HP today is building a service center for the Bank of Shanghai, a Chinese retail bank with more than 200 branches. The goal is to reduce the costs and processing time of on-line transactions. HP is working with TEMENOS – a provider of banking systems – and Oracle.
Scheduled for implementation in 2006, the service centre will consolidate the Bank of Shanghai’s global processing needs using industry-standard HP OpenBank infrastructure, software and services to deliver consistent information across branch, Internet, ATM and point of sale (POS) channels.
“Companies in emerging economies like China face fast-growing demands on the efficiency of core banking systems, driving demand for initiatives to improve processing capabilities,” says Susan Cournoyer, principal analyst, Global Industries, Financial Services, Gartner, an IT analyst firm. “These challenges, however, are not limited to emerging economies, with 30 percent of large U.S. banks reporting plans to increase spending on core banking through 2005, according to responses to Gartner’s 2004 Global Industries survey.”
In related news, HP and TEMENOS have announced an expanded global relationship to jointly offer core banking solutions for financial institutions. HP will provide technology products and a broad range of services – including consulting, implementation, customer-specific development and support – for TEMENOS T24, a banking system designed to drastically reduce a bank’s end of day processing.
“HP is diligently working to deliver to institutions, such as the Bank of Shanghai, core banking solutions that maximize business agility as never before,” says John Wallace, vice president and managing director, Global Financial Services Industry, HP. “As a result of our expanded relationship with TEMENOS, we are now investing technical resources and infrastructure to pre-integrate TEMENOS T24 into HP OpenBank resulting in faster and easier core banking solutions deployments to financial services organizations around the world.”
Together, HP, Oracle and TEMENOS have created a comprehensive flexible core banking system of TEMENOS T24 on HP Integrity Superdome servers running Oracle Database 10g and HP-UX 11i.
“The combination of TEMENOS T24 and HP OpenBank is critical for banks and financial institutions looking to service markets with millions of people,” said Andreas Andreades, chief executive officer, TEMENOS. “The challenges of combined performance, reliability, scalability and resiliency are all ably met in this advanced banking solution born from the cooperation with TEMENOS, HP and Oracle.”