Sumitomo Mitsui Banking Corporation (SMBC) is to install the T24 core banking platform from Geneva-based Temenos in all 13 of its Asia Pacific branches across seven countries.
The bank intends to run T24 as a common platform that supports its branch operations across the different countries. To accommodate this Temenos will work with SMBC to gather common requirements from all the branches. The Swiss core banking vendor will then consolidate these requirements in the T24 build and install core functionality, including deposit, loan and trade components, as well as interfaces to internal and external systems and networks.
The T24 package will be expected to flexibly cope with various local products and regulations which are often unique in each country in Asia, as well as connect to the regions using a thin-client structure, allowing for lower maintenance and faster upgrades.
Andreas Andreades, CEO, Temenos, says a key consideration for banks when reviewing their technology is cost of ownership. "Running multiple systems across multiple branches can not only be a challenge when co-ordinating operations but also put up barriers to cost-effective upgrades and maintenance. By running T24 as a single platform across its branch network, clients will have a scalable infrastructure that can grow with its business."