The bank selected T24 against competing solutions from Misys, SAP, Infosys, i-Flex and FNS on the strength of its pre-configured products and best practice processes. T24 replaced an in-house legacy system by Colvir, which had been in place for almost a decade. Using T24, Halyk can maximise the process workflow capability and rich functionality of the software to automate a range of back-office treasury functions, including securities, transactions, interbank loans and deposits on an advanced, modern platform for improved operational and financial efficiency.
Dr. Askar Kussainov, Deputy Chairman, Halyk Bank, says: "This has been a great start to our overall implementation of T24. When selecting a core banking provider, it was important for us to work with a globally recognised supplier that could sufficiently support large scale operations such as ours. We are already experiencing the benefits of T24's flexibility and breadth of functionality across our treasury division; we look forward to rolling this out across our global retail business to drive our growth plans across Russia and into China."
The Temenos Professional Services Team implemented the first phase of T24, which includes Forex, Money Market and Securities functionality on IBM servers with an Oracle database. The system also integrates with a SWIFT Alliance interface. The second implementation phase is expected to go live in Q3 2009.
Andreas Andreades, CEO, Temenos, adds: "We are delighted to be working with Halyk Bank to support its treasury operations and international growth plans in the retail banking sector. As we move into 2009, there will be an increased focused on retail expansion as a sustainable funding strategy during the uncertain times that lie ahead. To achieve this, banks will need to invest in scalable, modern core banking support for improved performance in customer service and retention at a reduced cost of ownership."