New core software deal for Temenos in the UK
British Arab Commercial Bank (BACB) is looking to modernise its core software. It is believed the bank has settled for a new platform – Temenos’ T24.
BACB is a London-based wholesale bank that specialises in trade finance and treasury services to Africa and the Middle East.
The bank has been in the system selection mode for around a year or so. It is a long-standing customer of Temenos’ rival, Misys, and its Midas core banking system.
BACB is now recruiting staff knowledgeable in T24, it is understood.
No comment was available from either party.
It is also understood that a number of UK-based Misys users are looking for alternatives to their legacy core systems. Misys has a number of core banking systems in its portfolio that are well-established in the UK. These are Equation, Midas and Bankmaster (the latter is no longer sold).
Another UK-based bank, Arbuthnot Latham, has recently opted for the Flexcube system from Oracle FSS, to replace Misys’ Bankmaster. Temenos lost out in the final round.
Arbuthnot Latham focuses on private banking and wealth management services.
Temenos on the rise
Temenos has reported a rise in earnings, namely 23% for the full year 2015 on the back of 52% growth in total software licensing.
It has also recently secured a $500 million refinancing facility from a conglomerate of major banks, including Barclays, HSBC and Credit Suisse.