BMO selects Temenos' T24 for core banking operations in Asia Pacific

BMO selects Temenos’ T24 for core banking operations in Asia Pacific

Bank of Montreal Asia Pacific, part of Canada’s BMO Financial Group, will implement Temenos’ flagship core banking system, T24.

The bank is based in Hong Kong and focuses on the high-net-worth segment in Hong Kong and Singapore. It has around 1,000 clients.

It is understood that the bank went through a selection process prior to settling for T24. According to Temenos, its product offered the desired flexibility and a lower cost of ownership compared to rival offerings.

T24 will replace the legacy back office accounting and settlement solution at Bank of Montreal Asia Pacific.

The BMO group is already on Temenos’ customer list – it uses the vendor’s front-end software for client and portfolio management. This software originates from a specialist wealth management provider, Odyssey Financial Technologies, acquired by Temenos in 2010.

The combined front-to-back office solution is now branded as WealthSuite.

Other WealthSuite takers include ABN Amro and Julius Baer.