The Geneva-headquartered financial services software firm has executed a transaction with Nordea's international private bank, which Temenos says is its largest deal to date.

Banking and financial sector software specialist Temenos has gone live with its wealth management offering at Nordea Bank SA, the international private banking arm of Scandinavian firm Nordea. The private bank is headquartered in Luxembourg and has branches in Singapore and Switzerland.

The completion of the deal comes after Temenos signed an agreement in the second half of last year to implement its wealth management solution for Nordea across the Nordics region, making Nordea the largest client it has worked with since the firm was founded in 1993. The Nordics transaction is the largest by number of clients, and in monetary value, that Swiss-listed Temenos has conducted, Steen Jensen, the regional director for Northern Europe at Temenos, told this publication. The financial size of the transaction has not been disclosed.

Nordea Bank SA has gone live with Temenos’s WealthSuite, an integrated wealth management solution that combines back-office and front-office capabilities. Nordea Bank SA has replaced what was a complicated “multi-system” front-office workspace for a single system that gives a complete client view, while it also gives customers access to their banking information in real time and across a variety of devices.

“The market has been slow in taking up new solutions…there has been a look-out for the first bank to take a decision and move forward,” Jensen said. “The amount of positive noise we have had has been tremendous. Our pipeline is growing strongly,” he added.

The implementation was supported by a team comprising consultants from Temenos and its partners Deloitte and Syncordis. 

Research and advisory firm Aite Group also weighed in on the deal, hailing it as an important step for the banking industry. “To succeed in a changing competitive environment, firms will need to take a broad perspective when constructing their technology strategies, looking at how capabilities can benefit clients, prospects, and client-facing staff,” Alois Pirker, research director for Aite Group’s wealth management practice, said.

“Leaders possess integrated platforms and digital capabilities that improve processes across the firm. Capabilities used by clients should connect into advisor processes, which should then flow through to managerial and corporate departments. Nordea’s implementation of Temenos’ WealthSuite is a prime example of a winning strategy,” Pirker said.