DNB Luxembourg (DNB) has selected Swiss technology firm Temenos’ core banking system T24 as well as its multi-channel internet banking solution, Temenos Connect.

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Temenos claims that its suite of products will enable DNB to boost profitability at the bank, rather than directing it to maintenance of the core.

The technologies will also allow DNB to deliver new products to its customers quickly and also provide a better user experience for its clients by offering enhanced access to banking services.

Under the partnership, Temenos will also support DNB Luxembourg’s private wealth banking and credit services to HNW customers.

The move follows failure of DNB’s core banking system to meet the requirements of the bank and its inability to manage the assets of its HNW customers.

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The implementation of the project will be managed by Temenos’ Luxembourg services partner Syncordis.

Moreover, Temenos’ solution providers EFS Technology and Wolter Kluwers will provide document management and regulatory reporting services respectively for the project.

Temenos managing director EMEA Jean-Michel Hilsenkopf said: "Our software provides a complete front-to-back office solution, offering advanced, multi-channel capabilities, specifically configured to the needs of the local market, through our country Model Bank."

DNB Luxembourg CEO Hakon Hansen said: "Our choice of Temenos was based to a large extent on its country Model Bank, offering a fast, cost-effective deployment, with the peace of mind that our software enables us to meet all local regulatory requirements."