Transact Implementation in Asia

Replacing our client’s core banking legacy system with TEMENOS Transact while ensuring a smooth integration with third-party applications

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The Challenge

The client was undergoing a full digital transformation and faced the challenge of having to completely replace their legacy system and all of its complementary integrations. Beyond this system transformation, the bank also had to renew their core banking license. The main goal was to achieve operational efficiencies and in turn reduce costs. This had to be done by upgrading more than 80 reports and extracts to suit the existing reporting solution design and formats used for operational and regulatory reporting.

Our Approach

We delivered a proof of concept and a prototype to test sample data flows of integration between Wealth and Transact. This development was completed using a hybrid agile approach, through onsite presence and remote coordination with the bank’s project team and business users on a daily basis. OneAston onboarded a separate testing team on the ground to robustly test the platform as part of a systems integration testing (SIT) which paved the way for a smoother and a quicker user acceptance testing (UAT) phase. Periodic reviews were conducted with the Temenos Governance team on all milestones covering both product and project management disciplines.

Key Results

The implementation replaced the bank’s legacy core banking solution and encompassed a wide range of modules related to the wealth management activity of the bank. It includes WealthWealthsuite Front Office, Bloomberg, Treasury System, GL Enterprise system, Reporting & Reconciliation systems used by the bank. OneAston was responsible for the complete installation of Transact, including the day to day project management and coordination with the client. This project was successfully delivered in a fixed timeline of 15 months.

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