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French bank enhances its Transact system with strategic service partner, Banktech Software

The bank is a leading social development bank with headquarters in France providing financing and technical expertise for projects with a high social impact in its member states. The bank participates in financing social projects, responds to emergency situations and contributes to improving the living conditions of the most disadvantaged population groups.

Key facts

·  Bank: Confidential
·  Headquarters: France
·  Service Provider:Banktech
·  Solutions implemented: Temenos Transact R17 modules and interfaces

The bank was one of the early customers of Temenos Transact and has been running on the core banking system for over 15 years. The bank currently runs on R17 version which was upgraded back in 2018 from R15. While the bank had two IT staff members – a project manager and a developer – dedicated to maintaining the Temenos Transact core banking system, it regularly used third-party service providersfor specific developments and complex projects.

In 2019, the bank signed up with Banktech Software, a specialist in Temenos Transact implementations covering all Temenos Products Suites coupled with complementary solution providers.The project manager of the bank had met Banktech during the Temenos Community Forum and was also familiar with the quality of work of many of the Banktech team members through his interactions with them at different points in the past during his 20-year stint as a Temenos developer. The bank had also evaluated other system implementation partners before signing a three-year contract with Banktech.

Amongst the key mandates for Banktech as part of the contract with the bank was to provide all the local customisations related to Transact, which mainly supports the bank’s retail and private banking business. In addition, the service provider was expected to provide support and development as well as analyse Transact core issues, raise tickets and follow up with Temenos for getting core fix.

Between 2019 till date, Banktech has worked on some crucial Transact enhancements. The key modules that got implemented were as below:

One of the key success factors for deployment of the modules were the skillsets related to Temenos Design Studio configuration, experience in Report generation, expertise in customisations like Enquiry, Version, Composite Screens as well as knowledge of interface development. The Banktech team, which included six associates aligned to the bank across offshore and onsite, had hands-on experience in each of the areas and were able to deliver 1000 mandays worth of customisation and third-party integration on time. For SWIFT Interface, Banktech maintained a separate team to work to render the successful updation of the new SWIFT Interface.

Some of the challenges during deployment of the various modules were related to the customisations related to local requirements, mainly around interest rate transitions. Key among this was the graphical representation of interest rates and development of reports based on SONIA Compounded rates. SONIA is the alternative reference rate that UK markets have following the UK regulator’s decision to cease publishing the scandal-ridden LIBOR rates. Since this was still an evolving rate with high fluctuations compared to LIBOR, it required the Banktech and the bank’s project team to gather in-depth insights on SONIA to be able to configure SONIA compounded rates and generate reports based on the rates on daily basis.

Amongst the highlights of the implementations was on-time delivery of the projects following a zero defect policy. This was made possible using the agile methodology adopted by the Banktech team for its deployments. The bank’s team especially appreciated the premium support provided where every request was immediately addressed with regular tracking of updates. The Banktech team were also able to handle peculiar functionalities such as the COE.EMIR, ENQUIRY.GRAPH etc. which has to be developed without any defects and successfully implemented in live environment.

Banktech will continue to support the bank over the next two years in its upcoming projects – the major one being the upgrade from Temenos Application Framework for C (TAFC) to the Temenos Application Framework for Java (TAFJ).

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