Bank Of East Asia Buys Banking System From Temenos For Its UK Branches

TEMENOS Group says the Bank of East Asia (BEA), the largest independent local bank in Hong Kong, has selected its TEMENOS T24 application to replace its core banking systems in its UK branches at London and Birmingham. "We needed a

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TEMENOS Group says the Bank of East Asia (BEA), the largest independent local bank in Hong Kong, has selected its TEMENOS T24 application to replace its core banking systems in its UK branches at London and Birmingham.

“We needed a flexible, fully integrated system to support our banking operations, including retail, commercial and corporate activities,” says Joseph Chow, general manager of BEA’s UK operations. “In addition, the system had to be easy to implement as well as providing a platform for future growth. With TEMENOS T24, we can support our current product sets and receive immediate productivity benefits, while also enabling our operations to grow.”

BEA had been searching for a replacement for Equation, a retail banking system from Misys, since March 2005. During this evaluation period, it considered a number of providers including Misys, i-flex and Fiserv. The bank required a system that could be tailored to its specific requirements and that would reduce the cost of ownership by introducing standard interfaces and eliminating the need for multiple systems. Subsequently, it signed the deal with TEMENOS in November 2005.

TEMENOS will install core TEMENOS T24 functionality and a number of modular components, covering areas such as retail and corporate lending, customer accounts, trade finance and treasury.

“We intend to offer TEMENOS T24, which we believe to be the most technologically advanced product in the market, in a pre-packaged form that will allow Equation users to have a low cost alternative to their migration issue,” says Andreas Andreades, CEO, TEMENOS. “The work we are doing in BEA is important in helping us prove that such migration is possible in a short period of time and at a low cost.”

The system is expected to be implemented by mid-2006 and will initially be installed in BEA’s London and Birmingham branches. TEMENOS will implement TEMENOS T24 on IBM AIX P-series server.

BEA was incorporated in Hong Kong in 1918, and currently has total assets of HKD212 billion (USD27.3 billion). It is listed on the Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index. It has outlets in North America, the British Virgin Islands, the United Kingdom and Southeast Asia.

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