Iceland's Glitnir Bank has licensed the T24 modular core banking platform from Swiss vendor Temenos to support the launch of its new retail banking operations in Finland.
Glitnir will implement a pre-configured version of the platform - T24 Model Bank - which will provide the bank with full retail banking functionality as well as treasury capabilities.
In addition the system will support a growing customer base and ensure the bank meets the specific requirements of the Finnish market. The technology will also facilitate the roll out more complex products in the future.
The bank says it chose T24 Model Bank to reduce the implementation time and costs, minimise customisation and lower the project risk. The system will be implemented on a Microsoft platform and database.
"We were looking for a proven, international retail banking platform that could integrate effectively with our Microsoft platform and could be implemented within a relatively short timetable with minimum risk," says Teri Heilala, head of retail banking, Glitnir Finland. "As well as supporting our current retail banking operations, the system will support the rollout of more complex banking products."
A joint Glitnir-Temenos team will manage the first phase of the implementation across the bank's ten Finnish branches, with a target completion date of mid-2008.