Shanghai Business and Financial savings Financial institution Adopts Temenos and IBM Methods

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by Leandra Monteiro

25 August 2022

  • China
  • core processor
  • IBM Taiwan

Shanghai Business and Financial savings Financial institution (SCSB), one of many listed banks in Taiwan, has chosen Temenos and IBM to interchange its legacy core system with the Temenos Open Platform for Composable Banking.

Alex Lin, President, SCSB “We continually need to innovate and enhance to remain forward of the occasions and the wants of our clients. With disruptive applied sciences, the tempo of change is quicker than ever, and a legacy core was holding us again. By partnering with Temenos and IBM, we are able to transition to a cutting-edge know-how platform that may allow us to shortly construct custom-made digital monetary merchandise and maximize shareholder worth via agile and versatile operations. The brand new platform will promote scalable effectivity and be certain that SCSB is able to benefit from new alternatives in a quickly altering world.”

A part of the IBM ecosystem, Temenos and IBM have efficiently labored collectively for many years to assist monetary establishments around the globe deploy next-generation banking know-how, cut back prices and benefit from new pockets of profitability. Earlier this 12 months, corporations expanded their collaboration, leveraging IBM Consulting & Know-how mixed with Temenos Open Platform for Composable Banking to speed up clients’ digital transformation whereas risking their journey to hybrid cloud raised. IBM Consulting will lead the SCSB modernization undertaking with implementation associate Nagaro/Techmill.

Changing its core system with Temenos will improve the general competitiveness of the financial institution and permit it to develop extra effectively by operating a number of entities and features of enterprise on a single banking platform. SCSB will undertake Temenos core banking, funds and knowledge lake performance to help retail, company, enterprise and treasury banking, together with offshore and home deposit and remittance companies. Integrating on the Temenos platform will cut back IT working prices and enhance cost-income ratios via automation, streamlining processes and streamlining IT and enterprise operations.

Philip Barnett, President of Strategic Improvement, Temenos stated, “Temenos is delighted to be chosen by SCSB, which gives core banking performance to help the expansion of its retail and company banking companies. Our expanded collaboration with IBM permits banks similar to SCSB to speed up their transfer to the cloud. And important to assist capitalize on the complete advantages of contemporary cloud-native banking platforms. The depth of performance to allow massive banks like Temenos SCSB to combine a number of entities with a number of languages ​​and currencies on a single composable platform Temenos has a powerful and rising presence in Taiwan with SCSB becoming a member of the area’s main banks to decide on the Temenos platform.

Hong Woo, Normal Supervisor, IBM Consulting, IBM Taiwan We’re excited to take the long-standing partnership with SCSB to the following stage by accelerating the Financial institution’s transfer to open hybrid cloud structure as a key worth of this core banking modernization undertaking. IBM As a member of Consulting’s Progress and Innovation Associate Program, Temenos shares our imaginative and prescient for fast innovation within the monetary providers business. Collectively, we stand robust in serving to SCSB understand the complete potential of its digital transformation. deployed.”

SCSB has a worldwide community and handles a considerable amount of remittances from Taiwan to all around the world. With its subsidiaries in Hong Kong and Cambodia, SCSB manages complete consolidated belongings of roughly US$75 billion and complete belongings of roughly US$7 billion.

The primary financial institution to make use of blockchain accountant affirmation, SCSB is a pioneer in digital banking. Temenos’ open platform and composable banking structure will speed up SCSB’s digital transformation, enabling the financial institution to quickly embed fintech options and undertake Open API and DevOps practices, finally enabling SCSB clients to change into extra handy, safe and supply a wide range of digital banking services and products. SCSB may also undertake Temenos Nation Mannequin Banks for China and Hong Kong to make implementation less complicated and cheaper.

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