NEW BANKING SYSTEM

MAKING YOUR BANKING EXPERIENCE EASIER AND MORE CONVENIENT

Welcome to our central hub for communication throughout our new banking system journey.

Here you will find the most recent updates of how things are progressing including our communication journey which will help you navigate this transition as smoothly as possible. You will also be able to find an FAQs section that we will continue to update as new questions arise, as well as any details about the forthcoming new features.

Service Availability

As we go live - What you need to know

To ensure a smooth migration, please take note of the following planned temporary limitations to our services.

Tuesday 26th – Friday 29th August

During this period, the following will be unavailable:

Opening or closure of accounts.
Issuing new loans or cards.
Updating personal details (such as your name or address).

Friday 29th August from 2:00 PM

Transfers, payments, and other transactional activities will be unavailable from 2:00PM onwards.

Saturday 30th August - Monday 1st September

All banking services will be unavailable during these days while we complete the final stages of our system migration.

On Monday 1st September, the Bank will remain open to answer any queries, but transactional activity will not be possible.

Tuesday 2nd September

We expect to resume full banking services and return to normal operations with our new banking system.

New features to look forward to

Mobile Banking application

In addition to your existing Trusted Novus Bank (TNB) Card App*, our new Mobile Banking App will allow you to manage your accounts as follows:

View your live account balance.
Access and manage all your accounts in one place.
Transfer funds between your accounts.
Send secure messages directly to the Bank.
Link directly to your online banking platform for login and payment confirmations.

*Note: The Card App is for viewing card transactions only. There will be further enhancements in the future.

Enhanced Online Banking Platform

Our refreshed online banking experience includes:

A modern, user-friendly interface.
Streamlined SWIFT payment process.

Changes you should know about

Payment Templates and SWIFT Payments

1. Most existing templates will be migrated. However, templates with missing or incorrect details (e.g. IBAN or SWIFT codes) will not be transferred. Those affected will be communicated directly.

2. Beneficiary address details will now be mandatory for all SWIFT payments. This applies to both new templates and any original templates migrated to the new system.

Once we go live, you will be required to add the address otherwise the payment cannot be made.

Standing Orders

1. Standing orders within TNB or to other local banks will be migrated.

2. Standing order to banks outside Gibraltar will not be transferred and must be re-set after launch.

Note: Please review your current templates and standing orders. We advise you to remove any that are no longer in use.

Cards

1. Real-time Debit Card Transactions: Debit card transactions will now reflect instantly, giving you up-to-date account balances.

2. Spending Limit Adjustments: You will be able to increase your Visa card spending limit for those one-off purchases or special events, provided sufficient funds are available in the account your card is linked to.

Please note these spending limit adjustments, were previously referred to as a bonus.

Loans and Mortgages

As we move to the new system, the algorithm used to make loan mortgage repayment calculations will be different from that used by the Banks current banking platform and may or may not impact your loan or mortgage as a result. This is dependent on the specific loan or mortgage product you have.

Interest only and serial repayment schedules will incur no changes.
Those with amortised repayment schedules may see a monetary difference in their monthly repayment amount.

You will receive a new repayment schedule from the Bank following the move to the new system which will confirm your new repayment amount for either your loan or mortgage.

Accounts

As part of the transition to our new banking system, new account numbers will be assigned. These new numbers are system-generated and will only be confirmed after migration is complete. No action is required from you at this stage.

All your existing standing orders and internal arrangements will be automatically updated with the new account number. You will be able to view your new account number(s) in Online Banking and the new Mobile Banking App once the system goes live.

If you currently share your account number with employers, business partners, or others for incoming payments, we recommend checking your new account number after go-live and sharing it as needed.

Don't miss anything

Over the coming months, we will be sharing detailed information about the progress of this project, as well as highlighting the new features and improvements you can expect. Below is a detailed timeline of the key messages and updates you will recieve.

Changing the way you bank

We have listened to your feedback through client surveys and designed our new system with your asks in mind. This not only provides you with a personalised service but it is also focused on meeting your evolving Banking needs. Our aim is to go live with our new banking system in 2025.

faqs