ABN Amro has gone live with Temenos’ WealthSuite in a first site as it seeks to roll out the digital platform for its international wealth and corporate banking, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).
The project marks a shift by the Dutch bank to a single platform, with the aim of reducing IT operational costs and achieving an improved cost/income ratio.
The first international branch to go live with the system will be in Belgium, with another two countries lined up for implementation in the next multi-year phase. Temenos’ long-standing partner, Cognizant, is providing consulting and system integration services for the project.
ABN Amro is a long-term customer of Temenos. The T24 core banking platform was taken for its corporate banking activities in 2009 and is now live in nine countries. The bank was also a pioneer for Temenos’ Payments solution. It also selected the Temenos Continuous Deployment product to speed up its software delivery and rapidly launch new innovations.
Friso Westra, head of IT development core banking international at ABN Amro, said: “We selected Temenos as our technology partner to future-proof the ongoing growth of our private bank”.
Westra has been working closely with Temenos and their implementation partner, Cognizant. “We experienced a smooth go-live with Temenos WealthSuite [and] we are confident of achieving our ambition in offering the most innovative wealth management products and services in the industry,” added Westra.
Temenos WealthSuite provides multi-channel, 24/7 real-time capability to support wealth managers in delivering client services, while automating compliance and back office functions. Temenos claims WealthSuite currently helps advisors manage $12 trillion assets under management.
Temenos demonstrated its technology at FinovateEurope 2015, presenting its Connect Mobile Banking solution. The company also participated in our developers conference, FinDEVr Silicon Valley, later that year, discussing its B2B Financial Apps Marketplace. Founded in 1993, Temenos is headquartered in Geneva, Switzerland.