Cater Allen Private Bank in major tech overhaul with Temenos
Cater Allen, a London-based private bank and a subsidiary of Santander, is undergoing a major technology overhaul.
The bank is going to implement a new core banking system, Temenos’ T24, Banking Technology understands.
It is now looking to recruit T24 specialists and project managers to help it with system customisation and implementation, and migration from the legacy core.
A spokesperson from Santander tells Banking Technology that “no contract has been signed with Temenos” and that the bank “continues to discuss its requirements with a number of providers”.
On the way out at Cater Allen is the Ovation system, which currently resides with Fiserv. Ovation (also known as Wealthview) is a sunsetted product that is no longer developed.
Cater Allen is also working on other technology related initiatives:
- moving to Lynx;
- implementing a new payments hub for all payments;
- upgrading its existing financial and business analytics tools from SAP and Ariadne.
The technology modernisation project is set to be completed by the end of 2017.
Cater Allen has a history dating back to 1816, although its name – Cater Allen – came about quite late in the bank’s history, in the 1980s, as a result of an M&A.
Cater Allen was an independent bank until Abbey National acquired it in 1997. Abbey National was taken over by Santander in 2004.
Cater Allen significantly expanded twice in the past two decades, first with the 1994 acquisition of Tyndall Bank, and then with the 2001 acquisition of Fleming Premier Banking from JPMorgan Chase.
Cater Allen’s parent group, Santander, is no stranger to Temenos and its core banking platform. Abbey National was a T24 user, and the system is also running across a number of Santander’s sites worldwide, including Switzerland, Mexico, the US and the Caribbean.