UK and other plans


Meanwhile, Sungard’s Apsys-related UK plans were progressing, with these focused on the migration of users of Sungard’s old PAL system. The first two PAL clients to sign for Apsys, JO Hambro and Williams de Broë, took the initial beta release. This included UK compliance, with the Capital Gains Tax portion provided through integration with a solution from a UK supplier, FSL. The initial release also had support for UK products such as PEPs and ISAs. The second phase mainly added specific enhancements requested by JO Hambro. Apsys is also being pushed for non-PAL users in the UK. What appeared to be the first of such wins occurred in 2005 when Dexia Private Bank took the UK version of Apsys to replace its existing in-house system. However, shortly afterwards, in January 2006, Dexia sold its UK private banking business to Rathbone Brothers plc, and the bank migrated to Rathbone’s platform later in the year. A few of the PAL users have now fallen by the way-side due to acquisitions.


A notable signing in late 2006 was the first Islamic private


bank to be given a full banking licence by the Swiss Federal Banking Commission, Faisal Private Bank (Switzerland). The bank obtained its licence in August 2006, with the Sungard contract being agreed in December, the vendor having defeated ERI in the final stage. Although the bank planned to operate on a purely Islamic model, Sungard did not foresee the need for any modifications of the solution to allow the bank to run its operations in Switzerland. Apsys already had a profit calculation engine, so much of the ‘Islamicisation’ would be achieved through parameterisation. The sole new name success for Apsys in 2007 came with the signing of Geneva-based ACH Securities (although this has since gone bankrupt). Sungard was thought to have seen off competition from ERI and a local BPO provider. However, it was a much busier 2008 from a sales perspective, somewhat bucking the trend within most other suppliers. New recruits included Baumann Bank, Banque de Dépots et Gestion, MIG, CMB Private Bank and one off-the-record bank in Switzerland. Within a reorganisation in 2007, whereby the fragmented


Retrenchment


Following a relatively busy 2008 in terms of new-name deals, 2009 was once again quiet, with just two new customers signing for Apsys. These were Finter Bank (which had acquired an existing user of Apsys, Hugo Khan Bank) and Medibank. Both signed in the third quarter of the year. While none of the private banking system suppliers had a great time of things, the slump was more pronounced for Apsys than for any of the other mainstream private banking systems. The new-name haul for 2010 comprised three small Swiss private banks – Neue Helvetische Bank, Bank Gutenberg and Banque Safdié, albeit with the latter then being bought by Bank Leumi in the first half of 2011. On the product front, Sungard was working on enhanced CRM and mobile support. It was also adding a full ASP/Software as a Service (SaaS) version from a data centre in Zurich and had implemented its


718


Sungard divisions were condensed into twelve business segments, Apsys and Symbols were placed in the core banking unit. Using associated solutions in areas such as treasury and risk management, it would seek to ‘build a broad, world-class, universal banking set’, said Sungard’s Asia Pacific president, John Wilson, to compete with the likes of Temenos and the Indian suppliers. This all came together in 2008 in the announcement of Ambit, the overall branding for the product set and strategy.


The Apsys business has operated against a backdrop of


corporate changes and upheaval. Sungard was acquired by a consortium of venture capital companies in the first half of 2005, thereby ending its time as a listed company. There was then a succession of losses ($570 million in 2010, $1.1 billion in 2009, $242 million in 2008, $60 million in 2007 and $118 million in 2006). Sungard president and CEO, Cristóbal Conde, departed in June 2011. There have continued to be acquisitions, but ever more small-scale, with this stated as the way forward by Conde’s replacement, Russ Fradin. In March 2015, Switzerland-based Incore Bank teamed


up with Sungard and its private banking software business to launch a full business process outsourcing (BPO) service to banks in Switzerland and Lichtenstein. The latest offering is end-to-end, i.e. it includes front-end capabilities, such as tools for relationship management. Sungard provides its software Ambit Private Banking and expertise in hosted solutions. The vendor provides this service to around ten banks in Switzerland, while Incore Bank is a transaction bank that deals only with other banks, and offers custodial and brokerage services.


In May 2015, Lugano-based PKB Privatbank, in Switzerland


replaced its 30-year old home-grown core banking solution with Sungard’s Ambit Private Banking system. The go-live happened in April. They’ve had minor crises here and there a few times, but there has been no major blockage so far.


Market Map funds management solution here as part of the overall solution.


In Q4 2010, Sungard’s Zurich-based outsourcing on- demand centre was launched and by the end of 2012, four banks were using this service. Among these was Saxo Bank, a long-standing Apsys user of an in-house model, which opted to outsource its IT to Sungard. Outsourcing has become ‘a major trend’ in Switzerland over the last three years, observed Bardini. ‘If we look at Switzerland, there are around ten to 15 selling cycles a year, with the banks changing their core banking and auxiliary systems. Three years ago, you’d have one or two RFPs that would have an outsourcing component, but now about 60 per cent of RFPs contain it,’ he said. ‘We plan to double every year the number of clients in our data centre.’ However, uptake has subsequently not been as high as anticipated. The main areas of focus for Ambit Private Banking are Switzerland, Luxembourg and the UK, as well supporting


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


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