Banque Raiffeisen has selected TEMENOS T24 (T24) to provide a centralised, front-to-back office core banking platform for its Luxembourg Universal and Retail banking operations.
The system will support 220,000 customer accounts across 55 agencies.
Banque Raiffeisen has selected Temenos’ T24 Model Bank implementation methodology, which includes pre-configured products and processes for banking best practice.
The application also includes TEMENOS ARC, a suite of front-office and customer-centric functionality, integral to T24, that provides for operational and analytical CRM process workflow with multi-channel banking support.
“We were looking for a single, integrated core banking platform that would allow us to launch new and innovative products quickly to our Commercial and Retail markets, assist us in further developing our private banking offering, and optimize our internal processes to ensure banking best practice. We believe that T24 can do all of this while smoothly integrating with our existing internet banking, CRM and MIS systems, thereby reducing our cost of ownership. Furthermore, it will help us to meet regulatory requirements such as the upcoming SEPA directive,” says Ernest Cravatte, Prsident du Comit de Direction, Banque Raiffeisen.
Banque Raiffeisen signed the contract with Temenos on 19 December 2007 after a nine month selection process, during which several other vendors were considered including Avaloq and Callata & Wouters. T24 will replace the Bank’s in-house mainframe system, which has been in place for more than 25 years.
A joint implementation team will roll out the T24 Model Bank solution to Banque Raiffeisen’s 13 branches and 55 agencies throughout Luxembourg. T24 will be deployed on IBM P series hardware with IBM DB2 database and is expected to go live by Q1 2009. Regional customisation is being carried out for the Luxembourg market.
“This deal confirms T24’s superiority for the retail and universal banking market. Raiffeisen wants to position itself stronger in the retail and private market in Luxemburg by offering better and more tailored services to its clients. The bank also wants to increase its focus on its credits offering, the core of its business today. T24 will help Raiffeisen to achieve these goals, while ensuring that it remains a strong payments provider, especially with SEPA on the horizon,” adds Andreas Andreades, CEO, Temenos.