Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announced that North Shore Credit Union (NSCU) has gone live on Temenos T24 (T24), running on a Microsoft platform including SQL Server 2008, making it the first Canadian financial institution to leverage the joint benefits of T24 and SQL Server and develop a more cost-effective and high-performance environment.
The integrated SQL Server-T24 platform helps NSCU access a wide range of Microsoft-based technologies while benefiting from T24's advanced core banking functionality.
"The new platform lets us design new products and then quickly get them to market," says Fred Cook, CIO of NSCU. "In a fiercely competitive market such as ours, that's huge. We're also able to integrate key member information across the organization, breaking down information silos and giving us insights that help us stay ahead of the competition."
In addition members will now benefit from a wider set of services, segmented targeted products and more detailed financial statements, NSCU also leveraged the T24-SQL Server platform by integrating the Syntellect Communications Portal (SCP). That means enhanced call centre capabilities and more automated self-service banking for members, including the ability for automatic reporting on lost or stolen debit cards. Leveraging enterprise T24/SQL solution will also allow for enhanced cross platform integration. This will provide NSCU with the ability to streamline business processes, reduce business cycles and cut operating overhead by automating back-end processes. It will also provide greater agility to create new online products and services across platforms.
Furthermore, T24's Arrangement Architecture gives NSCU a componetised approach to product creation and servicing. The flexible product catalogue function enables new products to be created in a minimal time period, re-using components such as interest calculation methods from existing products. For example, if new government regulations around tax on savings were introduced, NSCU is in a better position to quickly ensure the system can reflect that.
Susan Hauser, vice president, Worldwide Financial Services, Microsoft, said, "Working closely together, Microsoft and Temenos are delivering a state-of-the-art core banking system for NSCU. Its members will benefit from imppproved member service as well as reduced operating costs."
Andreas Andreades, CEO, Temenos, adds. "We are pleased to welcome North Shore to the Temenos user community as the first Canadian Credit Union to go live on TEMENOS T24. We have been working in Canada since 2002, so NSCU has benefited from our T24 Model Bank for Canada, which includes interfaces and functionality specifically developed for Canadian credit unions and mid-sized banks, enabling them to benefit from our vast experience of multi-national banking products and concepts. "