FSN: North Shore Credit Union selects TEMENOS T24 to drive product innovation

North Shore Credit Union selects TEMENOS T24 to drive product innovation

12th February 2007
North Shore Credit Union (NSCU), the 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 will run on HP hardware using the Microsoft Windows platform.

Fred Cook, Chief Information Officer, NSCU, comments: “That TEMENOS has a proven track record in driving technical advancements was critical to us. 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 T24 will replace VisionWest from Open Solutions. NSCU required a system that could provide not only standard retail functionality, but also the breadth and flexibility to allow the company to expand into new and profitable businesses. During the evaluation period, it considered a number of providers, including i-flex, Fiserv Summit, and Fincentric, before signing the deal with TEMENOS in December 2006. HP, a key NSCU technology partner, advised on technical infrastructure design and hardware specifications and will continue to work with NSCU and TEMENOS to help ensure that the application is successfully implemented on its platform.

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.

Chris Catliff, president and CEO, NSCU, states: “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. 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.”

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