Euro Pacific Bank Ltd has selected Temenos’ T24 core banking platform and anti-money laundering (AML) solution. It will be delivered in the cloud, via Microsoft Azure, and is intended to offer better private banking services to the Caribbean offshore bank’s local and global customers.
Temenos’ T24 cloud-based core banking package was selected against rival offerings in order to give Euro Pacific Bank the single, comprehensive view of each and every customer that it wanted. This should allow it to provide better customer service and multiple products through a range of channels and to scale up and down as required to meet demand.
An integrated AML software tool should provide an automated and efficient way to screen private banking customers. Euro Pacific Bank previously handled this crucial compliance process manually.
The complete solution includes a fully integrated output and document management system, provided by EFS Technology, which takes the core banking T24 data and turns it into personalised customer statements, investment summaries and financial reports.
The package will be delivered on the Microsoft Azure cloud platform, in European data centers, with implementation services delivered by Temenos’ partner, SofGen.
Commenting on the contract award, Adrian Murray, vice president of business development at Euro Pacific Bank, said: “We chose Temenos’ T24 because we wanted a modern, globally renowned system that supports us with a high level of automation. With a cloud-based solution we are able to offer a service that is comparable to the best private banks at a price point comparable with FinTech start-ups.”
Euro Pacific Bank is a fast-growing offshore private bank based in the Caribbean. It currently has 4,000 customers worldwide, who between them run a total of 10,000 accounts, over 80% of which are in G20 countries.