Bank of Zambia Upgrades to Temenos' T24 R10 SOFGEN delivers successful Central Bank upgrade

Zambia - 28 February 2012

The SOFGEN group (SOFGEN), an international provider of IT solutions for banks, is pleased to announce the successful completion of the reimplementation of TEMENOS T24 R10 for the Bank of Zambia.

Prior to the start of the project, SOFGEN performed a system audit aimed at identifying issues with the bank's T24 R05 system. Acting upon the recommendations outlined in the audit report, the bank realigned its processes and extended the footprint of the T24 solution via the acquisition of new modules in the areas of Money Market, Nostro Reconciliation and Foreign Exchange. In addition, the RGTS and SWIFT interfaces were redesigned.

"This project has by every measure been a major success. With the upgraded system, our users are now able to perform tasks that were previously carried out manually. SOFGEN can take pride in the quality and professionalism of its employees", remarked Dr. David Mwape, IT Director, Bank of Zambia.

"Our audit team advised Bank of Zambia to go beyond a purely technical upgrade to R10 and to consider a reimplementation. This approach created significant opportunities for process improvement and automation. SOFGEN is appreciative of the cooperation and support provided by the bank throughout the project", commented Tunde Oladele, Chief Executive Officer, SOFGEN Africa.

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