Bank SinoPac goes live with TEMENOS T24 on Microsoft Windows Server and SQL Server to fuel innovation and gain competitive edge
New banking system centralises operations and supports domestic and international expansion
GENEVA, Switzerland – 23rd August 2012 – Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Bank SinoPac (SinoPac), a leading Taiwanese bank based in Taipei, has successfully gone live with Temenos T24 core banking system to centralise its operations and support the growth of its domestic and global branch network in Hong Kong, Macau, China, Vietnam and the US.
All 129 domestic branches in Taiwan, serving three million customers and processing up to two million transactions per day, went live simultaneously. The overseas locations in Hong Kong, Macau, China, Vietnam and the in US will be added to the central hub in Taipei in a second phase.
Having established itself as a market leader for product innovation in Taiwan, the bank recognised the need to replace its outdated legacy system with a flexible, state-of-the-art core banking system to create a modern, centralised platform for SinoPac’s domestic and overseas business. TEMENOS T24 for Universal Banking was selected based on its functional breadth, open and flexible architecture, and its ability to support SinoPac in the rapid delivery of new products and services to gain competitive edge.
T24 was implemented on Microsoft Windows Server and SQL Server, providing a mission critical platform with high availability, scalability and performance capabilities at a low total cost of ownership. Implementing T24 on Windows Server and SQL Server has enabled SinoPac to benefit from Temenos’ strategic relationship with Microsoft to provide banking solutions that address today’s mission critical industry challenges in a cost effective way, while offering the agility to respond to the business and technology opportunities of tomorrow.
Fully integrated with the bank’s .Net branch system front-end, the new system supports SinoPac in the fast and efficient delivery of innovative, customer-oriented banking services to expand its business. Implemented as a configurable, parameter-driven solution, T24 enables a quick time to market of new products whilst ensuring compliance with local regulation. The new platform efficiently supports Taiwan’s local anti-money laundering requirements, Typhoon day processing and daily interest accrual. It also facilitates fast and cost effective Renminbi Remittance between Taiwan and China within 60 minutes and supports SinoPac’s innovative Money Management Account product, a single deposit account covering multiple currencies and multiple lines of credit to provide customers a consolidated view so they can better evaluate their investment risks.
The implementation of the new core banking system running on modern, open technology has enabled SinoPac to increase flexibility and reduce maintenance and operating costs. By simplifying its system architecture and streamlining its business processes, Bank SinoPac was able to significantly improve its STP rate and reduce its close of business time by fifty percent. Deposit, lending and international banking systems are now all integrated under one common platform, enabling a single customer overview of business in all branches to improve the bank’s risk management and use of credit lines. The flexible system architecture allows the bank to take more ownership of the system on maintenance and new development. The user can obtain and modify data quickly which facilitates innovation and increases the bank’s agility and adaptability to respond to change.
Bank SinoPac’s President, Tina Chiang, said:
We are placing significant importance on IT to gain a competitive edge. With T24 we have quickly and efficiently undertaken a core transformation, establishing a modern core banking platform to support our domestic and international growth. T24 caters to our existing and future needs. The functional breadth of T24 enables us to further improve our product and service offering, so we can maintain our leadership in Taiwan and quickly engage in expansion activities to become a leading brand cross continental services.
Mark Cullinane, Chief Operating Officer of Temenos said:
SinoPac has taken a leadership position in undertaking a core transformation of its technology architecture. Recent events have shown that banks would do well to sit up, take notice, and take action to migrate their aging legacy systems, in a risk controlled way. Temenos is delighted to have partnered with SinoPac in this project.
Also commenting on the latest rollout, Robert Tsai, CIO of Bank SinoPac said:
This transformation will enable Bank SinoPac to save fifty percent on hardware maintenance fees annually, up to fifty percent of software maintenance fees over a five-year-investment and provide a higher computation throughput for future business expansion.
Colin Kerr, Industry Solutions Director of Microsoft, stated:
We share SinoPac’s vision in seeing core system transformation as a lever to drive competitive advantage and growth in today’s banking industry. The outstanding results that SinoPac achieved with T24 based on Microsoft’s mission critical platform is testament to this vision. This highlights continued success of our strategic alliance with Temenos in delivering optimised core banking solutions to greatly help banks maximise efficiency and minimise total cost of ownership, while providing the dependability and flexibility for future growth.