Temenos (SIX: TEMN), the global provider of integrated core banking systems, today announced that Bank SinoPac has selected Temenos T24 Model Bank (T24) to centralise its operations and support plans to double its client base over the next five years.
A leading Taiwanese bank with 131 domestic branches and operations in the US, Hong Kong, Vietnam and Macao, Bank SinoPac serves 4 million retail and corporate customers worldwide.
As a full-service commercial bank and winner of numerous awards, Bank SinoPac has established itself as a clear market leader in product innovation within the Taiwanese banking community, using its expertise in e-commerce and cross-border banking services to launch innovative new products such as B-to-B Pay-Web; a Cross-Pacific Account (CPA) and an e-factoring payment system.
Bank SinoPac selected T24 Model Bank for Universal Banking over Oracle Flexcube and TCS Bancs to replace its 18-year-old legacy Unisys system, which lacked both the flexibility and scalability to support ongoing business growth and new product innovation. T24's functional breadth will enable the Bank to rapidly launch the next generation of its Money Management Account and enhance its CPA - a cash management product which supports the cross-border funds transfer and financing needs of its corporate client base. Furthermore, the ability to consolidate information across service channels and business lines to provide a single customer view will improve Bank SinoPac's risk management and use of credit lines.
Eugene Huang, CIO, SinoPac Holdings, comments: "T24 will allow us to standardise our core banking platform to maintain our strong position in Taiwan and grow in highly competitive target markets. Its flexibility supports many local and regional requirements, and will for example enable us to address regulatory guidelines, which is critical to successful market entry. By implementing a new core banking system on modern, open technology we will also be able to reduce maintenance and operating costs."
T24's complete platform independence will enable Bank SinoPac to implement the system on a Microsoft Windows Server / SQL Server database. The system is expected to go live simultaneouslysly in all of its branches in 2011. The bank has employed Temenos Application Management Services (TAM) to manage its specific software development requirements using TAM's cost effective and low risk methodology.
Susan Hauser, VP, Worldwide Financial Services, Microsoft, comments: "The breadth of our platform and partnerships make Microsoft uniquely able to quickly integrate disparate 'silos' and unlock value by connecting systems that drive new operational efficiencies, increase transparency and accelerate innovation across the global banking enterprise. With our partner Temenos, we can help Bank SinoPac to accelerate innovation, greatly increasing the speed and effectiveness with which new products and services are created to constantly improve the connected customer experience."
Andreas Andreades, CEO, Temenos comments: "This is a very important win for Temenos and confirms its position as the premier provider of packaged core banking solutions for large retail banks. Our experience in China working with for example the Bank of Shanghai is giving other banks confidence that we can support their entry into such markets. We look forward to building a strong and long term relationship with Bank SinoPac by providing the support they need to achieve their business objectives."