Temenos T24 Transact Upgrade

Perspective

Enabling banks to pursue targeted modernization strategies for a successful digital transformation journey

Executive Summary

As banks transform into digital banks, strategy is becoming a key differentiator.

By mid-2019, banks in twenty-one countries had spent $1 trillion1 in

strengthening their information technology backbone. However, only those with

a clear vision and strategy succeeded in leveraging their investments to drive

digital transformation. For successful banks, there have been measurable rewards,

resulting in a 0.9% percentage point2 rise in their RoE by 2017. This upswing has

remained consistent.

Core banking is integral to banks’ digital journeys. By migrating from the existing

Temenos Transact (T24) platform to the latest upgrade, banks and financial

institutions will be able to repurpose their core banking conventions and gain

multiple competitive advantages. Faster time to market, attractive price point,

a strong RoE topline through cost-effective implementation, shorter transaction

life cycles, and a host of other backend and frontend benefits will be the

key benefits.

T24 upgrade will also offer comprehensive integration and synergy of the

Transact ecosystem with peripheral Temenos applications such as Infinity,

FCM, and Multifonds. In tandem, these suites will award superior digital-readiness

for banks.

The efficient implementation of T24 upgrades requires dedicated facilities and

ring-fenced capabilities. By eliminating the process pain points, they will facilitate

seamless end-to-end integrations with the targeted versions and their larger

ecosystems. This white paper explains how banks can partner with Syncordis for

T24 upgrade-based transformation, manifested by a seamless and painless

upgrade process.

With fintech impacting financial services like never before, 77%3 of incumbent institutions have already embraced

disruptive technology to compete with the innovators. 82%4 expect further consolidation between fintech and

financial services in the coming years. Upgrades are the heart and soul of agile and future-ready banking.

The next generation of T24 is designed to bridge the critical gap between the two CXs – customer expectations and

customer experiences, and power banks’ customer acquisition drive. These T24 offerings will act as key triggers:

T24 Transact upgrades are the heart and soul of digital banking

• Fully managed strategy life cycle. This funnel will begin from scoping and navigate through planning, project

management, reviews and assessments, document management, and other touchpoints. This full-spectrum

upgrade strategy will make the migration to T24 upgrade fast, agile, and friction-free.

• Change management. T24 upgrade will implement process, practice, and workflow changes in the retail,

wealth, corporate, and IBS banking verticals. Syncordis’ mix of talent and technology will handle this change

from end to end, to ensure smooth implementation and post-implementation efficiency. In particular, these

two critical functions will be stage-managed:

• Procedures redesign, wherein new working protocols will be designed, defined, and implemented for

superior backend efficiency

• New functionality features will be embedded and enforced to enhance the existing version

without disruptions

• Business process management will ensure unbroken business and operational efficiency.

• T24 environment management. Dev management, testing, dev ops, and other functions will be managed

uninterruptedly.

• Post-Upgrade support. Testing will be a key element, with emphasis on comprehensive internal testing,

system integration testing, and UAT.

• Transition and Cutover support will involve inclusive Go-live strategy, planning, implementation-stage

monitoring, and a smooth transitioning from existing version to the upgrade.

• First-line support. From FAQs to more complex queries, this arm will manage it efficiently.

The new releases of T24 take care of the existing pain-points, fixes bugs, and thus enhances operational capabilities.

This will help banks fortify their strategic and tactical approaches and build strong holistic digital ecosystems. Further,

Syncordis’ robust R&D activities have created code-compatibility between the two generations of T24. The friction-free

local code conversion has cut the time-to-market significantly for the clients, while offering these key benefits to banks:

• Accelerated digital journeys

• Reduced project risk

• Attractive project price point

• Reduced per-install cost

• RoE, RoI, and returns from operational efficiencies from day-01 – No gestation period

• Better compliance and regulations readiness

The nuts and bolts of digital customer acquisition

How banks can leverage their strategies with T24 capabilities

In a nimble-footed and dynamic market, fast upgrade life cycles reduce go-to market time. To achieve faster software

application, the emphasis is on automated functions. In order to achieve an upgrade in the shortest time possible

Syncordis has developed tools and accelerators. Coupled with Upgrade Studio, we will be able to deliver it seamlessly.

Speed of upgrade is key for any T24 Transact Upgrade

Auto Discovery

• Automates the manual upgrade assessment process on the L3 Analysis

Auto Conversion

• Automated code conversion across all L3 routines

• TAFC to TAFJ code conversion Automation

• Manual effort reduced by 30-40%

Intelligent MI and Reporting

• Real-time notifications for any unusual spike in COB jobs when comparing it with previous week or day

• Publish top time-consuming jobs with intelligent diagnostics

Upgrade Test Automation

• 60 % automated test coverage for model bank modules

• 40% reduction in time to market by ready-to-use artifacts (test cases and automated test scripts from our

extensive library)

• 30-40% efforts reduction for test preparation by reusability (with minimal changes to the existing repository)

In the case of T24 upgrade, development teams provide banks with test models, test cases and automated test scripts

from an extensive library of artifacts specifically developed for Temenos T24 core banking. This enables faster and

cost-effective regression testing.

Since Syncordis incubates all its upgrade projects at its owned Upgrade Studio, banks that migrate to the T24

upgrade platform benefit from the above features.

Auto Authorize

• Automates the authorization of the records which in released during the upgrade process

Summary

While digital transformation remains the stated mission of most banks and financial institutions, its deployment is fazed

by unclear vision and strategy. Of all the digital efforts put in by financial institutions, only 17%5 were deployed at scale,

while 41% and 11%6 respectively, were partially deployed or at the drawing-board stage. Clearly, there is a dire need for

strategy. To overcome the legacy bottlenecks, banks as an industry needs to break the digital silos. For banks to achieve

sustainable digital transformation, synergistic partnership with fintech providers is emerging as a universal theme.

Syncordis, a Luxembourg based LTI Company, delivers high-quality end-to-end

implementation and system integration projects with an exclusive focus on Temenos

banking software such as Temenos Infinity, Temenos Transact, Temenos Fund

Administration, Temenos Infinity Wealth and Temenos DataSource. Syncordis is also the

first PSF company that is fully dedicated to Temenos services with capabilities to support

all Temenos software suites. With 12 offices across the globe, 500+ experts and

complementary services like regulated SaaS and production support, Syncordis enables

its international clients to master their digital transformation. This makes Syncordis one of

the one-stop service partners for Temenos clients worldwide. For more information please

visit www.syncordisconsulting.com

info@Lntinfotech.com

LTI (NSE: LTI, BSE: 540005) is a global technology consulting and digital solutions

Company helping more than 420 clients succeed in a converging world. With operations

in 32 countries, we go the extra mile for our clients and accelerate their digital

transformation with LTI’s Mosaic platform enabling their mobile, social, analytics, IoT and

cloud journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique

heritage gives us unrivaled real-world expertise to solve the most complex challenges of

enterprises across all industries. Each day, our team of more than 30,000 LTItes enable our

clients to improve the effectiveness of their business and technology operations, and

deliver value to their customers, employees and shareholders. Find more at

www.Lntinfotech.com or follow us at @LTI_Global

Syncordis qualifies to fill the strategy void for banks looking at digital transformation in letter and spirit. The Temenos

Transact platform and its T24 upgrade may well provide the banks the opportunity to partner with banks in their

irreversible digital journeys. In sum, Syncordis, with its recognized global market leadership, follows a simple but

profound agenda:

Empower banks to gain both customers and customer confidence through an industry-leading, digitally native

software architecture – T24 upgrade. Accelerate the software upgrade life cycle and shrink the go-to-market

time, thus reducing cost and ensuring faster RoI.

With its partnership approach, end-to-end capabilities, effective global delivery model, and dedicated in-house

upgrade studio, Syncordis helps banks augment their future with lasting digital engagements.