IPDC Finance Limited, a leading non-banking financial institution (NBFI), has implemented ‘Temenos T24 Core Banking Software’ as part of its organisational transformation and business automation process.
IPDC became the first NBFI in the country to implement such innovative banking software to keep up with the rapid technological changes in the financial sector around the world.
IPDC Finance Limited is the first private sector financial institution in the country which was established in 1981. Whereas, T24 is among the world’s leading core banking software developed by Temenos of Switzerland. Several banks in Bangladesh are already using it.
Recognizing the importance of business automation in a fast-changing world and as part of recent organizational transformation, IPDC Finance Limited has implemented the state-of-the-art software.
In early 2016, IPDC began searching for a robust Core Banking Software and in December 2018, inked the agreement with Temenos and FDS Bangladesh Limited. Installation of the software commenced in February 2019 and the system was operationalized in October 2019.
Fortress Data Services (FDS) Bangladesh Limited, a Bangladesh-Indonesia joint venture, has installed the R18 version of Temenos T24 software in the IPDC system.
Managing Director and CEO of IPDC Mominul Islam said a strong core banking software is a necessary component for business transformation in a financial institution. He also confirmed that, IPDC has taken early initiative to implement a state-of-the-art Temenos T24 software in line with their strategic vision and the move is only the beginning of IPDC’s journey towards complete digitisation of service delivery model.
The software will be at the centre of the system for supply chain finance, consumer white goods finance and loan origination system.
Rayhan Uddin Sarker, COO and Director of FDS Bangladesh, said rigorous efforts, professionalism and excellent teamwork between FDS and IPDC made it possible to execute implementation of Temenos T24 software in only eight months.
Temenos T24 is a core banking system providing product definition, transaction processing, unparalleled operational scalability and functional depth for all types of financial institution.