Bank of Ghana live with Temenos T24

Bank of Ghana live with Temenos T24

Bank of Ghana has rolled out the T24 core banking platform from Swiss vendor Temenos at its head office and across five branches.

T24 replaces multiple legacy systems at the central bank, including stand-alone treasury and trade finance systems.

Temenos says its will enable the bank to centralise and integrate its transaction and reporting operations, including retail, treasury and securities and trade services along with it key interfaces such as clearing and Reuters.

The vendor installed T24 modules to support retail banking, treasury - including foreign exchange, money market instruments, securities and repurchase agreements - as well as trade services such as letters of credit, documentary collections and guarantees.

Temenos also customised T24 to include a vault management system, which enables the bank to manage the issuance of currency notes and coins to commercial banks and monitor their movement within the money market.

Commenting on the implementation, Lionel Van Lare Dosoo, first deputy governor, Bank of Ghana, says: "T24 provides us with a centralised system that also has the flexibility to develop products quickly and deliver reports according to our needs."

Temenos says its T24 platform, which runs on HP servers with an HP Unix operating system and Oracle database, was chosen ahead of eight competitors and was implemented in nine and a half months.

The Swiss vendor recently posted a third quarter net profit of US$9.9 million, compared to US$0.5 million in the same period last year, and has raised its full year guidance for the third time this year.

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