LarrainVial finally goes live with Temenos’ T24 core banking system
Temenos says that thanks to the T24 annual releases LarrainVial “will never run the risk of running on a legacy system again”
Chile-based LarrainVial has implemented Temenos’ T24 platform – seven years on from signing the contract – as it seeks growth throughout the Americas including in Chile, Colombia, Peru, and the US.
At the time of signing the deal with Temenos – back in 2010/11 – LarrainVial said “Temenos stood out as the only vendor with 100% positive client references, compared to other vendors evaluated”.
The initial plan was to deploy T24 at international locations by October 2012, followed by asset management functionality by June 2013, and the last phase would be the brokerage part of the business. As the saying goes, the best laid plans of mice and men…
Other contenders for the deal were Oracle FSS, TCS Financial Solutions, Intellect Design Arena and SAP.
It’s worth noting that a couple years prior, LarrainVial signed for the Bancs core system from the aforementioned TCS. However, Banking Technology understands the project was not successful.
Temenos says that thanks to the T24 annual releases LarrainVial “will never run the risk of running on a legacy system again”. T24 replaced a 23-year old domestic core system.
Since going live on the new platform, LarrainVial has seen a “decrease in operational times, and improvements in the customer experience due to simplification of its system architecture with Temenos’ centralised offering”, the vendor says.
LarrainVial was founded in Santiago, Chile in 1934, and has had offices in Peru since 2004 and in Colombia since 2006. In the US, it says it is the first Chilean stock broker to operate as a broker dealer, as of 2010. In Chile, it has ten regional offices, from northern Antofagasta to southern Puerto Montt. It also has Activa, its private equity arm, which was created in 2005.
