Bank of Shanghai goes live with TEMENOS T24 to drive business growth

16th July 2006

Bank of Shanghai, a local joint-stock commercial bank, has gone live with TEMENOS T24 to support its corporate banking, trade finance and treasury operations. TEMENOS T24, the company's modular core banking system, supports approximately 270,000 customer accounts and some 140,000 transactions per day across 208 branches. The bank is now implementing TEMENOS T24 to replace its retail banking systems to support a further eight million accounts.

Jiang Hong, CIO, Bank of Shanghai, says: "With TEMENOS T24, we have essentially future-proofed our business. We are the first and foremost bank to implement such a package in China to support broad business operations, so are now in an exceptional position. By utilising the best technology to support our production innovation, we can secure a significant strategic advantage for the years to come."

By delivering greater automation and STP (straight through processing) capabilities, TEMENOS T24 gives the Bank of Shanghai additional cost advantages against other players. Also, the system allows the bank to monitor its exposure online across multiple customers through a customer-centric view, as well as strengthen its management of both credit and operational risk. Previously, the bank was operating on a number of separate proprietary systems. However, these had limited functionality, such as only offering an account view of the business. The bank considered a number of local vendors as well as many open systems-based international packages.

Andreas Andreades, CEO, TEMENOS, adds: "As part of the project, we developed a customised version of TEMENOS T24 to address specific Chinese banking practices. The Bank of Shanghai is the first to benefit from this, strengthening its offering and opening up further opportunities in the region. We can now offer this unique system to the rapidly growing Chinese market as a pre-packaged product."

OTHER NEWS

SECTORS

CATEGORIES