This core banking solution will bring uniformity to the firm's product offerings, enable JPMorgan to offer a consistent set of services across the world, and utilize robust infrastructure to deliver richer data and real-time reporting to clients. Work has begun to deploy the platform with pilot efforts planned for later this year.
JPMorgan will work with Temenos, a global provider of banking software systems, to implement the new platform. In addition to this $30 million commitment, the firm will make additional significant technology investments to support international expansion.
"The global marketplace is where we expect to see significant growth in our business going forward, and we recognize that having the most robust technology capabilities possible will be a key driver in achieving our goals," stated Sue Webb, executive vice president, global core cash management, JPMorgan Treasury Services. "We are making a significant investment in our technology in order to support our clients' businesses around the world. Working with an industry-leading software provider like Temenos will enable us to meet our clients' evolving needs, regardless of where they do business."
"We are proud to support JPMorgan's expansion by providing a platform that allows them to continue to distinguish themselves through their global banking services," stated Andreas Andreades, CEO, Temenos. "With the growing world economy, being able to offer mission-critical applications that enable world-class banks like JPMorgan to offer their clients one view into their global businesses is more important than ever. We look forward to supporting JPMorgan, helping them to deliver a dynamic, market-leading solution to their clients around the world."
JPMorgan will use Temenos' T24 Model Bank solution, which includes pre-configured products and processes that reduce implementation time and costs, minimizes customization and lowers project risk. It offers a functionally rich thin client and integrated banking system ideally suited for global banking operations. These features will allow for a single version of the system to be rolled out around the globe, offering a single client view across an enterprise. Its modular features allows for accommodation of local requirements and variants including regulatory and tax requirements.