Fortis Bank Nederland Goes Live with a jBase Database
The Dutch bank's Singapore office has gone live with banking system provider Temenos' T24 platform.
The process was completed in five months and was driven by Fortis Bank Nederland's (FBN) separation from its Belgian counterpart. It marks the first stage of a consolidation process which will see the T24 system rolled out internationally from a central hub in the Netherlands.
The bank now plans to extend T24 to offices in the UK, US, Hong Kong and continental Europe and expects to complete the project by the third quarter of next year.
"Having achieved a successful and rapid first phase go live, we are already seeing the adaptability and truly global nature of the T24 platform which will enable us to meet our challenging separation deadlines and fully support our corporate banking operations across the world at a reduced cost of ownership," says Frans van der Horst, FBN chief operating officer (COO).
Using T24, Fortis will be able to generate a single customer view across all countries and currencies in which the bank operates, addressing local and international requirements spanning customer segments, products, regulation, currency, languages and taxation from one central point. Van der Horst adds that T24 will enable the bank to acquire a comprehensive and real time picture of all credit exposures across the corporate relationship for a sound understanding of counterparty risk - something which will be essential considering the bank's continuing focus on risk management and cost control.
"This successful and rapid deployment further reconfirms T24 as the product of choice for the world's leading banks in providing unparalleled functionality and flexibility on the most modern architecture at a significantly lower cost of ownership compared to traditional, custom developed applications," says Temenos CEO Andreas Andreades.