Sep 2005 Financial News

RBTT starts US$50m upgrade

Sep 15, 2005

RBTT will be spending US$50 million to replace all of the group’s core banking computer systems with one common platform.

Defining it as the “Recast Project,” RBTT Group CEO Jerome Sooklal said yesterday the three-year exercise will increase efficiency and lead to lower unit costs and quicker processing times.

It will also provide management with the information to allow RBTT to deliver the right product through the right channels at the right time, Sooklal said.

He said group chief operating officer Suresh Sookoo will oversee the Recast Project, which will be implemented sequentially throughout the group beginning in Trinidad and ending in the Dutch Caribbean.

Sooklal said RBTT has already started the process with the launch of NetBank, its Internet banking platform for corporate customers, and a new mutual fund client interface system.

Stating that while all of RBTT’s operating companies were profitable, Sooklal said its 81 branches in 12 jurisdictions need to be fully integrated and operating at maximum efficiency.

“After a meticulous screening process, we selected Temenos of Switzerland as our technology partner,” Sooklal said. “Temenos is one of the world’s top banking technology providers with extensive experience in successfully implementing projects.”

Sooklal described the Temenos T24 Solution as a state-of-the art, real-time banking application that enables banks to serve clients in a “seamless and personalised fashion.”

“The English meaning of Temenos is something of value, a phrase of absolute harmony with RBTT’s objective of enhancing customer service delivery,” Sooklal said.

Recast will be undertaken on a phased basis starting this October.

A signing agreement for the Recast Project took place yesterday between RBTT’s executives and Temenos’ CEO Andreas Andreades at RBTT Royal Court, Park Street, Port-of-Spain.

Sandra Chouti
The Trinidad Guardian
Thursday, 15th September, 2005
http://www.guardian.co.tt/business1.html