Outsourcing of information technologies is the most developed type of banking outsourcing. According to the USA Outsourcing Institute, more than 80% of banks in the world are handing over any function connected with information technologies to a third-party organization.
Foranx provides professional Outsourcing Operational Support Services for Temenos T24 Core Banking System.
Advantages of outsourcing for the bank
The Bank needs several people to provide any given functionality, at the same time because of finite number of tasks in a separate system bank employees may be under-utilized eventually. There is a need to think up tasks for them, necessity to stimulate and motivate them. Foranx, as an outsourcing company always has more Temenos T24 system releases on maintenance, more employees for each specific banking specialization, which are always have a lot of work. Foranx certified employees have disparate higher level of competence in Temenos T24 functionality as compared with regular employees and as a result Foranx will more effectively manage resources for the performance of specific tasks. Because the bank pays only for the part of the work that Foranx has done on the specific task, so it is one of the savings elements for the bank in outsourcing. Dealing with Foranx, the bank avoids not only direct expenses (IT specialists salary, cost of working places (including areas), costs for staff recruitment, training and professional promotion), but lot of different parameters of a large bank IT-service ownership cost (costs for RM, organization, communications, infrastructure, etc.)
Usually banks conclude agreements on execution of IT project works that may involve confidential information, in such cases, special Non Disclosure Agreement (NDA) is concluded. NDA describes all bank's requirements for information protection to be provided by Foranx and defines the responsibility level for their non-compliance. Foranx has full range of technical means for privacy keeping , as well as, information access restriction rules for employees developed.
Outsourcing quality assurance
Important part of transfer of development, implementation or support of IT-process for outsourcing is to assure required quality of the results provided by vendor. Quality management should be committed in the Service Level agreement (SLA) between bank and outsourcing service provider. SLA is the main document that describes Foranx obligations to provide required quality of services, specifying its responsibility, prices, service levels, methods and parameters for results monitoring, parties coordination arrangements, employee qualification requirements, response to unforeseen circumstances, etc.
Often the improvement of the quality of banking services is one of the reasons why bank start uses outsourcing services. Without outsourcing the bank’s IT department is the only responsible for quality and management of services, while now the quality results should be provided by vendor of outsourcing services. In this case very important condition to the vendor is to have ISO 9001 Quality management system. Foranx has the ISO 9001 certificate and regularly passes the re-certification to correspond with ISO 9001 quality management standards.
Main areas of Foranx outsourcing services:
- Analysis of the client's business strategy in IT
- Implementation of different Temenos T24 Core Banking System modules
- All Temenos T24 Core Banking System modules expert services
- Temenos T24 performance management. Optimization and customization
- Local developments in Temenos T24, including interfaces with third systems
and other services at the request of client.