Luxembourg Banks Aims To Transform Itself With Temenos Offering

Tom Burroughes

8 July 2016

Banque Internationale à Luxembourg has chosen Swiss software specialist Temenos for a major transformation project, which will see the Swiss firm’s operating software used across its entire operations, including private banking.

The system renovation project will focus on digitisation and client service innovation across all business lines. The project, to be delivered progressively over the next few years, will result in most of the bank’s current legacy systems and platform components replaced with Temenos solutions, delivered as a combination of the Temenos retail, corporate banking and private wealth suites. These contain the integrated channels, front, middle and core banking components for the markets in which BIL operates.

Geneva-headquartered Temenos has struck a number of deals in recent months. In early July, Temenos launched its T24 core banking solution for Nippon Wealth, a newly-launched institution defined as a “restricted licence bank”. A day later, Temenos, won a contract with Standard Chartered. The bank will deploy Temenos’s WealthSuite wealth management solution. WealthSuite will be put to work in more than 30 markets. WealthSuite delivers back-office standardisation alongside front-office differentiation.

At the start of the year, Temenos went live with its wealth management offering at Nordea Bank SA, the international private banking arm of Scandinavian firm Nordea.