Bank of Ireland chooses Temenos for core banking revamp
Bank of Ireland has selected Temenos’ T24 core system, Temenos Connect for digital and Insight BI for analytics as part of its five-year €500 million revamp plans – aka Project Omega.
Temenos now brands its offering for universal banks as UniversalSuite.
David Arnott, CEO at Temenos, says its deal with the bank is a “material transaction about which we will provide more details in due course”.
As Banking Technology reported in April, the bank, one of Ireland’s “big four” players, was looking to modernise its legacy software.
The bank’s current set-up is outsourced to Accenture, which manages its group technology and change division. The deal was signed in 2014, and around 200 staff transferred to Accenture from Bank of Ireland as a result.
Temenos and Capgemini – with their joint Software-as-a-Service (SaaS) offering – were evaluated. The offering is known as Capgemini’s Banking Platform, and is underpinned by Temenos’ flagship core system, T24.
In Ireland, the bank has a mixture of systems, including Misys’ Bankmaster for retail, Temenos/Financial Objects’ IBIS for corporate and FIS’s ACBS for syndicated lending.
On the treasury and capital markets side, it has Misys’ FusionCapital Summit and Wall Street Systems’ Wallstreet Suite.
For payments, the bank is a long-standing user of the Global PayPlus platform supplied by D+H Corporation’s payments unit, GTBS (formerly Fundtech).
Its UK operations stem from Bristol & West Building Society, acquired by the bank back in the mid-1990s. It is also the exclusive provider of financial services via the UK’s post office network.
The UK operations run a number of legacy systems, including Accenture’s Alnova core banking system, Sopra Banking Software’s MSS suite (savings and mortgages), DRP Consulting’s loan origination system and iConnect (supplied by another domestic vendor, HML) for loan servicing and administration.
For treasury management, there is the TMS system from Wall Street Systems (formerly IT2).