Switzerland's Temenos has released a pre-customised version of its T24 core banking system that is designed to provide a quick and efficient upgrade path for users of Equation, a rival retail banking package from Misys.
Temenos says the Bank of East Asia is acting as a pilot scheme for the T24 Model Bank system.
BEA, the largest independent local bank in Hong Kong, recently elected to ditch its legacy Equation system in the UK in favour of the Temenos-supplied system.
Joseph Chow, general manager, BEA UK Operations, says of the decision: "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."
Given the upheaval involved in implementing a new core banking system, most banks typically take the path of least resistance and opt for an upgrade from their incumbent supplier.
Andreas Andreades, CEO, Temenos, says: "We are pleased to have had the opportunity over the past few months to identify and implement a fast, low risk and cost effective migration process for users of Equation. We are very pleased that today we can make this pre-packaged version of Temenos T24, a technologically advanced system, generally available."