Luxembourg-based Nordea Bank, a pan-European provider of private banking services, has opted to use software applications from Geneva-based Temenos to standardize its technology infrastructure.

Nordea will employ several Temenos applications, including T24 for middle- and back-office transaction processing and settlement, Insight for business intelligence, AML for anti-money laundering compliance and Temenos Connect for Internet banking. The new programs will be integrated with Triple-A Plus for portfolio management, which Nordea has used since 2010.

According to an announcement from Temenos, the integrated platform will be installed in a hub in Luxembourg, will give Nordea a single view of its customers, coupled with real-time customer analytics, a comprehensive view of risk, an interactive Internet banking experience and advanced portfolio management and reporting tools — while lowering IT and back-office costs through greater process automation and software and hardware consolidation.

"Technology is a key component to understanding our clients, protecting our business, and providing the best possible service and customer experience," Nordea Bank COO Jean-Philippe Bailly said. "We therefore needed a robust, modern and scalable solution that provides sophisticated functionality for the different areas of our international business in a cost-effective way. Temenos' market-leading private banking suite will deliver the best added value for our business. It will provide us with a flexible architecture to support our organic and international growth and will help us keep up with the industry's rapid changes."

"This signing represents one of the largest system replacements in the European banking market in the past 24 months, and demonstrates that banks are starting to look beyond the crisis and realise that they will have to invest to remain competitive," said David Arnott, CEO of Temenos. "It shows that investments with quick time to value and a clear progressive renovation story are compelling at board level, and can attract budget even when most banks are cutting costs in other areas of their business."

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