At the 17th Temenos Community Forum in Barcelona Temenos (SIX: TEMN), the software specialist for banking and finance, announced that Bank of Montreal Asia Pacific has selected Temenos' core banking solution to replace their existing legacy back office settlement and accounting system.
Bank of Montreal Asia Pacific, which provides wealth management services to over 1,000 high net worth clients in Singapore and Hong Kong, evaluated several alternatives before selecting the Temenos core banking solution. The Temenos solution was judged to offer - flexibility as well as a - lower total cost of ownership.
Bank of Montreal is an existing user of Temenos' systems for channels and client and portfolio management and so, by also taking the core banking system from Temenos, will benefit from having an integrated, front to back solution. This end to end solution, known as WealthSuite, is proven to significantly improve levels of customer fulfilment while also lowering overall IT costs via higher automation and lower maintenance spending.
Martin Frick, Temenos added: " This deal with Bank of Montreal is testament to Temenos' ability to equip private banks with the right tools to capitalise on Asia's wealth management industry potential and capture a growing market of mass affluent and high-net-worth individuals"