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Sacombank Deploys Temenos T24

Sacombank, a Vietnam-based bank, has gone live on T24 banking solution from Temenos, a provider of banking systems.

Sacombank now fully operates its entire banking operations to support over two million customers on T24, replaced the bank’s previous system which had been in place for over a decade.

T24 was deployed in over 250 branches of the bank in over one year, including launching new operations in Lao and Cambodia.

Dang Van Thanh, chairman of Sacombank, said: “Rolling out T24 to all branches allows us to begin our expansion beyond Vietnam and enter new markets, including the US, the EU and Australia. It also allows us to address key issues such as delivering country-specific offerings and ensuring we’re compliant with changing regulation.

“T24 now provides us with three things; complete multi channel support, helping offer customers a greater choice of non-stop services via increased channels, including internet banking; and improved risk management processes – integrated loan origination with flexible credit control and approvals mechanisms provide us with the flexibility to remain compliant with changing regulation; with full support for Basel II and IFRS (International Financial Reporting Standards).”

Andreas Andreades, CEO of Temenos, said: “As a global system, T24 will allow Sacombank to simplify its infrastructure and automate a number of processes for a substantially lower cost of ownership, and to develop new products at a significant pace to remain a step ahead of its competitors. We look forward to building on our relationship with Sacombank and observing their success as they rapidly expand.”