Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, today announces that Coast Capital Savings Credit Union ("Coast Capital") has gone live with a new core banking system, Temenos T24, to process approximately 450,000 transactions per day.
Coast Capital has deployed TEMENOS T24, the world's most widely-used core banking application, on HP servers and hardware. It replaces two systems, helping to give the bank better operational control and a consolidated view of its business. In addition, Coast Capital is also live on TEMENOS Insight, Temenos' domain-specific business analytics tool, which makes available to managers a range of desktop reports and dashboards helping to improve decision-making. The implementation was carried out chiefly by staff from Coast Capital and Temenos with support from Ernst & Young.
Coast Capital made the decision to replace its core systems primarily in order to future-proof its IT infrastructure. In common with much of the financial services sector in Canada, which has been little affected by the financial crisis of 2008, Coast Capital has been enjoying strong, consistent growth. It has more than doubled its asset base in the last 10 years from Canadian $5.7 billion to Canadian $11.8 billion as at December 31, 2011 and member numbers have increased to more than half a million. In light of this growth, Coast Capital was keen to move off its legacy systems, so it could accommodate further growth in member numbers and processing volumes, and to migrate to a modern system with robust and proven scalability.
In addition, Coast Capital sought core system renewal to help foster innovation. Innovation is at the heart of Coast Capital's value system and it has a strong record of delivering pioneering products and services, such as its highly flexible You're the Boss™ Mortgage. Through system renewal, Coast Capital believes it can create the conditions for further innovation, as well as bring these products and services to market quicker.
Tracy Redies, president and CEO of Coast Capital Savings, said the conversion to the T24 banking system is a significant investment in the future of the organization adding that it will ensure the credit union has the needed technological backbone to accommodate future growth and to further enhance its products and services to members.
"Given our rapidly growing customer base, our new banking system provides us with a strong, flexible and robust environment that will help us continue to deliver innovative products and services to customers across a wide range of channels, be it online, mobile or in-branch," Redies said. "The primary reason we chose Temenos is that it offers us a banking system solution that is scalable and that has a built-in ability to grow with our organization and the constantly evolving needs of our customers."
David Arnott, Temenos CEO, added: "We are delighted that Coast Capital has entered into live production with T24 and Insight and we look forward to supporting them through their next phase of growth. Canada is a highly strategic market for Temenos, where we see strong demand for our applications and where we have been making significant investments. The benefits of our investment are becoming increasingly apparent with 29 Canadian customers already live on our software and with Temenos having deep expertise and knowledge in the market as well as a mature and growing partner ecosystem."