are now starting to offer quite sophisticated and different products to what they’ve traditionally offered, for example, structured products, multi-currency CDs [certificates of deposit] and precious metals. While many global vendors offer this functionality as part of a standard core package, many US vendors don’t.’ Temenos was witnessing an increasing number of foreign banks coming to the US with these types of offerings, forcing domestic players to expand their product range to keep up with the competition. Yet incumbent suppliers often could not provide adequate support, Green felt, with this an area where Temenos ‘can step into the market and fill this void’. Green hoped that the EverBank project, coupled with


a new effort in Chennai to build a US Model Bank version of T24 and an 18 month roadmap, would prove Temenos’ commitment to the US to prospects. The mainframe version of T24 was a ‘game-changer’, Green felt, bringing into play users of systems such as Systematics, which now resides with FIS. T24 is used by entities such as New York-based Bank of


China, United Nations Federal Credit Union and China Merchants Bank, and Banco Sabadell in Miami, the latter going live for private banking in 2006. As such, Temenos was already able to claim that the system was fully compliant with the US regulatory requirements and payment system. Although there had been no replacement for the Metavante partnership, some of those global partners that Temenos had been signing had a good North American presence. Cognizant, Capgemini and Deloitte all, ‘have strong relations with the financial institutions in the US’, according to Green. The addition of IBM Global Consulting could help as well. A US partnership, again centred on delivery, was also signed with Sofgen during 2011. The two won a deal in the second half of 2011 to roll out T24 and Sofgen’s REG-Reporter reporting solution across four sites of Banco de la Nación Argentina (BNA) New York (although REG-Reporter was offloaded by Sofgen to Lombard Risk early the following year). Two of BNA’s sites were in the US, in New York and Miami, one in Panama and the other in Grand Cayman. They took T24 Release 11 to cover main front-to-back office operations of BNA in these locations. The bank focuses on payments and trade finance. T24 would replace a 20+ year-old Mantec system (its original developer, Management Technologies Inc, was long gone and, in fact, the system had ended up with Financial Objects, then with Temenos). The bank had been developing and maintaining it in-house but the system had reached the end of the road. The T24 roll-out was expected to take 14 months ‘from start to finish’. In North America, Canada remained fruitful for Temenos, despite a non-starter at the aforementioned Servus Credit Union and overrunning schedules at some other sites, including Coast Capital Savings Credit Union. Servus shelved its roll-out of T24 and reverted to its existing Ovation platform. A source close to the project said there were a couple of problems. First, the scope of what was initially a relatively straightforward


core conversion evolved into a ‘mass programme of multiple projects resulting in delays, cost overruns, integration and complexities’. Second, ultimately, Servus would have been consolidating three institutions on a single core, yet two of the three were running the same core already. With a tight conversion timeline and other projects, the lower risk was to covert one entity and consolidate databases for the other. There was also a change of personnel, with Servus CIO, Dillon, leaving to take up the CEO position at Conexus Credit Union. Coast Capital was also having a tough time. As mentioned


its project dated back to 2007 (the start of a selection to replace FIS’s Profile) and the original plan had been to go live in 2011. In December of that year, the credit union’s media relations manager, Divine Agodzo, told IBS that ‘the T24 project team has really been buckling down in an effort to complete and launch the system as soon as possible and has now been asked to focus all resources of the team on the core tasks of developing and deploying the system’. There had also been change at the helm of the project, as Baker had retired and replaced by Erwin Martinez, ex-CIO of Rabobank’s US division. A year on, Coast Capital Savings was still waiting to go live. According to Agodzo, cutover was now set for the first half of 2013.


Despite this, subsequent signings have come at Canadian


Western Bank (taking T24 for retail banking, front office, channels and business intelligence solutions) and Caisse Financial Group (taking T24 for retail banking implementation including channels, CRM and BI). Caisse Financial, which signed for T24 in Q4 2012, was set to go live in early 2014, with Canadian Western Bank (a Q1 2012 deal) following at the end of 2014.


The T24 solutions would be replacing CGI’s RFS core


software at these sites, according to Temenos’ latest head of North America, Russell Taylor. February 2013 had finally seen the successful completion of the T24 system implementation at Coast Capital Savings. Here, T24 had also replaced the CGI RFS system. Taylor said going after the large credit unions had been part of the vendor’s plan to set up a Canadian platform, ‘taking the T24 system with its model bank capabilities, and creating the local country model specifics for the market’. Temenos is also seeking to bring a hosted solution to the


US. This follows the purchase of Trinovus, Alabama-based SaaS solutions provider. The early 2013 acquisition brought Temenos a workforce of around 50 and a ‘well-established client base’ of 800+ financial institutions across the US, ranging from small community banks to credit unions and large financial institutions. Trinovus had compliance software plus the Trinisys core processing solution on the IBM iSeries. The new two-fold plan focuses on marketing T24, plus auxiliary business intelligence, AML and compliance solutions, as well as pushing wealth management software, with T24 and the Odyssey-derived Wealthmanager and Triple A. As mentioned, Wealthmanager’s roots are in North America,


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