Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it has signed a deal with the Bermuda Commercial Bank (BCB) to provide it with its T24 core banking system Model Bank, along with a suite of products, including Business Intelligence, Insight Risk, Anti-money laundering and Fatca compliance.
BCB has selected a multi-product approach from Temenos, including T24 Model Bank to be run on the Microsoft SQL Server platform, as it offers an integrated solution that will provide for a more structured and rapid implementation. The Temenos suite of products will allow BCB to grow its channel offerings and business lines, as well as providing better reporting and analysis through the Insight modules, thus significantly improving the bank's customer service.
BCB joins a growing number of banks across North America and the Caribbean that have chosen the modern T24 platform to renovate their core and improve their customer experience in providing real-time information across all channels. BCB was founded in 1969 and in September 2013 held $468 million in customer deposits.
Russell Taylor, Regional Director North America, Temenos said: "We are delighted that BCB has chosen us to provide its core banking software. Temenos now has a set of best-of-breed integrated products that address the multiple pain points of our customers. Our fully integrated solution will give BCB a world-class banking system with incredible business intelligence analytics from day one. 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."
Peter Horton, CEO, Bermuda Commercial Bank, commented: "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. 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, Director - Worldwide Financial Services, Microsoft said: "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 maximize their performance, efficiency and TCO,"