Swedbank, a Nordic-Baltic universal bank, has gone live with Temenos T24 in its Shanghai office.
By deploying T24, the company’s modular core banking system, Swedbank meets local regulatory requirements and so can now offer full corporate banking services in China.
“It was important to have a system in place prior to us receiving our license, so implementation time was key,” says Ola Laurin, project manager for Swedbank. “As a direct result of T24 we’ve launched our corporate banking services in the region and within eight weeks of going live we began offering foreign currency products. The system not only caters for our current requirements but can also support us in addressing the many changes to come in Chinese banking practises.”
The bank went live in April and on 1st June it began operating through its Shanghai office as a fully functional corporate banking branch.