Bank, BTA Bank, Kazinvestment Bank, Alliance Consumer Finance and Temirbank, all for Triton/Kastle Universal Lending. However, not all of these projects went well. In May 2006 came the announcement that products would be branded under the Kastle umbrella, 3i Infotech citing the idea that this brought with it the notion of security and impregnability. As a result, Triton became Kastle Universal Lending and Newton became Kastle Core Banking. 3i Infotech gained a foothold in the UK with the acquisition


of UK-based asset management solution provider, Rhyme Systems. The plan was to sell the Rhyme software on an international basis, with a particular focus on Asia Pacific. A few months after this, another UK-based firm,


Accounting Frameworks Limited (AFL), was also purchased. AFL was a provider of accounting, portfolio management and front office solutions to the private equity sector. While there were similarities between the product sets of Rhyme Systems and AFL, 3i Infotech stated that there was no overlap since Rhyme did not sell in the private equity market, and there were no plans to merge the products. AFL was to be brought into 3i Infotech’s asset management and capital markets unit. Its products were developed in the mid to late 1990s and were now .Net-based. Its users were mainly in the UK but it had also gained some deals in continental Europe and the Middle East, and had prospects in Asia Pacific. It had 25 staff, all of whom moved across. A third acquisition in the UK was Exact Technical Services, whose Flagship stock market offering competed with Rhyme’s Altimis. The plan seems to be to continue running the two products side by side. Of its existing applications, Kastle Universal Lending continued to sell reasonably well, particularly in Asia and it had success as well in 2006 in Thailand (Siam City Bank, which subsequently merged into Thanachart Bank), Ghana (Ecobank) and Bangladesh (Brac Bank). The deals spanned some or all of origination, collections and management. Kastle Core Banking didn’t appear to be being pushed to the same extent, though it still picked up a win in late 2008, at Banque Pour la Promotion Agricole (Agricultural Promotion Bank), in Laos. The deal, funded by an Asian Development Bank project, was valued at more than $2 million. This state-owned bank had the largest branch network in the country, with 43 outlets. The new system was to span all of its activities, including branch teller, and would be implemented on a centralised basis, said 3i Infotech’s president and CEO of Asia Pacific at the time, Debneel Mukherjee. 3i Infotech was hopeful other opportunities related to Asian Development Bank and the World Bank would arise in the country, but these did not materialise.


Although 3i Infotech has never given much publicity


to new client wins, it did record four new Kastle Treasury customers and three new Kastle Universal Lending customers in 2009. These included a first customer in Sudan (for lending), and wins in Saudi Arabia (lending), Nigeria (treasury) and Thailand (treasury). It also had success with satellite systems, resulting in a project to develop a client reporting solution


with Bank of Scotland, and a sale of its alternative assets software solution, the AFL-derived Framework, to Friesland Bank Investments. 3i Infotech also gained a first customer in Saudi Arabia for its wealth management solution, C-Matis. This was at Sedco Capital, which took the solution to cover private equity, real estate and Shari’ah-compliant products in late 2009.


Against these successes, Kastle Universal Lending did come in for some criticism from Temirbank, one of the aforementioned Kazakh customers from 2005/6. Implementation at this bank started in early 2007 and after a year and a half of effort the project was shelved. In fact, it seems only two of the Kazakhstan deals had brought live sites by 2010. Kazinvestment Bank went live in January 2008. The bank’s head of IT described 3i Infotech as being committed to the project. BTA Bank went live with retail front office functionality such as decision-making, loans collection (including overdue loans) and loans management. This bank’s head of IT said he was reasonably satisfied with Kastle, although he felt that some aspects required improvement and that the project seemed ‘to have an open end-date as there is always something that needs doing’. 3i Infotech’s deals for Kastle Lending in 2010 included


three in Saudi Arabia, at Kirnaf Investment and Installment Company (loan origination, management and collection), Saudi Investment Bank (loan origination and management), and Capitas International (loan origination, management and collection). All were signed in March. There was also NIC Bank in Kenya, signing in May, and Bank Al Jazira in Saudi Arabia, signing in November (both for loan origination, management and collection). There was also one off-the- record deal at a small UK bank, which apparently included some aspects of Kastle Core Banking. The supplier’s strategy at this time was to integrate the lending and core banking products to provide a full universal banking platform. There were three wins for the treasury system during the


year, at Bank of Africa in Kenya, Allahabad Bank in India plus another in Nigeria (the latter two banks also took Kastle Risk Management). These were described as covering FX, MM, bonds and derivatives. There were also healthy numbers of wins for the wealth products, including C-Matis, AML offering (including two in Vietnam, followed by a first in Russia, at Uralsib), a couple of Kastle ALM (one in Nigeria, Bank Sohar in Oman, the latter also with Kastle Risk Management). Against a backdrop of financial problems (see below),


2011 yielded a reasonable number of new-name wins for Kastle Lending (eight) and Kastle Treasury (four), plus another ten or so for AML and a similar number across its range of fund, wealth management and portfolio management systems. Among the treasury system takers were United Bank of India, India-based operations of Daiwa Capital, and Consolidated Discounts in Nigeria. Kastle Lending takers included BAI in Mauritius, Planters Bank in the Philippines, Banque Saudi Fransi in Saudi Arabia and India Infrastructure Finance Corporation. The latter also signed for the treasury system.


Back Office Systems & Suppliers (BOSS) | www.ibsintelligence.com 11


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