One of Ireland’s “big four” banking players, Bank of Ireland, has embarked on a five-year €500 million modernisation initiative – aka Project Omega. It includes a front-to-back office technology overhaul, with Temenos providing new solutions.

Banking Technology understands that the new set-up will be hosted by Capgemini. The bank was known to be evaluating a joint Software-as-a-Service (SaaS) offering from Temenos and Capgemini during the selection stage.

The offering is known as Capgemini’s Banking Platform, and is underpinned by Temenos’ flagship core system, T24.

Menwhile, another major consultancy firm Accenture was selected as the delivery partner, Banking Technology understands.

Accenture is an existing technology partner of Bank of Ireland – in 2014, the bank outsourced its legacy tech set-up to Accenture (the deal included a transfer of around 200 staff from the bank to the consultancy firm).

Accenture is also the delivery partner at another large-scale T24 project – at Nordea Bank (one of Temenos’ largest deals in Europe).

Last year, however, Accenture lost out to Hewlett Packard Enterprise (HPE) at Société Générale, Banking Technology understands. The French bank opted for Temenos’ T24 core system for some of its international locations and was looking for an integration partner. HPE is believed to have emerged as the winner, with rival Accenture leaving empty-handed.