Temenos, a provider of core banking systems, has announced that the Bank of Shanghai has gone live with Temenos T24 across its entire retail banking operation in September 2008.
According to the company, the T24 replaced a number of legacy and disparate systems. The bank now has an integrated, centralized infrastructure which provides a single customer view across the enterprise, and has already enhanced its product innovation capabilities to better cater for local market needs. The deployment of the system across the bank’s retail business now also provides support for a wide range of products including deposits, loans, internet banking and regional services including the China National Payment System and Union Pay.
With the automation capabilities provided by T24, the bank can now ensure rapid roll out of new products that conform to continuously enhance Chinese regulations, increasing its competitive edge within the market. T24 will also enhance the institution’s management capabilities by providing the bank with improved credit and operational risk management capabilities, said Temenos.
Jiang Hong, vice president of Bank of Shanghai, said: This successful implementation signifies a pivotal point in the bank’s development. Our long term business strategy is to become a truly international bank with global scope. T24’s scalability and open systems architecture will enable us to standardize our processes and manage more than 11 million customer accounts from one central point. It also provides us with unrivalled scalability to support our retail operations. The system’s rich functionality means we can deliver integrated product and services offerings to both existing and new markets.
Andreas Andreades, CEO of Temenos, said: The successful completion of this project extends T24’s position as the leading core banking packaged software for retail banks, providing unparalleled functionality and flexibility on the most modern architecture at a significantly lower cost of ownership compared to traditional, custom developed applications. Retail banking is a key growth segment more banks globally turn their attention to retail deposits as their key source of funding. This project also firmly establishes Temenos as the leading core banking vendor for retail banks in China.