Challenge: Overhauling Core Banking Legacy Systems
In the midst of an extensive digital transformation, the client faced the urgent need to modernize their core banking legacy system and its integrations with third-party applications. This modernization was crucial not only for enhancing operational efficiency but also for maintaining competitiveness in the digital age.
As part of this transition, updating over 80 reports to align with the modern reporting standards for operational and regulatory compliance became a pivotal goal. This process was integral to abandoning the outdated core banking infrastructure in favor of a more flexible and robust system capable of meeting today’s banking demands.
Approach: The Temenos Transformation Journey
Leveraging a hybrid agile methodology, CBTW showcased a pioneering proof of concept and prototype that demonstrated effective data integration between Wealth and Transact systems. This approach ensured that our solutions were in perfect harmony with the bank’s objectives, facilitating seamless Temenos Transact integration.
By deploying a specialized testing team on-site, we were able to conduct comprehensive systems integration testing (SIT), significantly smoothing the transition into the user acceptance testing (UAT) phase. Moreover, regular coordination with the Temenos Governance team ensured that our product development and project management strategies remained aligned with the highest industry standards.
Benefits: Operational Excellence Through Strategic Integration
This transformative project successfully migrated the bank from its previous core banking legacy system to a fully integrated Temenos Transact platform. This migration encompassed a broad spectrum of advanced modules designed to enhance the bank’s wealth management capabilities, including the integration of WealthWealthsuite Front Office, Bloomberg, GL Enterprise System, Reporting & Reconciliation Systems and the Treasury System.
Under CBTW’s guidance, the full Transact integration was executed flawlessly, underscoring our project management and coordination expertise. The realization of this complete project within a 15-month is the fruit of the team’s commitment to delivering high-quality banking solutions that meet the dynamic needs of the financial sector.