Shanghai Commercial & Savings Bank Adopts Temenos Platform for Retail and Corporate Banking

About this update from Shanghai Commercial & Savings Bank, Ltd.

IBM Consulting to modernize SCSB's core systems on Temenos open platform for composable banking.Shanghai Commercial & Savings Bank (SCSB), one of the listed banks in Taiwan, has selected Temenos and IBM to replace its legacy core systems with Temenos open platform for composable banking. Part of the IBM Ecosystem, Temenos and IBM have successfully teamed for decades to help financial institutions around the world deploy next-generation banking technology, reduce costs, and take advantage of new pockets of profitability. Earlier this year, the companies expanded their collaboration, leveraging IBM Consulting and Technology combined with Temenos open platform for composable banking to accelerate clients' digital transformation while de-risking their journeys to the hybrid cloud.IBM Consulting will lead the SCSB modernization project with implementation partner Nagarro/TechMill. Replacing its core system with Temenos will enhance the bank's overall competitiveness and allow it to scale more efficiently by running multiple entities and lines of business on a single banking platform. SCSB will adopt Temenos core banking, payments, and data lake functionality to support Retail, Corporate, Trade and Treasury banking, including offshore and domestic deposit and remittance businesses. Consolidating on the Temenos platform will reduce IT operational costs and improve its cost-income ratio through automation, simplifying processes and streamlining IT and business operations. SCSB has a worldwide network and handles large volume of remittances from Taiwan to worldwide. With its subsidiaries in Hong Kong and Cambodia, SCSB manages total consolidated assets about US$75 billion and net worth about US$7 billion. The first bank to use blockchain accountant confirmations, SCSB is one of the pioneers in digital banking. Temenos' open platform and composable banking architecture will accelerate SCSB's digital transformation, helping the bank embed fintech solutions quickly and embrace open APIs and DevOps practices, to ultimately provide SCSB customers with more convenient, secure, and diverse digital banking products and services. SCSB will also adopt Temenos country model banks for China and Hong Kong to make implementation simpler and more cost-efficient.Alex Lin, President, SCSB, commented: 'We are constantly looking to innovate and improve to stay ahead of the times...

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