Bank of Ireland to Invest $588 Million on Upgrading Finance
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Bank of Ireland to Invest $588 Million on Upgrading Finance

THELOGICALINDIAN - Bank of Irelandrecently appear that it willinvest a absolute of 500 actor in adjustment to adapt its cyberbanking IT infrastructure

Project OMEGA, as the new adventure is titled, will mainly focus on convalescent the bank’s operating model, as able-bodied as on introducing avant-garde abstracts analytics and acquiescence solutions.

Richie Boucher, the Chief Executive of the Bank of Ireland, stated that they will focus on creating a “more scalable and avant-garde platform” to ensure “long-term sustainability and competitiveness.” Boucher added accepted that Project OMEGA will be handled by Temenos, the world’s arch cyberbanking solutions provider.

The announcement, on the added hand, is speculated to have appeared in acknowledgment to an advancing FinTech trend amid all-around banks and accounts houses. According to a Business Insider report, the centralised accounts basement is consistently facing threats from technically advanced finance startups. They accommodate online banks, blockchain-based p2p marketplaces, and robo advisors.

Blockchain, in particular, accept become an eye-candy for abounding all-around accounts giants. The R3 All-around Banking Consortium, for example, accept already admiring the world’s arch accounts companies to accommodate blockchain into their absolute systems. In accession to actuality allotment of assorted consortiums, few banks accept additionally set up their own blockchain analysis accessories to conduct centralized analysis and development.

According to Temenos’ statement, the Bank of Ireland will additionally be application the company’s UniversalSuite, a front-to-back solution.

“Bank of Ireland intends to use UniversalSuite’s real-time analytics and chip agenda channels to bear awful alone and alternate chump experiences.”

Recently, the Bank of England additionally appear its affairs to advancement the cyberbanking system, to accomplish it future-proof by acceptance affiliation with Bitcoin and added blockchain based solutions.

READ MORE: Bank of England to Create Hybrid Intrabank Payment System, Includes Bitcoin Support