Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
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 […]
Germany’s largest building society, Bausparkasse Schwäbisch Hall, is modernising its core banking operations with SAP. The building society is implementing SAP’s Deposits Management and Loans Management systems. The project has been underway since late 2015. Bausparkasse Schwäbisch Hall was established in the 1930s. Today, it has 7.5 million customers in Germany and over three million […]
Student Loans Company (SLC), a large government-owned lender in the UK, is believed to have halted its IT renovation project as it puts the contract with the supplier under review. SLC embarked on this massive project in early 2014 – awarding the contract to HCL. HCL bid jointly with Deloitte and Misys. HCL would be […]
Israel’s largest bank, Bank Hapoalim, is believed to be in system selection mode. The bank is looking for a new core banking system, Banking Technology understands. It is believed that Temenos with its T24 offering, SAP with SAP for Banking and TCS Financial Solution with Bancs are among the contenders. TCS has recently made inroads […]
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 […]
OakNorth says it has become the “first cloud-based bank” in the UK, eight months after launching. The bank, which provides loans of between £1 million to £15 million to “entrepreneurs and fast-growth” businesses, has been working with Amazon Web Services (AWS) and the UK’s Financial Conduct Authority (FCA) for six months on policies related to […]
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 […]
Saudi Arabian Monetary Agency (SAMA), Saudi Arabia’s central bank, is modernising its technology with a range of new solutions from SAP and Calypso. The bank is working SAP to automate the ERP and BI functionality (with SAP’s Business Objects), and is also interested in Bank Analyzer for financial reporting, indicates the vendor. SAP is now […]
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 […]
Nedbank is getting closer to selecting a new core banking system, Banking Technology understands. The South African heavyweight has been in system selection mode since last year – looking to modernise its domestic banking operations. It is currently running a number of in-house and third party solutions, including CSC’s Hogan. The renovation project is estimated […]
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 […]
Branch Banking & Trust (BB&T), one of the largest financial services groups in the US, is taking a “leap of faith” with a new core banking system from SAP. Speaking at SAP’s annual Sapphire conference in Orlando, Will Shupe, BB&T’s executive vice-president responsible for IT and operations, said the bank opted for a gradual renovation […]
Germany-based subsidiary of Turkey’s banking group, Isbank, has migrated to a new core banking system, Avaloq Banking Suite. The system supplier, Avaloq, is known as a private banking and wealth management specialist, but the Isbank project is the first for the vendor in the retail/corporate banking space outside its home market of Switzerland. Isbank selected […]
Bank of Montreal Asia Pacific, part of 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 […]
Temenos is going all out in its plans to grow its US market share with a top 25 bank expected to implement the T24 core banking system soon. About 1,200 delegates were at the Temenos Community Forum 2016, held at the Palau De Congressos, in Barcelona from 17-19 May. The event enabled vendors, potential vendors, […]
Texas-based community bank TransPecos Bank is implementing a new core banking system, i2Core, supplied by local vendor IBT. “Following a months-long hunt and seemingly endless research into a new core provider, TransPecos’ seminal moment was at IBT’s annual user conference,” says the vendor. The bank saw that IBT was “significantly different than big box providers”, […]
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 […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Perception brings to market new core platform UK credit unions, lenders and start-up banks take note. ING adds some zing to start-up ring It’s working with 45 start-ups on banking innovation. Punjab National Bank to modernise enterprise data […]
Vietnam-based subsidiary of France’s major financial group, BPCE, is implementing a new core banking system, Sopra Banking Amplitude. The new solution will cover front-to-back office operations of the bank, including digital banking functionality. The system is supplied by Sopra Banking Software. The project follows the reorganisation of BPCE’s operations in Vietnam, with the business moved […]
IDBI Bank (formerly Industrial Development Bank of India), a state-owned bank in India, is going through a major core banking platform refresh. The bank is currently running on an old version of Infosys’ Finacle, version 7.x. Furthermore, the system was deployed in separate installations for domestic operations (retail and corporate), commercial lending (corporate finance), Dubai […]
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 […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Atom Bank adds another system to its tech set-up; readies mobile app Bank has just launched, but already has problems. Monitise looks to be profitable in H2 2016 But did it grow too big too fast? EFG and BSI […]
The new core banking platform, Aurius, supplied by UK-based fintech vendor Sword Apak, has ousted Misys’ Bankmaster at Julian Hodge Bank. Aurius is now fully live at this privately-owned bank in Cardiff, Banking Technology understands. The implementation started in spring 2014 and was initially expected to last 12 months. However, in reality the project took twice as […]
Finca Bank Georgia, an affiliate of Finca International, a global microfinance organisation, is looking to modernise its online and mobile banking systems. The bank has recently issued a tender to find a new provider and software. Banking Technology understands that the selection is in its final stages at present, with contract negotiations underway. Once the […]
Inter-American Development Bank (IDB) is looking for a new back office system, Banking Technology understands. The bank is a long-standing customer of Misys. It has been using its Opics treasury and capital markets (TCM) system for many years, and in 2014 it also signed for Summit, another back office system from Misys’ portfolio of TCM […]
Croatia-based Banka Kovanica d.d. Varazdin has gone live with a new core banking system, NovoDoba, supplied by local developer ABBA. The bank implemented 34 modules of the system, including internet banking, fraud prevention, reporting and customer analysis. The new platform went live in a “big bang”, with the full data migration from the legacy system. […]
India-based Paytm has teamed with IT services integrator Wipro for its new payments bank, as it gets ready for an August launch. Wipro will be implementing the new core banking system, and Banking Technology understands that Infosys, Oracle FSS and TCS Financial Solutions were in the running to provide their core banking solutions to Paytm. […]
UAE-based Islamic financial institution, Siraj Finance, is replacing ITS’s Ethix core banking system with iMAL from Path Solutions. The new platform will cover all main operations of Siraj Finance, including transaction processing, treasury, trade finance, investment management, profit calculation, credit bureau interface, Swift, electronic cheque clearing, provisioning and reporting. Abu Dhabi-based Siraj offers consumer and […]
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, […]
KBZ Stirling Coleman (KBZSC) and AYA Trust go live with TCS Bancs, and Bank for Investment and Development of Vietnam (BIDV) looks for a hardware provider for its new subsidiary in Myanmar. KBZSC and AYA Trust TCS Financial Solutions has completed the deployment of its TCS Bancs system to support securities trading and settlement at […]
Banking software vendor Avaloq has reported a “record” financial year in 2015 with a turnover of almost CHF 500 million ($518 million). The Swiss vendor says it has won 11 new customers, and is now working with 450 banks and wealth managers worldwide. New customers include China CITIC Bank International; Crestone, the former wealth management […]
International Private Banking Systems (IPBS), a Caribbean software vendor focused on wealth management and private banking sectors, has joined forces with eShore, an IT services provider to offshore international banks and FIs. According to the agreement, Cayman Islands-based eShore will be marketing and selling IPBS’s flagship core banking system, also dubbed IPBS, across a number […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Bank of Ireland ponders major IT overhaul Irish eyes are smiling… or at least weighing up their options. MSB and FDH Bank to merge on Temenos’ T24 core system The die has been cast. Neptune’s Rubikon crossed out. […]
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 […]
Malawi Savings Bank (MSB) and FDH Bank will unite, resulting in 250 job cuts and a major core system upgrade. Sobhuza Ngwenya, group head of marketing at FDH, says that the core business strategy of the merged entity “towards achieving the top bank status” will be technology-driven. However, no branches are expected to close. FDH […]
National Bank Holdings (NBH), a US-based holding company of a group of local community banks, has gone through a major technology overhaul with FIS. The group, which comprises three banks, has implemented FIS’s core banking system, IBS, online and mobile banking applications and a cheque imaging system, Check Image. In its latest quarterly results, NBH […]
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
Masthaven Finance, a UK-based specialist mortgage lender, has joined the “challenger banks” rush and secured a banking licence. It plans to open for business this summer. The new bank will offer mortgages and savings products to retail customers who struggle to get service from mainstream banks and lenders. These products will include specialist mortgages and […]
Temenos has revealed IFRS (international financial reporting standards) total software licensing revenue of $38.9 million in Q1 2016; and non-IFRS total software licensing revenue of $39.2 million – up 51% from Q1 2015 on a reported basis and 53% in constant currencies. Temenos CEO David Arnott says this shows financial institutions “continue to embark on […]
