Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

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.

Related IBS Intelligence Research

Related Posts

SoFi debuts its first crowdsourced ETF, SoFi 50 ETF (SFYF)

SoFi, an American FinTech leader and personal finance innovator, announced the availability of its relaunched exchange-traded fund (ETF), the SoFi 50 ETF. SoFi 50 ETF is now indexed to reflect popular equities among SoFi members and it tracks the performance, before fees and expenses, of the SoFi Social 50 Index, a portfolio of the 50 […]

This post is only available to members.

Read More »
IHS Markit, analytics

Cognitive Credit & IHS Markit team up for global credit data services

UK-based credit analytics firm Cognitive Credit announced a new partnership with IHS Markit in a bid to access credit market data from the latter’s platform. The alliance will enhance Cognitive Credit’s value proposition by combining its application features with IHS Markit’s pricing and reference data across the entire US and European high yield bond and […]

This post is only available to members.

Read More »