China Merchants Bank (New York), an overseas subsidiary of the Chinese bank, has selected the TEMENOS T24 (T24) Model Bank US Platform from Geneva-based Temenos, provider of integrated core banking systems. The system will support China Merchant Bank's newly established corporate banking business.
Temenos will also provide a bilingual support team with consultants based in both the US and China. This global approach was crucial for the bank, which needs to be able to communicate effectively across both sides of its business. The bank also required a system that could process transactions, manage customers and support the bank's business across multiple countries, currencies and languages.
The system will be implemented on IBM hardware at the bank's New York office to support its high-speed, high-volume transaction processing and planned business growth. The New York branch will facilitate trade and other business activities between the US and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries. It is an essential part of CMB's overseas expansion strategy.