Tier 1 US bank live with Temenos core and payments software
Temenos says it has gone live with its flagship T24 core banking system at a “top 20 US bank”. Banking Technology understands this is Ally Financial.
The bank is also now live with the vendor’s newly-built payments hub, Temenos Payments Suite (TPS).
It is “the first tier 1 bank to do so in the US”, according to Temenos.
The project started last year, Banking Technology understands, and it has not been specified by Temenos which components of T24 and TPS are live.
Earlier this year, Temenos revealed its ambitious plans to conquer the US market. It is also understood to have recently beaten US vendor Fiserv to a core banking software deal with Missouri-based Commerce Bank (as exclusively reported by Banking Technology).
What is TPS and who’s using it
TPS was originally unveiled in 2012 as a joint development between Temenos and ABN Amro. Initially, the go-live was expected before the end of 2013. This was then postponed until June 2014, but due to a number of issues, the date was pushed back again.
Quite far into the project, for instance, a glaring oversight was discovered: a key piece of functionality failed to make it to the original requirements list, and this significantly contributed to the delay.
By mid-2015, ABN Amro passed three stages of system testing for TPS, and was in the second phase of environmental testing. Cognizant was assisting with the testing process.
The new go-live date was set for September 2015, in Germany. TPS was then to be rolled out to eight further countries, with completion anticipated in Q2 2016.
The functionality is limited for high-value, low-volume payments in the corporate banking space.
So far, the uptake of TPS has been slow, but there is expectation that ABN Amro’s go-live will provide a much-needed live reference site, translating into more sales. ABN Amro is already “happily providing references to new customers”, according to David Arnott, CEO of Temenos.
In addition to Ally, another new taker of TPS is Citco, an international group of independent financial service providers that specialise in corporate, fiduciary, financial and fund management services.
Citco is looking to modernise its core banking software across its European operations – replacing Misys’ Equation at a number of sites with T24 – and will also deploy a new payments hub based on TPS. The project started last year and is expected to go live some time in 2016, with the new payments hub covering six countries.