Swiss core banking vendor Temenos has been ditched by the corporate treasury services provider of Australian state Queensland, which has decided to cut its losses on a T24 implementation.
In mid-2009 the Queensland Treasury Corporation (QTC) selected T24 as the core platform of a new Onlending and Investment Administration (OLIA) system for the state.
At the time, Temenos boasted that "T24 is able to easily integrate into QTC's existing systems environment", predicting the platform for a "prestigious client" would go live by the middle of 2010.
However, QTC has now told local news outlets that, following a strategic review of the delayed operation, the Temenos contract has been torn up.
The vendor has already been paid A$7.5 million for software and services on the taxpayer-funded project, which has seen a total of A$22 million spent of its A$27.4 million budget.
In a statement to local press, QTC confirmed that it "is no longer implementing Temenos' core banking software platform. Instead, much of the functionality developed during the project will continue to be implemented into QTC's existing IT platform."
The group's treasurer Andrew Fraser told the Brisbane Times: "The decision was taken to ensure a value-for-money outcome and demonstrates the commitment of the board of QTC to delivering a cost-effective, fit-for-purpose IT platform."
Temenos tells Finextra: "Following a strategic review of the project's objectives, which identified a desired change in the project's direction, QTC and Temenos have agreed that T24 will no longer be a part of QTC's systems strategy. Whilst the leveraging of our standard packaged software platform as a component of the overall solution did not prove in this case to be most appropriate, we have been very pleased nevertheless to have had the opportunity to assist QTC with their IT renewal project, and have enjoyed a constructive and mutually amicable relationship."
Axed IT contract cost $15m - Brisbane Times