Schroders goes the Globus route with Temenos

UK-headquartered Schroders Private Bank, a subsidiary of the Schroder Group, plans to roll out Globus, an integrated financial services application developed by Swiss-based software vendor, Temenos.

The initial project - a standard ten-year licence agreement with a minimum guaranteed five-year maintenance contract - is expected to go live towards the end of Q2 or early Q3, 2002. To date, only the group’s London and Zurich operations are included, but after this pilot phase, the objective is to extend Globus throughout the rest of the group.

“It’s a similar scenario to what we have done with Dresdner in their Latin American operations and Credit Suisse’s private banking group, where we have rolled out Globus in six countries and now we’re on seven and eight,” said Temenos Group vice-chairman, Kim Goodall.”

Goodall was evasive when quizzed on the size of the Schroders contract, but he did indicate that the average Globus agreement in terms of functionality, numbers of users and duration amounted to about $1.7 million.

Globus consists of Core - a central software installation that all users need to purchase, which acts as an anchor for the additional software – and a number of discreet modular applications that include private and retail banking, risk management, trade finance and treasury and investment functionality. Once Core has been deployed, the additional components can be selected on a ‘pick and mix’ basis, determined by the needs of the individual institutions.

“All customers have exactly the same software,” explained Goodall. “We therefore would like them to be able to do their own ‘tweaks’ in terms of customising their applications to suit their needs.”