Stanbic Bank Kenya is upgrading its Temenos core banking system with Orion Innovation’s assistance. The upgrade transitions to the R23 cloud platform and replaces the TAFC framework with TAFJ for better scalability. The project involves significant technical integration and aims to enhance operational efficiency while catering to customer needs in a digital landscape.
Stanbic Bank Kenya, a prominent financial institution under the Standard Bank Group, is poised to upgrade its Temenos core banking system in collaboration with Orion Innovation, a valued implementation partner. This strategic upgrade will enhance the bank’s Temenos Transact application from version R17 to the advanced R23 cloud-based digital banking platform, aiming to modernize its core technology significantly.
The modernization initiative includes a transition from the older proprietary application framework, TAFC, to the newer Java-based framework, TAFJ. The latter is favored for its scalability, portability, and superior performance. This comprehensive project entails over 90 integrations and the conversion of more than 6,000 local codes, demonstrating a significant commitment to enhancing technical infrastructure.
The bank aims to expedite the upgrade process by utilizing Orion’s test automation tools and services. This upgrade marks a critical evolution for Stanbic Bank Kenya, which first implemented Temenos technology in 2010, following its use of the Bankmaster system from Kindle Banking Systems.
Alex Siboe, the head of technology at Stanbic Bank Kenya, articulated that this upgrade represents a vital step in the bank’s digital transformation journey. He stated that it will enhance operational efficiency and allow the bank to introduce innovative services that cater to the dynamic needs of customers in an increasingly digital world.
In conclusion, Stanbic Bank Kenya is set to undertake a significant upgrade of its core banking system in collaboration with Orion Innovation. Transitioning to the R23 cloud-based platform and adopting the Java-based TAFJ framework will enhance scalability and performance. This initiative is crucial for improving the bank’s operational efficiency and aligning its services with the evolving needs of customers in the digital age, reinforcing its commitment to modernization and innovation.
Original Source: www.fintechfutures.com
