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IPDC becomes the first non-bank financial institution to implement Temenos T24 CBS
T24-R18 CBS, a product of Temenos- world’s leading Core Banking Software Company to be implemented
Understanding the importance of business automation for financial institutions in a fast-changing world, IPDC Finance Limited, the first private sector financial institution of Bangladesh established in 1981, as part of recent organizational transformation, has implemented R18 version of Temenos T24 Core Banking Software (CBS). T24 is one of world’s leading CBS developed by Temenos of Switzerland and is used as core banking software by numerous banks in Bangladesh.
Most of the financial institutions in the country have multiple systems to support their operations. Integration of the isolated systems becomes challenging in absence of a robust core system. IPDC is the first non-bank financial institution in the country to implement this CBS. Fortress Data Services (FDS) Bangladesh Limited a Bangladesh-Indonesia joint venture was IPDC’s partner for the implementation.
IPDC began its search for a robust CBS in early 2016 and after extensive due diligence entered into agreement with Temenos and local implementation partner FDS Bangladesh Limited in December 2018. The implementation project commenced in February 2019 and the system went live only in eight months in October 2019.
Rayhan Uddin Sarker, COO and Director of FDS Bangladesh Limited said, “We are glad to be partner in the first implementation of Temenos T24 CBS in NBFI sector of the country. Rigorous efforts, professionalism and excellent teamwork between FDS and IPDC made the smooth implementation possible only in eight months. With this implementation we have now better understanding of the business of NBFI and able to customize the system to cater to their needs”
Mominul Islam, Managing Director and CEO of IPDC Finance Limited said, “A robust CBS is a necessary condition for business transformation in financial institution. We have taken early initiative to implement a state-of-the-art Temenos T24CBS targeting our strategic vision. The implementation of the robust CBS is only the beginning of IPDC’s journey towards complete digitization of our service delivery model. This CBS will be at the centre of our other systems for Supply Chain Finance, Consumer White Goods Finance and Loan Origination System etc. We are looking forward to a complete business transformation for extra-ordinary customer experience.”
Photo Caption: Understanding the importance of business automation for financial institutions in a fast-changing world, IPDC Finance Limited, the first private sector financial institution of Bangladesh established in 1981, as part of recent organizational transformation, has implemented R18 version of Temenos T24 Core Banking Software (CBS). The inauguration ceremony was recently held at Pan-Pacific Sonargaon Dhaka Hotel on 29th October 2019. Ms. Aleya R Ikbal, Head of IT and Business Transformation at IPDC Finance Limited; Zakir Hossain, CFA; Head of Operations of IPDC Finance Limited; Mominul Islam, Managing Director and CEO of IPDC Finance Limited; Rayhan Uddin Sarker, COO and Director of FDS Bangladesh Limited and Chowdhury Fakhruddin Mahmud Siddique, CTO & Director of FDS Bangladesh Limited attended the inauguration ceremony.
For more details, please visit- www.ipdcbd.com