Temenos (SIX: TEMN), the banking software company, today announced that ABN AMRO has gone live with Temenos' WealthSuite digital banking platform, which will power the bank's international operations for private and corporate banking.
The shift to a single shared digital banking platform will allow ABN AMRO to reduce IT operational costs and achieve an improved cost/ income ratio. The open digital banking platform will future-proof ABN AMRO's growth and enable the bank to deliver innovative and personalized products and services faster to market.
Belgium is the first international branch to go live with the Temenos solution under ABN AMRO's rollout plan, which will see the bank migrate two additional countries on the new platform in the coming years.
ABN AMRO joins the growing list of top tier banks that have deployed Temenos WealthSuite to transform their wealth management operations. With Temenos WealthSuite, ABN AMRO will deploy an end-to-end, highly scalable and configurable platform that will allow the bank to benefit from considerable efficiency gains. This will be achieved by automating and simplifying processes and streamlining IT and business operations.
Cognizant, a global Temenos partner, has been providing consulting and system integration services for the project. By using a single core banking system, the bank can now launch a new corporate bank within nine month, as recently seen in Australia.
ABN AMRO has been a pioneer in digital banking and a Temenos client for over a decade. Temenos and ABN AMRO have a proven record of co-innovation. ABN AMRO implemented Temenos T24 Core Banking platform – the forerunner to Temenos T24 Transact – to transform its corporate banking activities in 2009 and serve the needs of its international business in nine countries. ABN AMRO also uses Temenos Payments. The bank recently selected the Temenos Continuous Deployment product to speed up its software delivery and rapidly launch new innovations.
Friso Westra, Head of IT Development Core Banking International of ABN AMRO said:
"We selected Temenos as our technology partner to future-proof the ongoing growth of our private bank. Working closely with Temenos and our implementation partner, Cognizant we experienced a smooth go-live. I am excited as this is a big step for ABN AMRO in harmonizing our IT infrastructure and speeding up digitization. We run our corporate and part of our private banking operations now from one single digital platform. We expect IT costs savings and efficiencies from the standardization of processes and products. With Temenos WealthSuite we are confident of achieving our ambition in offering the most innovative wealth management products and services in the industry."
Max Chuard, Chief Executive Officer, stated:
"We are proud to support ABN AMRO, one of the largest and most innovative banks in Europe, with its digital transformation journey. ABN AMRO will have a single, state- of- the- art banking platform and benefit from massive economies of scale, reduced IT operational costs and personalized customer experience. The platform will support traditional and digitized interactions, process automation and standardization of products, which means faster time to market and increased business agility. Our cloud-native, cloud-agnostic and advanced open API software enables ABN AMRO to drastically reduce transformation time and cost."
Santosh Thomas, President, Global Growth Markets, Cognizant, said:
"We are excited to be working on ABN AMRO's digital transformation project with Temenos, a long-standing strategic partner. The digital banking platform, based on Temenos software, will enable ABN AMRO to streamline processes across its corporate and private banking business, benefit from cost efficiencies in IT and business operations and serve customers in a faster, more cost effective way."
Temenos WealthSuite provides multi-channel, 24/7 real-time capability to support wealth managers in delivering superior service to clients, while allowing advisors to automate time-consuming compliance and back-office functions. WealthSuite currently helps advisors manage $12trillion assets under management.