Fortis Bank Nederland's Singapore office has gone live with banking system provider Temenos' T24 platform utilizing jBASE technology. The process was completed in 5 months and was driven by Fortis Bank Nederland's (FBN) separation from its Belgian counterpart. It marks the first stage of a consolidation process which will see the T24 system rolled out internationally from a central hub in the Netherlands. The bank now plans to extend T24 to offices in the U.K., U.S., Hong Kong and continental Europe and expects to complete the project by the third quarter of 2010.
"Having achieved a successful and rapid first phase go live, we are already seeing the adaptability and truly global nature of the T24 platform which will enable us to meet our challenging separation deadlines and fully support our corporate banking operations across the world at a reduced cost of ownership," says Frans van der Horst, FBN chief operating officer (COO).
Using T24, Fortis will be able to generate a single customer view across all countries and currencies in which the bank operates, addressing local and international requirements spanning customer segments, products, regulation, currency, languages and taxation from one central point. Van der Horst adds that T24 will enable the bank to acquire a comprehensive and real time picture of all credit exposures across the corporate relationship for a sound understanding of counterparty risk - something which will be essential considering the bank's continuing focus on risk management and cost control.
Founded in 1993 and listed on the main segment of the Swiss Stock Exchange, Temenos Group AG is a leading provider of integrated modular core banking systems. It serves more than 700 customers in over 120 countries, supported by 51 offices with more than 2,900 staff made up of over 60 nationalities. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs.
jBASE International is a leading supplier of database management software and web enabling tools for developing, deploying, and maintaining business applications solutions. The flagship product, jBASE, delivers an open database product that brings the strengths of three-dimensional MultiValue technology into the mainstream computing market. For more information about jBASE, go here.