rewritten. The company felt that this was a more appropriate evolution than simply moving the existing system over to Java. Playing a key role in the product evolution plans is Fiserv’s Aperio solution. This is its multi-channel sales and service platform built on top of the Portrait Foundation application platform suite from Portrait Software (AIT Group, as was, and now part of Pitney Bowes). One taker of Aperio was Papua New Guinea-based Bank of South Pacific. It took this solution alongside Fiserv’s CBS Data Warehouse, Nautilus Enterprise Content Management software, and CBS Teller platform. The bank, the largest retail player in the country, was aiming to expand into the Pacific Islands. Another taker for Aperio came in the form of Banco Facil in Mexico which also took ICBS. In addition, the supplier scored its second China


core banking deal in the first tangible outcome from the distribution agreement signed with Digital China in July 2007. Shenzhen Rural Commercial Bank signed with Digital China and Fiserv in August to ‘assist the bank move from a rural co-operative to a commercial bank’. Fiserv had previously signed an exclusive distribution agreement with Digital China for ICBS on IBM’s iSeries in China. A deal had previously been signed in China between Fiserv and CITIC Industrial Bank but this eventually came to a standstill with the bank ‘not using ICBS currently and no longer called a client’ according to Fiserv. The problems apparently lay with politics, internal buy- in and support – not ICBS – and did not impact the Shenzhen Rural Commercial Bank bid. In early 2007, the supplier closed in on completing a version of ICBS for Linux. The development involved converting the RPG code into C using a third party tool. It marked the first


Corporate realignment


In an attempt to rationalise its acquisitions, Fiserv went through an extensive rebranding and reorganisation in early 2009. The purpose was to present a more integrated proposition from what had become 77 business units with, for example, 13 online banking platforms. There would be one division for core banking and online banking, and one for payments, item processing, card management and so on. Brands such as CheckFree and Corillian would disappear, as would subsidiaries such as Fiserv CBS, formerly responsible for selling the core system within the US. There would also be a move towards an Enterprise Service Framework (ESF), a component which was developed from scratch, for product integration. The aim was for connectivity between all of Fiserv’s 500+ solutions, but rationalisation of the product set was likely to follow. It was announced that ICBS, and the US- specific version CBS, would be rebranded as Signature. Fiserv still has success with CBS/Signature in the US from time to time, alongside its other solutions for this market. For instance, in the second half of 2009, American Savings Bank, a Hawaii-based thrift with $5.2 billion in assets, took it as its new outsourced core system. This was instead of an outsourced core processing contract with Metavante which was coming up for renewal. In 2010, BankUnited in Florida and Central


298


time that the system had been available on any platform other than the IBM midrange. By April the supplier looked to ramp up its anti-money laundering (AML) and compliance offering when it acquired Netherlands-based NetEconomy. NetEconomy had over 130 implementations of its modular Erase Financial Crime Suite, across 58 countries. The suite covers compliance, market surveillance, fraud prevention and employee fraud. Two major announcements then followed as Fiserv stated,


firstly, that it was to offer a full end-to-end Islamic banking solution based on ICBS and Aperio. The ASP or licensed offering was being designed in partnership with Malaysian treasury management system vendor, Meridian Diversified. The partnership brought in a number of Islamic scholars to help it meet guidelines. ICBS would undergo ‘a little bit of tweaking’ to ensure Shari’a compliance. Secondly, the vendor bought US payments firm,


CheckFree, for about $4.4 billion. The deal gave CheckFree shareholders $48 a share, a 30 per cent premium on the share price at close of play on the day of announcement. Completion saw Fiserv take on CheckFree’s electronic systems for online bill-paying. The vendor claimed its systems processed more than one billion transactions a year. Fiserv’s commitment to ICBS looked as strong as ever,


given the reengineering and parallel Linux/C strategy. At a corporate level, there has been a significant push onto the international stage, through generic growth (including the build up of a large Indian development and support resource) and acquisitions, such as that of NetEconomy.


Bank of Kentucky selected Signature; in 2011, Signature was taken by Fulton Financial Corporation and Hudson Valley Bank. For this market, Fiserv also had a new solution for credit unions, Acumen, with a first cut-over for this during 2010 at California-based Christian Community Credit Union. Acumen’s roots were in the Canadian credit union market, having been developed for Alterna Savings between 2002 and 2005. The original branding of the system was iSpectrum but this was changed to Acumen in 2009 around the same time as the US version was unveiled. Of around 30 takers of the solution in 2012, two-thirds were based in Canada. Fiserv appears to be in retreat from some geographies but


moving forward well in others. It does not seem to win deals in Central and South America to the extent it once did, perhaps due to its links to the iSeries (with group president, Thomas Warsop, stating in 2009 there were no plans to move from this platform). One loss in this region came in 2009 at Banca Ficohsa in Honduras, where Fiserv lost out to Temenos with T24.


Nonetheless, more positively, a notable project at


Panamanian start-up Unibank reached its conclusion in mid- 2011. The bank had launched with $50 million in capital - five times the minimum required - in December 2010. Its founder, Joseph Salterio, was formerly CEO of HSBC in Panama. Signature was selected as the bank’s core solution


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


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