Marfin Popular Bank is extending its use of the Temenos T24 core banking solution to its Ukrainian subsidiary, following successful rollouts in Cyprus, Greece and Romania.
Historically, Marfin Bank Ukraine has suffered from organisational inefficiencies due to its multiple and decentralised core banking systems. Moving to a central, modern core banking software platform for its Ukrainian retail, corporate and commercial network, should remove these inefficiencies and mean that the bank can launch new products, or change its rates, faster and more easily in the future.
The increased oversight and management reporting capabilities of the centralised Temenos T24 platform should also help improve compliance procedures with local and supranational rules, as well as enhance the bank’s understanding of its customers allowing better targeted marketing in the future. The contract award is good news for Temenos after it recently withdrew from its takeover attempt for rival software vendor Misys in the face of a better offer from Vista Equity Partners.
Commenting on this latest roll out of Temenos T24 in the Marfin Group, Antonis Theodosiou, deputy IT director at Marfin Popular Bank, said: “Today’s banking industry landscape is very different compared to what it was five years ago. As the market changes, our technology solutions have to adapt so that we can enable the business to operate more effectively in a tougher and more competitive arena.” The long-standing use of the core banking system elsewhere in the banking group is thought to have been instrumental in the selection process.
By Neil Ainger