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Euro Pacific Bank adopts T24 in the cloud

Move will see Euro Pacific Bank use Temenos’ cloud-based core banking solution to deliver sophisticated Private Banking services to customers worldwide 

Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today announces that Euro Pacific Bank Ltd, has selected T24, Temenos’ core banking platform and anti-money laundering solutions, to be delivered via the Microsoft Azure cloud.

With this move the bank gains access to a highly scalable and automated platform to support its rapid growth.

Temenos’s T24 cloud-based model bank will give Euro Pacific Bank a single, comprehensive view of each customer, enabling it to provide better customer service through a range of channels and offer the same range of products that clients would expect from a global bank at a price that larger competitors without cloud-based systems struggle to match. 

An integrated anti-money laundering solution offers an efficient, automated way to screen private banking customers, a crucial compliance process that until now has been handled as a manual process.

The complete solution also includes fully integrated output and document management, provided by EFS Technology, which takes T24 data and turns it into personalised customer statements, investment summaries and financial reports. The package will be delivered on the Microsoft Azure cloud platform, in European data centers, with implementation services delivered by Temenos partners, SOFGEN.

Euro Pacific Bank is a fast-growing offshore private bank based in the Caribbean.  It currently has 4,000 customers worldwide, who between them run a total of 10,000 accounts, over 80% of which are in G20 countries.

Adrian Murray, Euro Pacific Bank, said:  “We chose Temenos’ T24 banking software and anti-money laundering solution because we wanted a modern, globally renowned system that supports us with a high level of automation.  With a cloud-based solution we are able to offer a service that is comparable to the best private banks at a price point comparable with fintech start-ups.”

Matthew Addison, Temenos Software Services, said: “We are delighted to offer this combined core banking and financial crime mitigation solution in the cloud.  Cloud is ideal for a customer-focussed private bank that wants to focus on keeping costs and IT complexity at a minimum.”