Temenos (SIX: TEMN), the global provider of banking software, today announced that Vancity will replace its core banking systems with TEMENOS T24 (T24) to improve service capabilities and enhance the retail experience of its strong member base. Vancity signed a contract with Temenos in December 2010.
âTemenosâ management consultancy services played a key role in our T24 fit analysis by providing guidance in aligning our business processes to those of T24 to achieve maximum value,â said Catherine Aczel Boivie, CEO of Inventure Solutions and CIO and SVP of Information Technology and Facility Management at Vancity. âT24 model bank offers the scalability and closest functional fit for our requirements, making it the best solution to boost operational productivity and make a real difference to our member services.â
Vancity joins a number of leading Canadian credit unions - including Coast Capital Savings, North Shore and Servus - that have partnered with Temenos. T24 model bank will enable Vancity to utilise all T24 membership functionality and interfaces for ease of integration with third-party systems. T24 will be implemented for Vancityâs retail and commercial banking operation systems, reducing complexity and
enhancing system technology security while enabling flexibility. Reducing complexity will minimize operational and technology risk, and lessen the need for systems maintenance. T24âs flexible product catalogue enables the reusability of components to broaden Vancityâs product set in response to market and member changes.
âWe are delighted to be strengthening our foothold in Canada with this new signing, which underscores Temenosâ position as the technology partner of choice for large-scale core systems replacement in Canada. We are excited to be playing an integral role in Vancityâs goal of delivering best-in-class member service by offering a highly scalable, flexible and open system to bring wide-scale efficiency and reduce delivery costs of those services,â commented Andreas Andreades, CEO, Temenos.