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Taiwan’s Shanghai Commercial & Savings Bank (SCSB) has partnered with banking tech vendor Temenos and IBM’s consulting arm to upgrade its legacy core systems.
SCSB partners Temenos and IBM Consulting
SCSB will adopt Temenos’ core banking, payments and data lake solutions to support retail, corporate, trade and treasury banking, including offshore and domestic deposit and remittance businesses.
IBM Consulting will lead the SCSB digital transformation project with implementation partner Nagarro/TechMill. Temenos is a member of IBM Consulting’s Growth and Innovation Partner Program.
SCSB president Alex Lin says: “The pace of change is faster than ever, and a legacy core was holding us back.”
Lin adds that partnering with Temenos and IBM will enable the firm to “transition to a modern technology platform that will enable us to quickly build customised digital financial products and maximise shareholders’ value”.
Temenos’ open platform and core banking architecture will support SCSB’s ongoing digital transformation, providing opportunities to embed fintech solutions at speed and harness the benefits of APIs and DevOps practices.
Moving to the Temenos platform will “enhance the bank’s competitiveness”, Temenos says, by reducing SCSB’s IT operational costs, enhancing its cost-income ratio through automation and simplifying its IT and business operations.
SCSB handles a large volume of remittances from Taiwan to locations across the world and manages total consolidated assets of around $75 billion.
The bank will also adopt Temenos’ Country Model Banks framework for China and Hong Kong to make “implementation simpler and more cost-efficient”, the vendor says.
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Image and article originally from www.fintechfutures.com. Read the original article here.