ABN Amro live with Temenos payments tech in Hong Kong
Temenos Payments is already installed at ABN Amro’s subsidiaries in Germany, UK, Belgium and Australia, supporting the bank’s corporate banking business for high-value payments.
The vendor says the new solution “significantly improves the bank’s straight-through processing (STP) rates through advanced exception handling”. Also, as it is “a single, global platform”, ABN Amro can “quickly expand and onboard new countries”.
The bank and Temenos first unveiled their plans to build a new payments hub back in 2012. It was going to be co-developed by the two parties and rolled out across all international locations of ABN Amro to support all types of payments.
The project experienced a number of difficulties and setbacks, but in spring 2015 it was finally ready for launch. Its scope was revised to high-value, low-volume payments. The first go-live was scheduled for September 2015 in Germany, followed by a roll-out to eight further countries, with completion expected in Q2 2016. The venture was a new experience for both parties and was a steep learning curve, the vendor admitted at the time.
In the latest announcement, Alex Room, product owner, payments for ABN Amro International Core Banking, says the bank is “delighted” to persevere with its long-standing partnership with Temenos.
“We experienced yet another smooth go-live, working closely with the teams on both sides,” Room says, adding that Temenos Payments will help the bank to harmonise its IT infrastructure.
“Temenos Payments plays a vital role in future-proofing our international payments strategy,” Room concludes.
Next on the list are Singapore and China, where Temenos Payments will be introduced before the Swift ISO 20022 deadline in November 2021.
Elsewhere, Temenos also supplies its suite of wealthtech (including the T24 Transact core banking system) to ABN Amro’s private banking and wealth management business.