Core banking systems provider Temenos has announced that Bank of Shanghai went live with TEMENOS T24 (T24) across its entire retail banking operation in September 2008.

T24 already supported the bank’s corporate banking, trade finance and treasury divisions, according to Temenos. The system now supports approximately 11 million customer accounts, 245 branches and up to two and a half million transactions per day.

T24 replaced a number of legacy and disparate systems. The bank now has an integrated, centralised infrastructure which provides a single customer view across the enterprise, and has already enhanced its product innovation capabilities to better cater for local market needs. The deployment of the system across the bank’s retail business now also provides support for a wide range of products including deposits, loans, internet banking and regional services including the China National Payment System and Union Pay.

With the automation capabilities provided by T24, the bank can now ensure rapid roll out of new products that conform to continuously enhanced Chinese regulations, significantly increasing its competitive edge within the market. T24 will also enhance the institution’s management capabilities by providing the bank with improved credit and operational risk management capabilities.

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