Swiss technology firm Temenos has signed an agreement with Bermuda Commercial Bank (BCB) to supply T24 core banking system Model Bank, as well as an assortment of other products, including Business Intelligence, Insight Risk, Anti-money laundering and FATCA compliance.

BCB noted that T24 integrated technologies will allow it to enhance operational efficiency and effectiveness through streamlined and automated processing across product offerings.

Temenos claims that its suite of products will enable BCB to develop its channel offerings and business lines, as well as deliver better reporting and analysis through the Insight modules, thereby considerably improving the bank’s customer service.

Bermuda Commercial Bank CEO Peter Horton commented, "The out-of-the-box T24 Model Bank solution will provide for a more structured and controlled implementation, which is a key criterion for us at this stage."

"The ability to progressively tailor to our needs was also very attractive, as it minimises risk, while allowing us to develop our channel offerings and business lines, with freedom of choice of modules.

Established in 1969, BCB had approximately $468m in customer deposits in September 2013.

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