Danske Bank Implements Temenos Model Bank for Corporate Banking
Danske Bank, Denmark’s largest bank, will implement Temenos T24 (T24) Model Bank for Corporate Banking as its new lending platform. T24 will support the bank’s loan processing across 10 countries in northern Europe (Denmark, Sweden, Norway, Finland, England, Northern Ireland, Ireland, Germany, Luxembourg and Poland) to reduce operational costs. The Danske Bank Group offers a range of financial services, including insurance, mortgage finance, asset management, brokerage, real estate and leasing services. The platform handles corporate loans as a departmental solution integrated with the corporate banking platform at Danske Bank.
Danske Bank selected T24 Model Bank to replace its legacy system and support its corporate lending business on a single, open platform. T24’s functional richness and openness will address all functional requirements and enable smooth integration, while minimising disruption to the surrounding architecture. As a fully packaged system, T24 will be rolled out in less than a year with a big bang approach, to keep associated transitional costs low and enable the bank to realise the benefits earlier.
”We are taking significant steps to reduce our cost base and at the same time strengthen our solutions on risk management capability across the business and deploy the necessary tools to achieve this. T24 will enable automation of currency and bilateral loan processing to reduce cost by eliminating manual intervention. By delivering a comprehensive and real-time picture of all credit exposures, T24 will give us improved business processes and operational efficiency. T24’s functional breadth and high parameterisation will keep configuration to a minimum and yet give us the adaptability to differentiate our products and processes to cater for specific client requirements and new commercial initiatives,” said Jørgen Wittenkamp, head of loan systems, Danske Bank.