, but declined to go into details. At the time of the deal, Compartamos was a microfinance and consumer finance group working on obtaining a banking licence, and it took T24 ‘with the idea to implement eMerge’ (now T24 for MCB), according to the vendor. Compartamos was looking at ‘an extremely specialised type of family lending and had very niche requirements’, according to Temenos, but ‘despite this, Temenos and the bank worked together on the project’. Green said he was not aware of the exact reasons for Compartamos curtailing the implementation.


Another known Mexico-based case of shelving T24 was Banco Interacciones, which decided in 2009 to build its own core banking system after a four-year effort to install Temenos’ offering.


However, a number of other projects in Mexico (the majority of which were initiated from around 2005 to 2007) appear to have progressed. According to Green, all but three banks were live with T24 by the end of 2010. The three ongoing


550


ventures were at Banorte (a 2008 deal), Union de Credito Nuevo Laredo (2009) and a long-standing customer, Banco Autofin, which was in the process of upgrading. The total number of Temenos’ T24 Mexican core banking clients is 14, the highest for the vendor in the region, but having peaked in 2007 with six new wins, there was a downward trend in sales since (three in 2008 and one in 2009, none in 2010 and 2011). There have been deals in Mexico in the last few years but they haven’t been going Temenos’ way. ‘Mexico was our hottest territory for a few years: the regulatory changes resulted in many de-novo banks coming to the market, and this was the bulk of our clients then,’ explained Green. ‘But when the US market tumbled, Mexico got hit the hardest of the entire region and there was a significant slowdown in opportunities.’


One notable site in Mexico is the first instance of banks


migrating their core banking services onto a public cloud. This was intended to see T24 hosted on Microsoft’s Azure cloud for twelve microfinance institutions (MFIs) by the end of 2011. The twelve institutions were all clients of Synchronet, a joint venture set up by Temenos and a government-owned second tier development bank, Fideicomisos Instituidos en Relación con la Agricultura (FIRA), in 2003. ‘We think this is an historic announcement, which highlights the growing momentum behind Azure in the global banking industry,’ said Joe Pagano, MD of banking and capital markets at Microsoft. Five MFIs were initially involved in migrating their version of T24 to Azure. This also involved an upgrade to Release 10 of T24 for microfinance, and a move away from jBase to Microsoft SQL. The MFI which made most early progress was Soficam, which started running on Azure at the beginning of February 2011. This was to be followed by a couple of months of testing before moving into live production. ‘We are happy with the process so far,’ said Jose Antonio Cortes, COO of Soficam. Cortes expected to see cost savings resulting from the


pay-per-use model of the cloud offering. The other four microfinance firms whose conversions to Azure were under way were Sofol Tepeyac, Grupo Agrifin, Findeca and C. Capital Global. The remaining seven Synchronet customers would follow, and FIRA intended to pitch the service to its other, non- Synchronet, clients. Julio Cesar Roldan, CIO of FIRA, said: ‘We have different types of customers, some of whom are very small, offering just one or two types of product. They would never be able to buy a solution like T24 otherwise.’ Overall, Latin America has been far quieter for Temenos in


recent years than in days gone by. There were only two wins in Central and South America in 2010 (one in Panama and the Larrain Vial deal in Chile) but those two were at least an improvement on Temenos’ solitary Mexican deal in 2009. In early 2014, Temenos had its largest deal on the continent for a long time. This came at Venezuela’s largest banking group, Banesco. Ernst & Young advised during the selection and he system to be replaced is Datatpro’s IBS. The core will cover all main operations at the banking group


Universal Banking Systems Market Report | www.ibsintelligence.com


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