Switzerland-based Temenos has reached an agreement with Bermuda Commercial Bank (BCB) to provide its T24 core banking system Model Bank, to boost the bank’s business efficiency.
Additionally, the bank has also selected some other Temenos products, including Business Intelligence, Insight Risk, Anti-money laundering and FATCA compliance.
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The Bermudian lender believes that T24 integrated technologies will allow it to enhance operational efficiency and effectiveness by streamlined and automating and processing across product offerings.
The new suite of products will enable BCB to develop its channel offerings and business lines, as well as deliver better reporting and analysis through the Insight modules, thereby considerably improving the bank’s customer service, claims Temenos.
Bermuda Commercial Bank CEO, Peter Horton, said, "The out-of-the-box T24 Model Bank solution will provide for a more structured and controlled implementation, which is a key criterion for us at this stage."
"The ability to progressively tailor to our needs was also very attractive, as it minimises risk, while allowing us to develop our channel offerings and business lines, with freedom of choice of modules.
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By GlobalData"Finally, the straight-through-processing opportunities T24 presents will enable BCB to more effectively utilise its resources, giving us the ability to grow the business and increase productivity at the same time," Horton added.
Formed in 1969 BCB had approximately $468m in customer deposits in September 2013.
