Temenos is to provide Bermuda Commercial Bank (BCB) with its T24 core banking system Model Bank, as well as a suite of products that includes business intelligence, insight risk, anti-money laundering and FATCA compliance.
T24 Model Bank, which will run on the Microsoft SQL Server platform, has been selected as part of a multi-product approach as it offers an integrated solution that will enable a more structured and rapid implementation.
“Our fully integrated solution will give BCB a world-class banking system with incredible business intelligence analytics from day one,” said Russell Taylor, Regional Director North America. “With this implementation, BCB is capitalising on our ability to progressively renovate our customers’ IT estates to minimise risk and deliver fast time-to-value.”
BCB will be able to further its channel offerings and business lines thanks to Temenos’ suite of products. The suite’s Insight modules will enable better reporting and analysis, helping improve the bank’s customer service levels.
“The out-of-the-box T24 Model Bank solution will provide for a more structured and controlled implementation, which is a key criterion for us at this stage,”said Peter Horton, CEO, Bermuda Commercial Bank. “The ability to progressively tailor to our needs was also very attractive, as it minimises risk, while allowing us to develop our channel offerings and business lines, with freedom of choice of modules. Finally, the straight-through-processing opportunities T24 presents will enable BCB to more effectively utilise its resources, giving us the ability to grow the business and increase productivity at the same time.”
Colin Kerr, Microsoft’s director of Worldwide Financial Services, added: “More banks than ever before are choosing to deploy mission-critical systems on Microsoft technology. BCB’s selection of Temenos products on SQL Server highlights the continued success of our strategic alliance with Temenos in delivering optimised banking solutions on the Microsoft platform. This exciting news builds on our close collaboration to meet the needs of banks globally and help them maximise their performance, efficiency and total cost of ownership.”
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