Israel's Bank Leumi is looking to save millions of dollars a year in IT maintenance costs by overhauling and replacing its legacy core banking system with new kit from Swiss vendor Temenos.
The multi-year project will see the bank rip and replace its existing outdated core system with Temenos T24 at the core and the vendor's Connect package for digital channel management.
The project kicks off with a one-year project to launch a new digital bank in Isreal.
Dan Yerushalmi, COO, Bank Leumi says the initiative is expected to result in several million dollars a year in IT maintenance cost savings.
“Our existing banking technology is built on multiple, complex outdated systems and is very expensive to operate. The move to T24 will give us a simple, flexible solution that will allow us to launch new services faster and at lower cost across our entire portfolio," he says. "Starting with the digital bank project in Israel gains us competitive edge in a greenfield market, while at the same time prepares us to roll out a global solution across all business lines.”