The Chief Quality Officers Network Boston 27 September 2022 Book Ticket

Luxoft, the Swiss subsidiary of DXC, the IT services company, has announced a deal to replace Maltese bank FCM’s legacy core banking system. The upgrade is designed to meet FCM’s expansion plans, the bank said. "We are also launching a new internet banking system that is up-to-date, intuitive and easy to use," said Marcel Homolka, CEO at FCM Bank.

Luxoft offers services for test automation, legacy modernisation and cloud solutions, while Temenos, also based in Switzerland, now provides banking platforms to more than 3,000 financial institutions.

FCM’s new system, rolled out in June, will see a range of new functionalities and benefits, it said, including faster time-to-market for services, improved cyber security, financial crime mitigation, and general efficiency improvements.

"We are delighted to see FCM Bank complete its core banking modernization, moving from legacy systems to a modern, agile, open platform for composable banking," said Philip Barnett, president of strategic growth at Temenos. "This successful go-live is a major milestone in the bank's digital transformation"

Taiwan’s Shanghai Commercial & Savings Bank (SCSB) is also upgrading its Temenos systems. IBM is partnering with Temenos for the planning of the work, with specialist firm Nagarro/Techmill for the execution. Techmill provides firms with packaged software implementations and it merged with Munich-based Nagarro in January.

“We are constantly looking to innovate and improve to stay ahead of the times and our customers’ needs. With disruptive technologies, the pace of change is faster than ever, and a legacy core was holding us back,“ said Alex Lin, president of SCSB. “The new platform will drive scalable efficiency and ensure SCSB is poised to seize new opportunities in a rapidly changing world.”

ANZ Bank New Zealand is meanwhile set to upgrade its current FIS-based core banking system to FIS’s new ‘Modern Banking Platform’, a cloud-native banking platform on Azure. It should be the first bank outside of the United States to use the new system.

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