Bank SinoPac has gone live with the Temenos T24 core system across its Singapore branch network, with overseas locations to follow.
All 129 domestic branches in Taiwan, serving three million customers and processing up to two million transactions per day, went live simultaneously. Hong Kong, Macau, China, Vietnam and US sites will be added to the central hub in a second phase.
Having decided to ditch an outdated legacy system, SinoPac opted for T24 for Universal Banking on Microsoft Windows Server and SQL Server, which the vendor says offers high availability, scalability and performance capabilities at a low total cost of ownership.
The implementation of the new core system has enabled SinoPac to increase flexibility and reduce maintenance and operating costs. Simplifying system architecture and streamlining business processes has improved STP rates and slashed close of business time by 50%.
Meanwhile, deposit, lending and international banking systems are now all integrated under one common platform, enabling a single customer overview of business in all branches to improve the bank's risk management and use of credit lines.
Tina Chiang, president, SinoPac, says: said: "We are placing significant importance on IT to gain a competitive edge. With T24 we have quickly and efficiently undertaken a core transformation, establishing a modern core banking platform to support our domestic and international growth. T24 caters to our existing and future needs."