T24-R18 CBS is a product of Temenos, a world’s leading core banking software company
As part of its organisational transformation, the IPDC Finance Limited, a non-bank financial institution, has adopted and implemented the R18 version of Temenos T24 core banking software.
The T24 is one of world's leading core banking software, developed by the Temenos of Switzerland, and it is used as the core banking software by numerous banks in Bangladesh.
Most of the financial institutions in the country have multiple systems to support their operations. The integration of the isolated systems becomes a challenge in the absence of a robust core system.
The IPDC as the first non-bank financial institution in the country to have addressed the issue.
"We have taken early initiative to implement a state-of-the-art core banking software targeting our strategic vision. The T24 will be at the centre of our other systems for supply chain finance, consumer white goods finance and loan origination system etc. that are designed to ensure an extraordinary customer experiences," said Mominul Islam, managing director the IPDC Finance.
Among the top 50 banks of the world, around 40 are using Temenos core banking software while in Bangladesh eight of the banks have already adopted it.
The Fortress Data Services (FDS) Bangladesh Limited, a Bangladesh-Indonesia joint venture, was the IPDC's partner for the implementation.
The project implementation commenced in February 2019 and the system went live only in eight months, said Rayhan Uddin Sarker, a director of FDS Bangladesh Limited.