Shanghai Commercial & Savings Bank (SCSB) of Taiwan will replace its core legacy system to scale more efficiently by running multiple entities and lines of business on a single banking platform.
SCSB has tapped Temenos and IBM Consulting to deploy the Temenos open platform for composable banking.
It will adopt Temenos core banking, payment and data lake functionality to support retail, corporate, trade and treasury banking, including offshore and domestic deposit and remittance businesses.
Consolidating on the Temenos platform will reduce IT operational costs and improve its cost-income ratio through automation, simplifying processes and streamlining IT and business operations.
"We are constantly looking to innovate and improve to stay ahead of the times and our customers' needs. With disruptive technologies, the pace of change is faster than ever, and a legacy core was holding us back,” said SCSB president Alex Lin.
SCSB is a pioneer in digital banking and the first bank in Taiwan to use blockchain accountant confirmation. Temenos' open platform and composable banking architecture will accelerate SCSB's digital transformation, helping the bank embed fintech solutions quickly and embrace open APIs and DevOps practices, to ultimately provide SCSB customers with more convenient, secure, and diverse digital banking products and services.
The bank will also adopt Temenos country model banks for China and Hong Kong to make implementation simpler and more cost-efficient.
“Partnering with Temenos and IBM, we can transition to a modern technology platform that will enable us to quickly build customised digital financial products and maximise shareholders' value through agile and flexible operations. The new platform will drive scalable efficiency and ensure SCSB is poised to seize new opportunities in a rapidly changing world,” said Lin.
For decades, Temenos and IBM have successfully helped financial institutions worldwide to deploy next-generation banking technology, reduce costs, and take advantage of new pockets of profitability.
Earlier this year, the companies expanded their collaboration, leveraging IBM Consulting and Technology combined with Temenos open platform for composable banking to accelerate clients’ digital transformation while de-risking their journeys to the hybrid cloud.
“Our expanded collaboration with IBM is critical in helping banks like SCSB accelerate their move to the cloud and capitalise on the full benefits of a modern cloud-native banking platform,” said Philip Barnett, president of strategic growth at Temenos.
Hong Wu, general manager at IBM Consulting, IBM Taiwan, said: “We are excited to take the long-standing partnership with SCSB to the next level by accelerating the bank’s move to an open hybrid cloud architecture as a vital value of this core banking modernisation project. Together with Temenos, we are strongly positioned to help SCSB achieve the full potential of its digital transformation.”
