It has recently been announced that, Servus, a leading Canadian credit union with more than $10 billion in assets, has selected Temenos T24. Servus became Canada’s first province-wide credit union after the amalgamation of three successful credit unions in November 2008. As a result of the amalgamation, three banking systems needed to be integrated onto one platform and choosing the best possible banking solution became a vital part of Servus’ business strategy in order to enable it to provide the highest standard of service to it’s 400,000 members.
Servus chose to implement T24 Canadian Model Bank based on a number of reasons. It’s functional richness will support Servus’ end to end business requirements including core back office functions, compatibility with International Financial Reporting Standards (IFRS), integrated CRM and foreign exchange. T24’s high configurability will boost operational productivity and enhance front office functions, by reducing the number of systems needed to view relevant customer information for a faster, more efficient service.
The other two Canadian credit unions currently using T24 are North Shore Credit Union and Coast Capital. Through their work in Canada in recent years, Temenos has reported an increased interest among credit unions for comprehensive core banking software.
Temenos T24 is the system currently being provided to the Irish Credit Union market by PSCubed using it’s CUplus brand name which encompasses T24 plus ancillary software to handle specific Irish requirements like EFT, ICB, Payroll and most importantly Regulatory Reporting.