Tata Consultancy Services’ (TCS) full year (FY) 2016 revenues and net profit rose – boosted by growth in its banking, financial services and insurance (BFSI) operations. Natarajan Chandrasekaran, CEO and MD, TCS, says its core portfolio “performed strongly in a seasonally weak 4th quarter driven by strong volumes led by growth in BFSI, retail and […]
The Reserve Bank of India (RBI), the country’s central bank and regulator, has set up a scheme to provide financial assistance to urban cooperative banks (UCBs) for the implementation of core banking solutions. In its First Bi-monthly Monetary Policy Statement-2016-17, the RBI will offer assistance and technology support through the Institute for Development and Research […]
UK-based specialist financing company, Private & Commercial Finance Group (PCFG), has concluded its software selection, Banking Technology understands. The company applied for a banking licence in 2013/14 and was known to be in system selection mode in mid-2014. The selection process was run by consultancy firm Sofgen. Banking Technology understands that it has now finalised […]
Singapore-based Maybank Private Wealth has gone live on Avaloq’s core banking platform, Avaloq Banking Suite. The project dates back to autumn 2014, when the deal between the two parties was signed. Alvin Lee Han Eng, head of private banking at Maybank Private Wealth, is complimentary of the project team, describing it as “professional and competent […]
CIMB Group is celebrating the completion of a major core banking project – to unify its regional operation on a single platform, One Platform (1P). The project spans four countries: Malaysia (where the group’s headquarters are based), Indonesia, Singapore and Thailand. Silverlake Axis, Accenture, IDS Scheer and IBM were the main technology partners. Silverlake’s core […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
Amsterdam Trade Bank (ATB), a European subsidiary of Russia’s Alfa Group, is looking for a new core banking system, Banking Technology understands. The bank is a long-standing user of Misys’ software, including Equation for core processing, Trade Innovation (TI) for trade finance, and Opics for treasury and capital markets. In 2010, Misys announced ATB’s successful […]
Sudan-based Export Development Bank (EDB) has gone live with its new core banking system, Temenos’ T24. The Islamic bank implemented R13 of T24 and has also got Temenos’ Insight Financials tool. The project was initiated three years ago, with the contract signing in Q1 2013. National Data Consultants (NDC), a regional implementation partner of Temenos, […]
Cardiff-based Principality Building Society is a step closer to selecting a new core processing system, Banking Technology understands. Principality’s current provider is Unisys Financial Services System (UFSS). It is understood that the building society has considered an upgrade of UFSS but decided against it. It is now evaluating offerings from a number of system suppliers. […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Will Simon Bateman, the new CIO of London-based Harrods Bank, restart the bank’s long-suffering core banking software overhaul? Bateman moves from another UK-based bank, Aldermore, where he spent around three years, first as transformation and change director and then as head of IT for the savings business line. Aldermore, a small domestic bank focused on […]
As US-based KeyCorp prepares to take over its rival First Niagara to create the country’s 13th largest bank, Banking Technology muses what this might mean for the fintech market. A major system selection perhaps, as both banks are currently using dated systems? KeyCorp and its banking subsidiary, KeyBank, hope to finish acquiring First Niagara by […]
Bank of Ceylon, the largest bank in Sri Lanka, has continued its long-term relationship with Fiserv, and upgraded to the recent versions of Signature (retail core banking) and Teller (a front-end teller system). The bank has also chosen Fiserv’s Communicator to provide integration between Signature and third-party solutions. Luxaman Perera, head of IT, Bank of […]
Sweden’s Länsförsäkringar Bank has become the first bank in the country to take TCS Financial Services’ Bancs core banking system. Meanwhile, Temenos and SAP are also busy with core renovation projects in the region (see below for more details). TCS will provide system integration and support services to Länsförsäkringar, the fifth largest retail bank in […]
There is a lot of activity going on in the UK’s credit union space, as the participants realise they have no choice but to modernise. So who is doing what? Which technology providers are set to gain and who might be a loser? London Mutual Credit Union and TCS Financial Solutions London Mutual credit union […]
Temenos has reported a total software licensing growth of 45% for 2015 on the back of new deals and acquisitions. In its 152-page “Annual Report and Accounts 2015”, the Swiss software vendor also revealed a rise in non-IFRS (International Financial Reporting Standards) revenue of 19.2% – moving from $468.7 million in 2014 to $559 million. […]
Pakistan-based NIB Bank is the first to upgrade to the latest release of Temenos’ T24 core banking system – making a big leap from R7 to R15. National Data Consultants (NDC), Temenos’ regional partner and integrator, worked on the project. Ammara Masood, president and CEO at NDC, says the bank is the “first client” to […]
Qatar Islamic Bank (QIB) has finally gone live with a new core banking system, Temenos’ T24, nearly six years after signing the original contract. Gopi Krishnan, CIO at QIB, describes the implementation as the “fastest and most complex transformation programme in the Middle East region in the recent past”. Despite this, it actually was a […]
Pakistan-based Soneri Bank has chosen Temenos’ T24 core banking system to replace FIS Allprofits. National Data Consultants (NDC), Temenos’ regional partner and integrator, will deliver the project. Soneri Bank president and CEO Mohammad Aftab Manzoor, says: “With this technological transformation and our mission to provide innovative and efficient financial solutions, we aim to uplift our […]
A UK-based challenger bank, Mondo, has partnered with Thames Card Technology for debit card production and personalisation. Beta test cards will be issued to consumers this year. Mondo, which positions itself as a “mobile first” bank, will be offering a contactless debit card paired with a mobile banking app to its customers. The mobile app’s […]
Liechtensteinische Landesbank (LLB) and its subsidiary LLB Invest have launched an investment advisory solution underpinned by the Avaloq and the swissQuant Group software. LLB Invest uses the Avaloq Banking Suite for its software needs – the solution has been running at LLB since 2008 as its main core banking system. SwissQuant Group provides risk analysis […]
A long-standing user of a host of Misys’ products, The United Bank of Egypt has committed to upgrade to the latest version of software. The project is penned for completion later this year. The bank will upgrade to FusionBanking Equation (core system), FusionBanking Trade Innovation (trade finance) and FusionCapital Opics (treasury and capital markets). It […]
Path Solutions is implementing its flagship core banking offering, iMAL, at Summit Bank in Pakistan and Wifack International Bank in Tunisia. The contracts were signed in December and the roll-out is underway. Summit Bank Pakistan-based Summit Bank is implementing iMAL as it looks to grow its Islamic banking presence. Summit Bank was searching for a […]
Croatia-based banking software developer, ABBA, has gained a new taker of its flagship core banking system, NovaDoba. This is a local bank, Banka Kovanica d.d. Varaždin. The agreement was signed in early March, “following months of negotiations”, says the vendor. The work on data migration and the implementation of the new solution has already begun. […]
Finland-based Aktia Bank is implementing Accuity’s Global WatchList to provide regulatory sanctions and other compliance data. The solution covers politically exposed persons (PEPs), companies, vessels, goods, countries and payment information. Accuity says that Aktia’s decision to sign for the Global WatchList was driven by the compliance needs and the need to improve the efficiency of […]
Tamil Nadu State Federation of Urban Cooperative Banks (Tancubfed) has selected Infrasoft Technologies’ core banking system, OmniEnterprise. Tancubfed will implement OmniEnterprise and other e-banking services in 128 co-operative banks in Tamil Nadu, a southeast Indian state. Rajesh Mirjankar, new CEO and MD of Infrasoft, says OmniEnterprise will support the entire business operations of the bank […]
Almost 50% of retail banks worldwide believe the rise of digital will bring an end to branch-based banking, according to a study by Temenos. “Retail Banking: In Tech We Trust”, the third annual study of retail banks produced in association with the Economist Intelligence Unit, reveals that banks perceive the threat from tech companies operating […]
AnaCap Financial Partners, a private equity firm based in the UK, has acquired non-performing loans (NPLs) of Royal Bank of Scotland (RBS) and GE Capital Real Estate in Italy. It is also understood to be crystallising a strategy to launch a new digital bank in the UK. The acquisitive PE firm has gained over €2 […]
Al Ahli Bank of Kuwait (ABK) has picked Infosys’ Finacle suite to replace Misys’ products as part of its technology revamp. The bank will deploy the complete suite of Finacle solutions, including core banking, trade finance, wealth management, CRM, e-banking, payments, treasury, alerts, SMS banking, liquidity management, retail and corporate loan origination. Abdulla Alsumait, deputy […]
Barclays is leaving Africa as it looks to consolidate the group and increase shareholder returns after a 2% drop in full-year profit. The bank will sell its 62% stake in Barclays Africa Group Limited (BAGL) over the coming few years and then focus on two divisions – Barclays UK and Barclays Corporate and International. BAGL […]
British Arab Commercial Bank (BACB) is looking to modernise its core software. It is believed the bank has settled for a new platform – Temenos’ T24. BACB is a London-based wholesale bank that specialises in trade finance and treasury services to Africa and the Middle East. The bank has been in the system selection mode […]
US core banking software vendor Nymbus has teamed up with Geezeo, a white-label personal finance management (PFM) provider for banks and credit unions. Nymbus launched last year with a flurry of Star Wars-inspired quotes. It is looking to work with financial institutions (FIs) and compete with banking behemoths and the neo banks. The vendor sees […]
EQ Bank, a new pure-play digital bank in Canada, has opened its virtual doors. It is underpinned by the front-to-back office software from Temenos. The bank is using Temenos’ T24 core banking system at the back-end and Temenos Connect for digital channels at the front-end. It is also using Insight BI for business intelligence and […]
Avaloq Sourcing Switzerland, Avaloq’s business process outsourcing (BPO) subsidiary (previously B-Source), has migrated KBL Switzerland to the BPO platform of Banque Internationale à Luxembourg (BIL Suisse). The BPO solution is based on the vendor’s flagship core banking platform, Avaloq Banking Suite, and the migration took five months. BIL Suisse acquired the Swiss subsidiary of KBL […]
Temenos is refinancing its existing banking facilities to the tune of a $500 million new facility. The Swiss software vendor says it has “taken advantage of current market conditions to lock in low-cost long term financing” through a new $500 million banking facility, consisting of a five-year revolving credit facility which expires in 2021. The […]
Fiserv has revealed that 25 US credit unions, with approximately $2.5 billion in assets and 250,000 members collectively, have committed to its CUnify account processing platform. Five of these credit unions are new core processing clients of Fiserv, and will be converting to CUnify in the course of 2016. CUnify is a core platform used […]
Libya-based Aman Bank has gone live on Oracle FSS’s Flexcube core banking system – with Oracle’s long-standing integrator JMR Infotech carrying out the implementation. The bank has ditched its legacy system iBank, from Tunisia-based Idee, and Rui Cupertino, deputy chairman at Aman Bank, expects the new system to “deliver significant improvements” and describes it as […]
Albaraka, a Morocco-based microfinance institution, has implemented Infosys’ Finacle core banking system, and customer relationship management (CRM) and wealth management solutions. The institution (formerly known as FONDEP) has ditched its existing core banking system as it plans to expand into retail banking and insurance products distribution. Mouatassim Belghazi, CEO, Albaraka, said with Finacle in place […]
Temenos’ earnings have risen by 23% for the full year (FY) 2015 on the back of 52% growth in total software licensing. Along with FY 2015, the vendor reported good results for the fourth quarter of 2015 – its IFRS (International Financial Reporting Standards) revenue was $168.4 million, up from $133.1 million in Q4 2014. […]
MKB Bank in Hungary is migrating its core banking system to Oracle Flexcube deployed on Oracle Exadata Servers.
