BIL embarks on major technology overhaul with Temenos
Banque Internationale à Luxembourg (BIL), the oldest bank in Luxembourg, is embarking on a major tech overhaul. It will replace its legacy software with Temenos’ T24, Banking Technology understands.
Founded in 1856, BIL operates in retail, private and corporate banking, treasury and financial markets.
The core banking software replacement comes as part of a broader business development, operations and IT strategy to the year 2020 at BIL.
The bank is understood to be now recruiting T24 specialists for the project.
Second time lucky?
This is not the first recent attempt by BIL to modernise its tech.
In 2014, it partnered with Temenos’ rival, Avaloq, to set up a business process outsourcing (BPO) subsidiary for the Benelux market and also to replace BIL’s legacy core software with Avaloq Banking Suite.
However, the partnership fell apart as Avaloq and BIL could not agree on the commercial terms of the venture and both projects were scrapped.
This, however, did not prevent BIL’s private banking subsidiary in Switzerland, BIL Suisse, from having a successful working relationship with Avaloq.
Last summer, BIL Suisse migrated to Avaloq Banking Suite on a BPO basis, provided by Avaloq’s local BPO subsidiary, Avaloq Sourcing Switzerland (previously B-Source). It replaced the Ambit Private Banking system supplied by Sungard (now owned by FIS).
Earlier this year, BIL Suisse has also moved its recent acquisition, KBL Switzerland, onto Avaloq Banking Suite.