Hong Kong-based Bank of East Asia (BEA) is installing Temenos' core banking plaform T24 at its UK operations, replacing Misys' retail banking system, Equation.
The Swiss vendor says BEA has been searching for a replacement for Equation since March 2005 and considered a number of providers including Misys, i-flex and Fiserv before signing for its T24 platform. The system will be implemented at the bank's UK offices in London and Birmingham.
Joseph Chow, general manager of BEA's UK operations, says: "We needed a flexible, fully integrated system to support our banking operations, including retail, commercial and corporate activities. In addition, the system had to be easy to implement as well as providing a platform for future growth."
Andreas Andreades, CEO, Temenos, says the firm intends to package T24 as a cheaper alternative to Misys' Equation platform.
"The work we are doing in BEA is important in helping us prove that such migration is possible in a short period of time and at a low cost," he says.
T24 is expected to be implemented at BEA by mid-2006.