Stanbic Bank Kenya is upgrading its Temenos core banking system with Orion Innovation’s assistance, moving from R17 to the R23 cloud platform. They will also transition to the TAFJ framework for improved performance. This project includes over 90 integrations and aims to streamline operations and enhance customer services.
Stanbic Bank Kenya, which operates under South Africa’s Standard Bank Group, is set to upgrade its core banking system in collaboration with Orion Innovation, the regional implementation partner of Temenos, a Swiss technology vendor. This upgrade marks a significant step in the bank’s modernization efforts, transitioning from the Temenos Transact R17 to the R23 cloud-based digital banking platform.
Additionally, the bank will migrate from its legacy proprietary application framework, TAFC, to the newer, Java-based TAFJ framework, which is commended for its scalability, portability, and performance. The initiative will encompass over 90 necessary integrations and more than 6,000 local code conversions. Stanbic Bank Kenya aims to expedite this project with the aid of Orion’s advanced test automation tools and services.
The bank initially integrated Temenos’ core banking technology in 2010, having previously utilized Bankmaster from Kindle Banking Systems. According to Alex Siboe, Head of Technology at Stanbic Bank Kenya, this recent upgrade aligns with their ongoing digital transformation journey and will significantly improve operational efficiency while enabling the provision of innovative services that cater to customers’ evolving needs in today’s digital landscape.
In conclusion, Stanbic Bank Kenya’s impending upgrade of its Temenos core banking system through Orion Innovation signifies a pivotal advancement in its digital transformation strategy. By transitioning to a modernized platform and framework, the bank seeks to enhance operational efficiencies and develop new services, thereby better serving its customer base in an increasingly digital world.
Original Source: www.fintechfutures.com
