Bank of Ireland in core banking system overhaul talks

Bank of Ireland, one of the ‘big four’ Irish banks, is believed to be pondering core banking software renovation. The focus is on the UK operations to begin with, which stem from the mid-1990s acquisition of Bristol & West Building Society. The bank also provides services through the UK’s post office network.

It is understood that Bank of Ireland is interested in the Software as a Service (SaaS) offering recently launched by Capgemini and Temenos. This is branded as Capgemini’s Banking Platform and is underpinned by Temenos’ T24 core banking system. In addition to the hosted option, Capgemini says the platform can be delivered as a ‘secure private cloud service’. It is currently available in Europe, but the US, Canada and Asia Pacific are on the roll-out agenda for this year. 

If Bank of Ireland goes ahead with the project it will be the first convert from the ageing Alnova retail core banking system in the UK. Alnova is supplied by Accenture and has been running at Bank of Ireland for many years. The only other user of the system in the country is the financial services arm of the post office. 

Bank of Ireland is also on the user list of Sopra Banking Software and its Mortgage and Savings Suite (MSS, formerly Summit, first supplied by Lynx, then Attentiv, then Tieto, and now residing with Sopra), which had been in place at the Bristol & West Building Society prior to its takeover. DPR Consulting, a domestic loan origination software developer, is also on the UK-based Bank of Ireland supplier list. Loan servicing and administration is done by the iConnect solution supplied by another domestic vendor, HML. On the treasury side, there is the TMS system from IT2 (now part of Wall Street Systems). 

At its head office in Dublin, the bank also has a hotchpotch of systems, including Misys’ Bankmaster core system, Financial Objects’ IBIS (now part of Temenos) on the corporate side, FIS’s ACBS for syndicated lending, plus Misys’ Fusioncapital Summit and Wall Street Systems’ Wallstreet Suite for treasury and capital markets. Trade finance is supported by the IBSNet system from Surecomp in Ireland and the UK. 

As for Accenture, it is certainly not the end of the road at Bank of Ireland, as it won a large outsourcing contract with the bank last year, to manage its group technology and change division. Around 200 staff transferred to Accenture from the bank as a result.

By Tanya Andreasyan.

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