TEMENOS Group, the provider of integrated core banking systems, says that North Shore Credit Union (NSCU), a Canadian financial group, has selected TEMENOS T24 to replace its existing system.
TEMENOS will implement TEMENOS T24, the company’s modular core banking system, in NSCU’s head office in Vancouver and 12 branches across British Columbia to support over 40,000 members and some 150,000 accounts. The system aims to enable NSCU to increase product innovation, improve customer service and better integrate its multi-application environment.
“That TEMENOS has a proven track record in driving technical advancements was critical to us,” says Fred Cook, the Chief Information Officer at NSCU. “The company does a great job of constantly incorporating new technologies so that its applications and underlying technology continue to be highly relevant in our marketplace. We needed a core solution that could integrate with our existing systems and allow us to continue towards our goal of increasing profitability and efficiency through the use of straight-through processing. TEMENOS T24 will help to give us an edge in a fiercely competitive market.”
TEMENOS will manage the project and is installing TEMENOS T24 Model Bank for Canada, which includes interfaces and functionality specifically developed for Canadian credit unions and mid-sized banks. The system will run on HP hardware using the Microsoft Windows platform.
“The ability to improve and innovate customer products is a key advantage in our market so we needed a system that would enable us to excel in this area,” adds Chris Catliff, the president and CEO of NSCU. “TEMENOS’ commitment to the Canadian market was also a deciding factor in our selection process and we believe that TEMENOS T24 is a superior and effective banking system for the Canadian credit unions. We can now benefit greatly from TEMENOS’ vast experience of multi-national banking products and concepts.”