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.
Founded in 1993 and listed on the main segment of the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a leading provider of integrated modular core banking systems. We serve more than 600 customers in over 120 countries, supported by 44 offices with more than 2,300 staff made up of over 60 nationalities.
Temenos’ only domain is banking software and our success is achieved by being completely focused on providing the best banking software available today. To this end, we consistently devote 20 percent of our revenues to research and development, higher than the average of our industry peers.
Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximise returns while streamlining costs. We provide 24x7 functionality to the Retail, Corporate and Correspondent, Universal, Private Wealth Management, Islamic, Microfinance and Community banking sectors. Temenos partners with central banks on core system replacement; and works with the World Bank on solutions for emerging markets.
T24 is the most technically advanced banking system in the world today. It is a 24-hour real-time banking application that provides multiple application server support to a huge number of users. The system also eliminates the need to run End Of Day processing. It ties together multiple channels, and provides CRM functionality and true non-stop processing in a single system.
A multidimensional database, a development environment including a
development language, and a middleware component allowing other
mainstream and standards-based products to communicate with the jBASE
products. The unique jEDI middleware enables access to other databases
such as Oracle, DB2 and SQL Server. Microsoft Windows, all major Unix
platforms including Linux, and IBM's e-Servers are supported.