THE RBTT Group has launched a US$50-million business transformation initiative to upgrade technology utilised by the bank.

The initiative entitled 'Recast' is "the most important project our group will undertake in the coming years," said Jerome Sooklal, RBTT Group, Chief Executive Officer.
The Recast project was launched that week together with a signing ceremony with Temenos, a Swiss based technology company that will spearhead the upgrades in the bank's computer systems.

"Temenos is one of the world's top banking technology providers with extensive experience in successfully implementing similar projects," the RBTT CEO added.
Sooklal said the project would involve two main activities "simplifying business processes throughout the RBTT Group and replacing all of RBTT's core banking computer systems with one common platform."

He added that Recast "will be implemented sequentially throughout the Group beginning in Trinidad and ending in the Dutch Caribbean. Full completion is expected in three years."

Sooklal continued, "the new system will be capable of interfacing with existing and proposed systems, offering a fully integrated system that is efficient and effective throughout RBTT's 81-branch regional network."

The initiative, funded entirely by the bank, will most likely reduce the cost of consumer transactions, said Suresh Sookoo, Group chief operating officer, RBTT.

The project officially begins in October of this year and people will begin to see positive changes in transactions within the institution approximately nine months from commencement.

However, Sooklal commented that the upgrading process already has begun "with the launch of NetBank, our Internet Banking platform for corporate customers and a new mutual fund client interface system".

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