Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announces that Danske Bank, Denmark's largest bank and a leading player in the Nordic financial markets, will implement Temenos T24 (T24) Model Bank for Corporate Banking as its new lending platform.
T24 will support Danske Bank's loan processing across ten countries in Northern Europe (Denmark, Sweden, Norway, Finland, England, Northern Ireland, Ireland, Germany, Luxembourg and Poland) to reduce operational costs. The Danske Bank Group offers a comprehensive range of financial services, including insurance, mortgage finance, asset management, brokerage, real estate and leasing services. The platform handles advanced corporate loans as a departmental solution integrated with the corporate banking platform at Danske Bank.
''We are taking significant steps to reduce our cost base and at the same time strengthen our solutions on risk management capability across the business and deploy the necessary tools to achieve this. T24 will enable automation of currency and bilateral loan processing to reduce cost by eliminating manual intervention. By delivering a comprehensive and real time picture of all credit exposures, T24 will give us improved business processes and operational efficiency. T24's functional breadth and high parameterisation will keep configuration to a minimum and yet give us the adaptability to differentiate our products and processes to cater for specific client requirements and new commercial initiatives", commented Jørgen Wittenkamp, Head of Loan Systems in Danske Bank.
Danske Bank selected T24 Model Bank to replace its legacy system and support its corporate lending business on a single, open platform. T24's functional richness and openness will address all functional requirements and enable smooth integration, whilst minimising disruption to the surrounding architecture. As a fully packaged system, T24 will be rolled out in less than a year with a big bang approach, to keep associated transitional costs low and enable Danske Bank to realise the benefits earlier.
'As a bank that has historically run in-house systems, we are delighted to have been selected by Danske Bank to support its corporate lendingg business. This demonstrates that corporate banks are increasingly turning to advanced packaged core banking software to centralise multi-country operations for significant improvements across risk management, cost control, product innovation and customer service. The extensive best practice processes embedded within T24 will enable Danske Bank to address multi-country requirements on a single instance of the software, whilst having the opportunity to deploy the system across other areas of the business moving forward, a unique business proposition only provided by our single platform approach and high R&D Investment', commented Andreas Andreades, CEO, Temenos.