Standard Chartered revamps wealth management ops with Temenos
Temenos has landed a major deal with Standard Chartered, to modernise the bank’s wealth management software across 30+ countries.
The bank signed for Temenos’ WealthSuite, front-to-back office, which incorporates the vendor’s T24 system; Insight BI for analytics; Temenos Connect for channels; and the TripleA portfolio management software that stems from Odyssey Financial Technologies, a wealth management tech specialist acquired by Temenos in 2010.
WealthSuite will support high net-worth and mass affluent business lines at Standard Chartered, replacing various third party and home-grown solutions (Standard Chartered has traditionally relied largely on in-house developed systems).
The project is part of the bank’s enterprise-wide programme to create a “lean, focused and more profitable bank” – and the modernisation of its tech received significant investment as a result.
The first live site of the integrated WealthSuite is Nordea’s private banking subsidiary in Luxembourg. Nordea Bank SA went live with the new system in early 2016, following nearly four years of effort.
This is not to be confused with another project at Nordea – at a much larger scale – that also involves Temenos. Nordea is revamping its domestic retail and corporate banking technology with T24.
Another taker of WealthSuite is ABN Amro. The bank is already a user of T24 at a number of locations, which will now be extended across the group. On the way out is ERI’s Olympic core banking system.