institutional clients. Go-live took place in June 2013. ERI has sought to convince the market of its retail and


commercial banking credentials but was still pigeon-holed for private banking, where 90 per cent of its customers fitted. CDG is cited as one of the examples of a bank with the retail functionality. Another recruit, gained in June 2014, was wholly retail in nature. This was the Ivory Coast post office, La Poste de Cote d’Ivoire, to underpin banking services via the country’s post office network. It took Olympic on Linux and Oracle. Ahead of this, a third taker for the Unix and Oracle version of Olympic had been signed around April 2012, Mandiri Sekuritas, the brokerage subsidiary of Indonesia’s largest bank, Bank Mandiri. It was ERI’s first client in the country and the first broker in the region. ERI worked with a local partner, Adicipta Dinamika Inovasi (ADI), which is active with software and services in Indonesia and already had a relationship with Bank Mandiri. Mandiri Sekuritas chose Olympic to cover brokerage activity including CRM, MIS, repurchase agreements (repos), and messaging, with a go-live date of Q4 2013 provisioned (in fact, in June 2014, cut-over was apparently ‘just weeks away’, according to the supplier). While ERI clearly has plenty of sites in the region via foreign banks, this was its first deal with a domestic institution.


Olympic on an ASP model


Around the same time, ERI was seeking to offer Olympic on an ASP basis, something that it had been talking about off and on for a long while. To do so it tied up with a local company, Change-IT, which had been set up by a number of experienced individuals. This partnership produced no results but, in the UK, ERI was trying again with a hosted version of Olympic come mid-2014, with a company called Blue Chip. Overall, ERI said it would work more with third parties. It has offered the enterprise content management system of Switzerland- based IMTF, for instance. On the services side, in late 2011, it tied up with fellow Swiss


company, Sofgen. Traditionally a specialist offering services around Temenos, this company had also built a considerable business with Avaloq and apparently approached ERI about doing the same. ERI also started selling Sofgen’s SaveTax application for Swiss tax reporting. And it added Statpro’s risk data and analytics for portfolio risk calculations (ERI claims support of Value-at-Risk for basic products, with this augmented by Statpro for more complex ones). The vendor’s next central bank success came in September 2012, with Banque Centrale de Djibouti choosing Olympic to manage its transactions, institutional customers and the operation of accounts. A completion date was set for the end of Q3 2013. Along with Mandiri Sekuritas, this was ERI’s only other new-name deal in 2012. However, March 2013 saw the use of Olympic broadened at another customer site, with SEB, already a user in Singapore, Luxembourg and Switzerland, opting for the solution to be installed at its private banking business in Norway. Go-live was scheduled for October 2013.


Prior to this, during 2011, ERI had also broken new ground


with a signing in Nepal, Nepal Rastra Bank. This central bank win came in June, with the bank taking Olympic for payments, foreign exchange, treasury, loans and deposits, accounting, investment funds, and management and distribution of stocks of notes and coins. The bank launched the system in May 2013. ERI’s other new-name win in 2011 was a small Swiss bank, Sallfort Privatbank. BNP Paribas also extended its use of Olympic to a subsidiary, UCB in Switzerland. In most recent times, it was announced that ERI teamed up with IBM partner Blue Chip to offer the OLYMPIC Banking System to UK financial institutions as a Cloud-based solution set to release in 2016. The solution is offered as pay-as-you grow and enables start-up banks and wealth managers to deploy a full IT infrastructure in weeks. Cidel, was believed to be modernising its core software in early 2016. The choice of system was understood to be ERI’s Olympic. Cidel is an international financial services group that specialises in wealth, investment and asset management. In 2016, ERI signed a deal with Canada’s Cidel Bank &


Trust to implement the Olympic core banking system. The bank evaluated several domestic and international players before finally choosing ERI.


The year 2013 was not plentiful for the vendor in terms of new business. There was, however, a new taker of Olympic in Luxembourg, Natixis Bank. The bank, which specialises in wealth management and has equity capital of €815 million, took ERI’s system to replace Misys’ Midas, which has been used across the Natixis group for many years. Avaloq and Temenos also featured on the RFP list. There was also a deal in London, with CBH Europe Limited, a newly opened subsidiary of a Swiss private bank, Compagnie Bancaire Helvétique (CBH, ERI’s existing customer). It was signed in May 2013. A new-name win in London came ERI’s way in spring 2014. This was BFC Group, a Bahrain-based money transfer operator, which was awaiting its UK banking licence.


ERI was now gaining deals on Unix (Solaris and AIX) and


Linux, with DB2 and Oracle. The core of the system remains Cobol and C, but with Java at the front-end. Work to add support for SQL was under way by June 2014, with this being done with support and funding from Microsoft. It was seen as an important development for keeping down the total cost of ownership for smaller users. Potential evaluation of open source databases was suggested as well. Other technical enhancements under way were for alert and query engines, with the latter having an emphasis on natural language support. There was also an extension of the Enterprise Services Bus (ESB) component, a management dashboard, and more interactive screens, allowing users to build their own. All of ERI’s development remains in-house and onshore. There has been work, culminating in launches in 2014, around support for mobile devices. This was belated, it could be argued, but the focus was now for these to hook into the main database, providing a consistent and up-to-date


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