National Bank of Malawi (NBM) has ditched Misys BankMaster in favour of the T24 core banking platform from Swiss vendor Temenos to support its retail and corporate operations.
NBM has signed for the preconfigured T24 Model Bank to support its retail and corporate operations, servicing over 160,000 customers.
Temenos says the technology, chosen ahead of offerings from Oracle and Neptune, will enable NBM to centralise its operations on a single, multi-channel platform.
The bank will also deploy the Temenos T-Risk module, to comply with both local and international regulatory requirements, including Basel II; and Temenos Arc, a front office software product for customer retention and cross-channel selling,
George Partridge, chief executive, NBM, says: "We have been on Bankmaster for the past twelve years. Due to increased competition and customer demand for highly innovative products and delivery channels, including structured loans with longer grace periods and Bancassurance, we decided to look for an advanced and modern banking platform which was going to be more efficient in meeting the bank's requirements."
Temenos Professional Services and the bank's project team will jointly implement T24 including retail, treasury and trade finance functionality on HP servers with an Oracle database.