Ghana's central bank has gone live with Temenos T24 (T24) banking software, which supports letters of credit (L/Cs) as well as a raft of other banking functions.

Bank of Ghana is using T24 at its head office and five branches to replace multiple legacy systems.

Centralised system

With T24 the bank says it will be able to integrate and centralise its transaction and reporting operations, including treasury and securities, trade services and retail.

The central bank says T24 will provide it with a centralised system that is flexible and capable of delivering reports according to its needs.

Functionality

T24 replaces the bank's previous system, which had been in place for 10 years. It also replaces the bank's stand-alone treasury and trade finance systems.

Functionality of T24 includes modules to support trade services, including L/Cs, documentary collections and guarantees; retail banking; treasury, including foreign exchange as well as money market instruments, securities and repurchase agreements.

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