Breaking News and Top Stories
National Australia Bank (NAB) is nearing the completion of an overhaul of its global trade finance business with Misys' Trade Innovation. Its New Zealand-based subsidiary, BNZ, is expected to go live in September this year, after the system was rolled out to its Asian locations over the last 15 months.Read More
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- Back Office Systems Guide
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- 17 March 2014
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Also in the News
Japan Exchange Group (JPX) is calling on interested parties to submit proposals to build 'a highly convenient and globally competitive system which will serve the derivatives market for the medium-to-long term'. Project completion is scheduled for 2016.
The core banking industry in Australia is remarkably linear compared to other countries or regions where it often seems to be the case of one step forward, two steps back.
The big four Australian banks are all either about to start a core upgrade, in the middle of one or have recently finished. CBA announced in mid-2013 that it had finished a six-year project to implement SAP for Banking, in a remarkably clear-cut statement. The group 'completed the six-year implementation of core banking modernisation', and 1500 CBA staff working on the project were 'now back to doing other things'. 'We are now shifting our focus on leveraging the system and innovating on the back of that core,' said the bank's CEO, Ian Narev. The project took two years longer than hoped and cost around AU$1 billion, but was still an impressive closure for a tier one bank working with SAP (IBS, August 2013, CBA completes SAP roll-out).
NAB, meanwhile, is still implementing...continues (login/register to read in full)
Banque Raiffeisen Luxembourg had a tough time implementing Temenos' T24, so much so go-live was postponed three times, pushing launch date back 15 months. The bank's CIO speaks to IBS about the project and its future plans.
When Banque Raiffeisen Luxembourg decided to rip and replace its core system, it was perhaps not a big surprise. The bank, which is one of the largest retail banks in the country with a branch network of 46 outlets, had been using an in-house developed mainframe system for around 25 years. According to Jean-Luc Martino, the bank's CIO, 'the existing system was becoming more and more outdated and progressively running out of support, with things starting to get much more difficult each year'.
In 2007, the bank embarked on a nine-month selection process with the assistance of KPMG. It issued an RFI and an RFP to numerous market players including Temenos, Misys, Avaloq and Callataÿ & Wouters (now Sopra Banking Software). The final shortlisted vendors were...continues (login/subscribe to read in full).
The US domestic market has long been regarded as the promised land for international core banking vendors, with thousands of banks waiting for a new alternative to the dominant local players. Can TCS lead the way?
International core banking system suppliers' hopes of penetrating the US domestic market hang on TCS's project with Zions Bancorporation in Utah. The holding company, which consists of eight affiliate banking subsidiaries and a combined total of $55 billion in assets, is knee-deep in an attempt to implement the Bancs core banking solution, and 2014 is shaping up to be a crucial year for delivery.
Joe Reilly, chief information and operations officer at Zions, recently explained the rationale for the project, how and why it chose...continues (login/register to read in full)