Bank of Ireland looks to revamp its legacy tech

Bank of Ireland, one of Ireland’s “big four” banking players, is looking to modernise its legacy software, Banking Technology understands.

The bank’s current set-up is outsourced to Accenture, which manages its group technology and change division. The deal was signed in 2014, and around 200 staff transferred to Accenture from Bank of Ireland as a result.

It is believed that Bank of Ireland is looking to modernise in both Ireland and the UK.

Temenos and Capgemini – with their joint Software-as-a-Service (SaaS) offering – are being evaluated, Banking Technology understands. The offering is known as Capgemini’s Banking Platform, and is underpinned by Temenos’ flagship core system, T24.

Legacy systems

Bank of Ireland’s UK operations stem from Bristol & West Building Society, acquired by the bank back in the mid-1990s. It is also the exclusive provider of financial services via the UK’s post office network.

The UK operations run a number of legacy systems, including Accenture’s Alnova core banking system, Sopra Banking Software’s MSS suite (savings and mortgages), DRP Consulting’s loan origination system and iConnect (supplied by another domestic vendor, HML) for loan servicing and administration.

For treasury management, there is the TMS system from Wall Street Systems (formerly IT2).

In Ireland, the bank also has a mixture of systems, including Misys’ Bankmaster for retail, Temenos/Financial Objects’ IBIS for corporate and FIS’s ACBS for syndicated lending.

On the treasury and capital markets side, it has Misys’ FusionCapital Summit and Wall Street Systems’ Wallstreet Suite.

For payments, the bank is a long-standing user of the Global PayPlus platform supplied by D+H Corporation’s payments unit, GTBS (formerly Fundtech).

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EFG and BSI to unite on Temenos’ T24 core banking platform; Avaloq to be ousted

With the takeover of BSI by rival EFG International, Switzerland will see the creation of the country’s fifth largest private bank. Banking Technology looks at the IT implications, and the winners and losers of the deal.

EFG is buying BSI from Brazil’s troubled Grupo BTG Pactual for CHF 1.33 billion ($1.38 billion). In its turn, BTG Pactual is taking a stake in EFG of around 20%.

The combined bank will manage around CHF 170 billion ($176.6 billion) in revenue-generating assets.

EFG is a long-standing user of Temenos’ T24 core banking system. It was actually one of its very first takers. EFG’s former chief operating officer and currently member of the board, Ian Cookson, is Temenos’ non-executive and independent director.

It is not surprising then that the merged entity will stick to the T24 system. However, EFG says that “some peripheral applications will be ‘cherry picked’ from the BSI platform and integrated into the upgraded EFG platform”.

The loser will be Avaloq, as its Avaloq Banking Suite is running at BSI. It is supplied on a business process outsourcing (BPO) basis by Avaloq Sourcing Switzerland (formerly B-Source).

Actually, BSI and Avaloq until recently were co-owners of B-Source. Avaloq bought out BSI’s share in B-Source earlier this year and is now the sole owner of the venture, known as Avaloq Sourcing Switzerland.

Losing BSI is going to make a noticeable dent in Avalon Sourcing’s revenues.

According to a recent joint presentation by EFG and BSI, the IT and operations platform integration and migration project will run from Q2 2016 until Q4 2018. It is expected to cost CHF 80 million ($83 million).

Most of the cost savings are likely to be realised after the migration is completed, says EFG. Banking Technology anticipates a significant dip in Avaloq Sourcing Switzerland’s revenue then.

At present, BSI’s annual spend on IT and operations is CHF 160 million ($166 million), whilst EFG’s spend is CHF 80 million ($83 million). So BSI’s expenditure in this area is twice as much for a similar number of employees and assets under management (AUM).

BSI and BTG Pactual: a brief encounter

Brazil-based BTG Pactual owned BSI for less than two years. It purchased BSI in 2014 for $1.7 billion from Assicurazioni Generali.

However, a year later BTG Pactual’s founder and CEO, André Esteves, was arrested amid a widespread corporate corruption scandal, and BSI was put up for sale. He was subsequently released from jail and placed under house arrest.

Just a few days ago, BTG Pactual announced that Esteves has returned to the bank as a senior partner. The bank says he will “focus on partnership matters advising BTG Pactual on strategy and supporting the development of its activities and operations”. Esteves also continues to be the bank’s major shareholder.

Avaloq: the results are in

Meanwhile, Avaloq has reported a “record” financial year in 2015 with a turnover of almost CHF 500 million ($518 million). The vendor has highlighted Avaloq Sourcing Switzerland and its other BPO centres as major contributors to this growth.

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Coast Capital Savings Credit Union looking for Temenos T24 developer “with ninja like keyboarding skills”

One of Canada’s largest credit unions, Coast Capital Savings CU, is looking for a full-time software developer experienced in Temenos’ T24 core banking system.

What’s the job? Writing code, developing and customising the credit union’s core processing platform, T24. “That sounds pretty simple but working on the software platform that powers our core banking operations is definitely not,” Coast Capital Savings states.

In addition, a successful applicant will “get to play a role in sharing his/her T24 knowledge, helping to mentor the next generation of developers”.

The credit union is looking for “a programmer with ninja like keyboarding skills who is similarly quick, flexible and formidable when solving problems with creative solutions”.

The requirements include experience with a variety of software languages, tools, databases and platforms in both UNIX and Window environments for a minimum of seven to nine years, and specifically three to five years of working with T24 R8+.

“And like a ninja, you are disciplined, focused and driven to deliver incredible work,” the credit union adds.

In return, Coast Capital Savings promises an environment of “great products, great people and a great attitude”.

Salary-wise, it offers CA$77,000-90,000 based on experience and skill level with a target bonus of 17.5%.

And then there is location. “This position is based in a super cool office in Surrey, British Columbia with a fantastic view of Mount Baker, Washington”, the credit union says.

“We are a cool place to work, employees enjoy wearing their jeans on Fridays (and Saturdays) and they love being recognised with a high-five.”

Coast Capital Savings Credit Union is Canada’s largest credit union by membership with 522,000 members, assets of $15.1 billion and 50 branches across British Columbia.

Coast Capital Savings & Temenos: the long road

The project with Temenos goes back nearly a decade, to 2007, when Coast Capital Savings embarked on a system selection to find a replacement to its incumbent solution, Profile from FIS.

The contract was signed in 2009 and the original plan was to go live in 2011. However, by late 2012, the project team was still “buckling down in an effort to complete and launch the system as soon as possible”, according to the credit union.

The switchover finally took place on 8-12^th February 2013. Most of the credit union’s banking services were unavailable during that time.

During the cutover period, branches and insurance offices were closed, there were no online, mobile or telephone banking services available for either personal or business customers, and Coast Capital Savings’ ATM network (including business depository) was not working.

In addition to the core banking system, the credit union also implemented Temenos’ business intelligence (BI) offering, Temenos Insight.

Temenos gets new banking and payments software deal in the Philippines

Two Philippines-based credit union networks, National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) will build a common banking and payments platform based on Temenos’ software.

The new platform will underpin the service known as the ACCU Payment Platform (APP). ACCU stands for “Asian Confederation of Credit Unions” – both NATCCO and PFCCO are members of this confederation.

The technology for APP comprises Temenos’ MicroBanking system and Software Group’s UnderTree suite, running on the Microsoft Azure cloud. Software Group is Temenos’ partner and focuses on the microfinance and low-end banking sectors in the emerging markets.

APP provides services such as account top-up, cash withdrawal, conditional cash transfer, bill payments and peer-to-peer payments, including international remittances.

The Temenos project is part of ACCU’s strategy to modernise and standardise the credit union sector in Asia.

Elenita V San Roque, chief executive of ACC, explains: “In collaboration with Temenos, credit unions across the Philippines can now have access to their own mobile banking and payments network where a member can be served anywhere there is a credit union office, agent or ATM.

“A member is now a member of the credit union network, not just the branch where he or she lives.”

There are plans to roll out the solution to other ACCU organisations. Together, ACCU’s network of credit unions represents 38 million people across Asia.

In the Philippines, NATCCO and PFCCO jointly have 6.5 million customers.

BMO selects Temenos’ T24 for core banking operations in Asia Pacific

Bank of Montreal Asia Pacific, part Canada’s BMO Financial Group, will implement Temenos’ flagship core banking system, T24.

The bank is based in Hong Kong and focuses on the high-net-worth segment in Hong Kong and Singapore. It has around 1,000 clients.

It is understood that the bank went through a selection process prior to settling for T24. According to Temenos, its product offered the desired flexibility and a lower cost of ownership compared to rival offerings.

T24 will replace the legacy back office accounting and settlement solution at Bank of Montreal Asia Pacific.

The BMO group is already on Temenos’ customer list – it uses the vendor’s front-end software for client and portfolio management. This software originates from a specialist wealth management provider, Odyssey Financial Technologies, acquired by Temenos in 2010.

The combined front-to-back office solution is now branded as WealthSuite.

Other WealthSuite takers include ABN Amro and Julius Baer.

Laurentian Bank of Canada revamps core banking software with Temenos

Laurentian Bank of Canada (LBC) and its subsidiary, B2B Bank, are implementing new core banking software, Temenos’ T24.

The bank will also deploy Temenos’ Insight tools for reporting and analytics.

Together, the systems are branded by Temenos as RetailSuite.

Montreal-based LBC offers retail and commercial banking services in Quebec. It also has one branch in Ottawa. The bank has CA$40 billion ($30.5 billion) in balance sheet assets and CA$42 billion ($32 billion) in assets under administration. It employs 3,700 people.

Its subsidiary – B2B Bank – focuses on banking services for financial advisors and brokers. It has 27,000 clients. B2B Bank’s head office is in Toronto.

The RetailSuite implementation will be delivered by Deloitte, which will also provide system integration and governance services.

Deloitte is a long-standing partner of Temenos in Canada and has assisted with a number of projects, including the launch of a new digital banking arm of Equitable Bank, EQ Bank.

David O’Neill, LBC’s senior vice-president of IT, comments: “Earlier this year, LBC announced its transformation plan to our shareholders involving the modernisation or our core banking platform. This project with Temenos is key to that strategy and our future growth.

“We look forward to the exciting changes ahead.”

Skipton International looks to modernise core banking software

Skipton International, an offshore bank based in Guernsey (Channel Islands), is understood to be looking for a new core banking system.

Skipton International was set up in the mid-1990s. It offers a range of offshore savings accounts and mortgages.

Banking Technology understands that the bank is looking at Temenos’ T24 core banking system. On the way out will be an in-house development.

Temenos already has a number of customers in the Channel Islands, including the offshore operations of ABN Amro, Credit Suisse, Lloyds, Standard Bank and Schroders.

Patrick Laurent, Deloitte

Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time.

Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships.

Ripple offers a version of the blockchain protocol which has been “fully integrated” into Temenos T24 – through the Bluzelle Altitude Gateway.

The firm says the project “dramatically” changes the way international payments are being managed and processed, as Ripple’s technology “reduces fees, transaction times, and the need for liquidity”.

Patrick Laurent, partner and technology leader at Deloitte, says: “The new-generation customer is now driving change in banking and soon he will no longer accept to wait for three days for an international payment to go through.”

Deloitte worked on the project with Bluzelle – a software company based in Canada and Singapore – which builds blockchain and distributed ledger solutions for the financial industry.

Deloitte says the European Payments Council is expected to develop a scheme for instant payments in euro by November 2016 and implement it by November 2017, based on SEPA CT (Single Euro Payments Area – Credit Transfer), and available for all payment service providers in Europe.

Central Bank of Somalia embarks on IT modernisation

Central Bank of Somalia is embarking on a major tech overhaul, with sponsorship from the World Bank.

The bank will implement a new core banking system, Temenos’ T24, and a new ERP system from Oracle FSS.

Swiss IT consultancy firm Sofgen has been recruited to deliver the project.

The first phase is estimated to cost $2.5 million and scheduled for nine to 12 months.

The central bank’s governor, Bashir Ali, hopes the project will bring access to reliable financial services for Somalian citizens. “Successful implementation will empower the central bank to play its role more effectively and also provide the needed foundation upon which all other future initiatives will rely,” he says.

Sofgen is now part of an India-based heavyweight, Tech Mahindra. It was acquired in early 2015, bringing Sofgen the backing of a major firm and opening the door to large contracts, and providing Tech Mahindra with strong expertise in the banking tech sector.

Banking Technology understands that Sofgen/Tech Mahindra has recently inked another major deal, with a top-tier bank. This is expected to be announced in the next six weeks.

Temenos vs Fiserv for a core banking software deal at US-based Commerce Bank

Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands.

Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion.

Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which is bidding with its DNA platform. Banking Technology understands that T24 is looking to be the winner. Temenos provided a “no comment” response to the enquiry.

Commerce Bank has a 150+ year history and originates from Kansas City, Missouri.

It is the 37^th largest bank in the US by assets today. Its asset size is $24.6 billion.

The bank has a network of 190 branches in Missouri, Kansas, Illinois, Oklahoma and Colorado, and commercial offices in Cincinnati, Nashville and Dallas. It also operates nearly 400 ATMs.

It has 360,000 active online banking customers and 176,000 mobile banking ones.

Temenos in the US
The vendor has stated its bold claims to conquer the US market at its recent annual conference, Temenos Community Forum (TCF).

“Over the mid-term, Temenos’ total licensing revenue can be doubled through the US,” stated David Arnott, the vendor’s CEO.

He also commented that a (yet) unnamed top 25 US bank has recently signed for Temenos’ software. It will be “a great reference to get others”, Arnott said.

Banking Technology understands that Temenos has recently started working with Ally Financial and Comerica. The latter has signed for loan origination and collection software from Akcelerant, a US-based subsidiary of Temenos.

Akcelerant was acquired by Temenos in early 2015 and brought 600+ credit union clients with it.

Ally Financial is understood to have signed for Temenos’ core processing and payments software components.

Temenos close to signing a core banking software deal in Iran

Temenos is closing in on a core and digital banking software deal in Iran, Banking Technology understands.

The vendor is believed to be in talks with Ayandeh Bank (Future Bank). The bank offers retail and commercial banking services.

The systems on offer are the T24 core banking platform and Temenos Connect for digital channels.

No comment was available from Temenos.

Ayandeh Bank was established in 2009 and was originally known as Tat Bank. Its HQ is in Iran. It has 14 branches in Tehran and 50 across the country.

Temenos initially made inroads into the country over a decade ago, with a core banking deal at Post Bank of Iran.

The vendor also works with a local technology and services provider, Pars Tamin. Pars Tamin offers T24 to financial institutions in Iran.

Iran and outsiders
TCS Financial Solutions has one core software customer in Iran, Bank Keshavarzi, the country’s agricultural bank. TCS’s Bancs platform was installed there a number of years ago.

France-based SAB has Karsazan Ayandeh, an Iranian credit entity, on its customer list. Karsazan Ayandeh runs SAB AT.

Another domestic lender, Ghavamin Finance & Credit Institution, is on the user list of Malaysia-based core banking software provider, Infopro, and its ICBA system.

Misys’ Equation core system is being used by Bank Saderat Iran, although not in Iran itself, but internationally, including in the UK, US, UAE, Greece, Oman and Qatar.

Cater Allen Private Bank is enterprise-wide tech overhaul with Temenos

Cater Allen, a London-based private bank and a subsidiary of Santander, is undergoing a major technology overhaul.

The bank is going to implement a new core banking system, Temenos’ T24, Banking Technology understands.

It is now looking to recruit T24 specialists and project managers to help it with system customisation and implementation, and migration from the legacy core.

A spokesperson from Santander tells Banking Technology that “no contract has been signed with Temenos” and that the bank “continues to discuss its requirements with a number of providers”.

On the way out at Cater Allen is the Ovation system, which currently resides with Fiserv. Ovation (also known as Wealthview) is a sunsetted product that is no longer developed.

Cater Allen is also working on other technology related initiatives:

• moving to Lynx;
• implementing a new payments hub for all payments;
• upgrading its existing financial and business analytics tools from SAP and Ariadne.

The technology modernisation project is set to be completed by the end of 2017.

Cater Allen has a history dating back to 1816, although its name – Cater Allen – came about quite late in the bank’s history, in the 1980s, as a result of an M&A.

Cater Allen was an independent bank until Abbey National acquired it in 1997. Abbey National was taken over by Santander in 2004.

Cater Allen significantly expanded twice in the past two decades, first with the 1994 acquisition of Tyndall Bank, and then with the 2001 acquisition of Fleming Premier Banking from JPMorgan Chase.

Cater Allen’s parent group, Santander, is no stranger to Temenos and its core banking platform. Abbey National was a T24 user, and the system is also running across a number of Santander’s sites worldwide, including Switzerland, Mexico, the US and the Caribbean.

Myanmar is busy with banking tech projects

Myanmar Oriental Bank (MOB Bank) is looking to modernise its core banking software. Banking Technology understands that the new system of choice is Temenos’ T24.

Temenos provided a “no comment” response.

MOB Bank was set up in 1993 and is privately owned. It has 26 branches and offers savings, remittances and SME financing.

The bank is now in the process of recruiting a core banking system developer, Banking Technology understands.

Temenos already has a couple of clients in the country, namely the Co-operative Bank (CB Bank) and Fullerton, a microfinance lender to retail clients and SMEs.

Myanmar and banking tech vendors: who is doing what
Torstone Technology’s post-trade securities and derivatives processing system, Inferno, has just gone live in the country’s securities market.

TCS Financial Solutions has recently completed the deployment of its TCS Bancs system to support securities trading and settlement at Myanmar-based KBZSC and AYA Trust.

Earlier this year, Infosys had a breakthrough in Myanmar for its core banking system, Finacle. Asia Green Development (AGD) Bank has signed for Finacle to automate its main operations, front-to-back office, including online and mobile banking.

Meanwhile, another local bank, Yoma Bank, opted for Misys’ FusionBanking Essence core platform.

Oracle FSS has a handful of sites in Myanmar for its Flexcube platform. These include Kanbawza Bank (KBZ Bank) and Tun Foundation Bank.

Japan-based NTT Data helped the Central Bank of Myanmar (CBM) to develop a new core banking system for the settlement of government bonds, funds and collateral management.

BIL, the oldest bank in Luxembourg, embarks on core banking software revamp with Temenos

Banque Internationale à Luxembourg (BIL), the oldest bank in Luxembourg, is embarking on a major tech overhaul. It will replace its legacy software with Temenos’ T24, Banking Technology understands.

Founded in 1856, BIL operates in retail, private and corporate banking, treasury and financial markets.

The core banking software replacement comes as part of a broader business development, operations and IT strategy to the year 2020 at BIL.

The bank is understood to be now recruiting T24 specialists for the project.

Second time lucky?
This is not the first recent attempt by BIL to modernise its tech.

In 2014, it partnered with Temenos’ rival, Avaloq, to set up a business process outsourcing (BPO) subsidiary for the Benelux market and also to replace BIL’s legacy core software with Avaloq Banking Suite.

However, the partnership fell apart as Avaloq and BIL could not agree on the commercial terms of the venture and both projects were scrapped.

This, however, did not prevent BIL’s private banking subsidiary in Switzerland, BIL Suisse, from having a successful working relationship with Avaloq.

Last summer, BIL Suisse migrated to Avaloq Banking Suite on a BPO basis, provided by Avaloq’s local BPO subsidiary, Avaloq Sourcing Switzerland (previously B-Source). It replaced the Ambit Private Banking system supplied by Sungard (now owned by FIS).

Earlier this year, BIL Suisse has also moved its recent acquisition, KBL Switzerland, onto Avaloq Banking Suite.

Virgin Money looking to modernise its tech

Virgin Money UK, a financial services brainchild of Richard Branson, is understood to be looking for new core and digital channels banking software.

Virgin Money’s underlying technology in the UK stems from a number of acquisitions, including a small outsource firm, Intelligent Managed Services (IMS), in 2010, and a larger, well-established bank, Northern Rock, in 2012 (the bank fell victim to the financial crisis).

IMS was a Fiserv-centric outsource entity and became the basis for Virgin’s move to offer full service banking in the UK.

IMS was short-lived, having been formed from the remnants of unsuccessful start-up Ivobank.

Ivobank had selected and implemented Fiserv’s retail banking product, Signature, as its core system and a number of other applications, including Fiserv’s Aperio channel solution, Aqua Global for messaging and Smartstream for reconciliations.

Banking Technology understands that Virgin Money is now looking to modernise its tech set-up in the back office space as well as the digital channels.

Among suppliers and systems considered are the incumbent Fiserv and its Signature platform, plus Temenos with T24 and FIS with Profile.

Virgin Money tells Banking Technology that it “continuously evaluates its IT systems to ensure that they support the business and provide an excellent service to customers”.

The company’s spokesperson adds: “However, we prefer not to comment on specific systems or providers that we may be evaluating.”

Virgin Money UK offers lending and savings products and has four million customers on its books.

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Standard Chartered in major tech overhaul with Temenos

Temenos has landed a major deal with Standard Chartered, to modernise the bank’s wealth management software across 30+ countries.

The bank signed for Temenos’ WealthSuite, front-to-back office, which incorporates the vendor’s T24 system; Insight BI for analytics; Temenos Connect for channels; and the TripleA portfolio management software that stems from Odyssey Financial Technologies, a wealth management tech specialist acquired by Temenos in 2010.

WealthSuite will support high net-worth and mass affluent business lines at Standard Chartered, replacing various third party and home-grown solutions (Standard Chartered has traditionally relied largely on in-house developed systems).

The project is part of the bank’s enterprise-wide programme to create a “lean, focused and more profitable bank” – and the modernisation of its tech received significant investment as a result.

The first live site of the integrated WealthSuite is Nordea’s private banking subsidiary in Luxembourg. Nordea Bank SA went live with the new system in early 2016, following nearly four years of effort.

This is not to be confused with another project at Nordea – at a much larger scale – that also involves Temenos. Nordea is revamping its domestic retail and corporate banking technology with T24.

Another taker is ABN Amro. The bank is already a user of T24 at a number of locations, which will now be extended across the group. On the way out is ERI’s Olympic core banking system.

Iain Dunstan, Rubik’s CEO

Pakistan’s Bank Alfalah will implement Australia-based Rubik Financial’s collections platform, CWX.

Rubik is joining forces with long-time banking partner Temenos on the project to integrate CWX with Temenos’ core banking system T24.

Iain Dunstan, Rubik’s CEO, says CWX will enable its clients to “better evaluate, manage and review their collections strategy, as well as greater visibility of debt portfolios than ever before”.

Rubik adds that the latest agreement brings the total to five out of the “top” seven banks in Pakistan using CWX. The firm says it also partners with banks in Dubai and Abu Dhabi.

The news comes in the same week as Rubik went live in Vietnam with the final phase of delivery for CWX to Vietnam International Bank (VIB), which is 15% owned by Commonwealth Bank of Australia (CBA).

Rubik says the VIB project has been an “extensive build out for the local market”, including the development of a Vietnamese language version of CWX in addition to the previously developed Arabic and Bahasa versions.

Bank Alfalah has been operating in Pakistan since 1992 and is owned and operated by the Abu Dhabi Group. It is the sixth largest bank in Pakistan. The bank has a network presence of 500 branches spanning 172 cities across the country with an international presence in Afghanistan, Bangladesh, a wholesale banking unit in Bahrain and a representative office in the UAE.

Australia in August

Recently, Australia-based financial services group, MyState, announced it was gearing up to launch a new digital banking system, provided by Rubik.

The new solution is set to go live in August and promises to transform MyState’s digital channels and customer experience, according to Rubik.