Top tier US bank in cash management tech revamp with Temenos and Finastra
The bank is understood to be State Street.
Earlier this week, Temenos issued an announcement about a “US-based tier 1 global bank” selecting its flagship T24 core banking offering “for its global cash management platform for deposit transaction processing, internal account sweeping and interest compensation”.
The new solution will replace State Street’s legacy tech, some of which is very old. For example, in the UK, State Street was known to be using Integrated Banking System (IBS) from McDonnell Douglas (the system is long sunsetted and the provider is long gone).
The new cash management platform will be implemented “progressively in multiple countries across the globe”, according to Temenos.
Banking Technology understands that for the payments component, the bank will use the payments platform supplied by Finastra (which stems from Fundtech that was acquired by D+H and then merged with Misys to form Finastra). It would seem Temenos’ own payments platform, Temenos Payments Suite (TPS), did not the make cut.
It is understood Temenos and Finastra (D+H at the time) jointly bid for this deal with State Street. Other contenders included FIS and Oracle FSS (which made it to the system selection final), it is believed.
Temenos and Finastra both provided “no comment” responses to Banking Technology’s enquiry about the project. State Street said its policy “is not to publically endorse vendors”.