This was touted as a brand new development, with no use of any of the old components or systems. It was launched in 2012, having been initiated a couple of years earlier. The idea stemmed from customer requests for a single system for originating all types of loans, across retail, mortgage, commercial etc, on one platform, said Mark Deese, lending solutions product manager at Fiserv. First National Bank of Long Island (FNBLI), a long-standing user of Signature at the back end, signed as one of the first takers.


At FNBLI, COP was selected in Q1 2012 and the first portion to be implemented was for consumer loans, in Q3, followed by residential loans at the start of 2013. As one of the first takers, there was a fair amount of development undertaken for the bank, said Kick. As it moved into the implementation, there were some aspects that needed reworking or enhancing. ‘This was around some of the logic, who needs what, who has access, data entry, underwriting, segregation. They had


Recent progress


There is no escaping the fact that new name sales for Signature outside the US have been few in recent years and there have been some replacements (Australia-based MyState Financial did so in late 2013, for instance). At home, Vermont-based Merchants Bank did the same in 2013, moving to Jack Henry’s Silverlake. At the same time, there is always chopping and changing among US banks, so in the same year New Jersey- based Investors Bank, with $12.8 billion in assets, signed for Signature (albeit to replace a system that was also now in the Fiserv camp, the Open Solutions-derived TotalPlus) for its 100 retail branches.


Fiserv had another notable UK breakthrough in Q2 2014 when it won the core banking system tender conducted by the Association of British Credit Unions (ABCUL) as part of the government-sponsored Credit Union Expansion Programme. The Credit Union Expansion Programme aimed to add 500,000 customers to credit unions in the UK by the following year by improving the competitiveness


Agiliti


In mid-2014, Fiserv unveiled Agiliti, a new hosted banking services offering for the UK financial sector. It is targeted at new entrants and small and medium-sized existing players. Agiliti is provided by a standalone subsidiary of the vendor – Fiserv Financial Service Technologies Ltd – based in Uxbridge. Agiliti, which is hosted by Blue Chip, is an amalgam of about 18 existing Fiserv products. Signature is the basis of the platform, with Mobiliti for mobile banking, Aperio for CRM and FCRM for risk management along with other smaller components. In terms of products, Agiliti supports current accounts, savings, ISAs and junior ISAs, secured and unsecured lending, and offset, fixed and variable mortgages. The launch came at a time when nearly 30 applicants were


300


some of it but we felt they needed more.’ There remained a fair amount still to do at FNBLI in terms of integration. This included interfacing to the bank’s document management system (Fiserv’s Nautilus) and then to Signature in Q1 2014. By the end of 2013, there were twelve customers under


contract for COP, said Deese, of different sizes, but all were in the US and were at different stages of implementation. There were plans to take the system to a wider North American market and possibly to further international markets as well. The development was done with international markets in mind, he said, and COP could work with any back office system. It is based on Microsoft .Net technology and uses the SQL database server. He claimed it could be applicable to top-tier institutions (e.g. top-ten mortgage lenders) as well as to small community banks, and everything in between. It is offered on both a hosted and onsite basis. The demand for these was proving to be roughly 50/50, according to Deese.


of the sector. The new core system will be shared across credit unions with as many as 82 having been involved in the selection process. The new platform will ‘allow credit unions to deliver savings and loans alongside a full range of transactional products in an integrated and efficient manner’. Specifically, the core will host real-time member accounts for credit unions, including basic accounts, current accounts, budget accounts, savings and loan accounts and interface to ATM and debit card services, allowing authorisation and settlement in real-time. A rare international win for Fiserv was at Merchant Bank of Sri Lanka (MBSL) which signed for Fiserv’s Signature back office system and the Teller front-end solution in August 2017. This is a market where Fiserv has multiple customers such as Bank of Ceylon (BOC), Commercial Bank of Ceylon and Sanasa Development Bank.


working towards banking licenses in the UK. Three takers were announced from the outset, Thinkmoney and Atom Bank among them. The latter is a pure-play digital bank, set up by Anthony Thomson (who co-founded an earlier start- up in the UK, Metro Bank). Thomson is also a non-executive director of Fiserv Financial Service Technologies. Agiliti is delivered on a pay-as-you-grow model, and is sold by module and by customer volume. The cost works out at anywhere between £5 a year per customer to £25 a year for a full range of products and modules, but the exact deal a bank can strike will be negotiable. ‘All customers will be charged at the individual customer level. So a bank can look at the marginal cost and profitability of each customer,’ explained Travers Clarke-Walker, managing director for EMEA at Fiserv.


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


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