IBS Journal February 2016


Abu Dhabi Commercial Bank revamps wealth management ops with Sage’s Prospero


Abu Dhabi Commercial Bank (ADCB) is implementing a new wealth management solution, Prospero, from Switzerland-based Sage SA. The solution will support front-to-back


office operations for wealth management, fund management and administration and private equity at ADCB. ADCB has been working with Sage since 2007, using some of Prospero’s modules for its wealth management business. However, in 2013, the bank went to market in search of a new platform. IBS Intelligence under- stands that a number of vendors respond- ed to an RFP, Sungard, Temenos, Avaloq and Sage among them. It is understood that a decision in favour of an unnamed vendor (not Sage) was made in late 2014, and a lengthy validation phase followed. The project, however, was subse- quently curtailed. ADCB then turned to Sage, with a view


to implement a new version of Prospero to cover a much broader scope, front-to-back office. A new set of licences was purchased


and it was decided to implement the new system afresh rather than upgrade the leg- acy version.


ADCB also uses the MoneyWare Integra


wealth management solution from India- based Miles Software.


Prosperous Prospero The vendor has had a productive year, onboarding new customers for its flagship offering, Prospero, from across the globe. These include UnionBank of the Philippines, which signed for Prospero’s front-to-back office wealth management functionality and portfolio optimisation, and ACE & Company in Switzerland that also took front-to-back modules for wealth management, plus fund management and administration and pri- vate equity.


Sage has also gained two customers for


the hosted version of Prospero: Assurance Financial Group in Australia (wealth man- agement) and GWM Group in the US (fund management and administration). Tanya Andreasyan


In brief


Banking software vendor ICS Finan- cial Systems (ICSFS) has gained a new client in Iraq for its ICS Banks core solution. This is Bank Al-Janoub, a start-up


(the bank is yet to be launched). Bank Al-Janoub will focus on providing Is- lamic banking services, underpinned by the Shari’ah-compliant version of ICS Banks. The contract to implement the


new system was signed in December last year.


A month earlier, another Iraqi


bank, Mansour Bank for Investment, opted to replace its Misys’ Equa- tion core system with ICS Banks. The project was approved by Mansour Bank’s majority shareholder, Qatar National Bank (QNB), which is itself a long-standing user of Equation. ICSFS has an established custom-


er base in Iraq. Among earlier takers of the vendor’s core system is Albara- ka Turk Participation Bank, which has been using ICS Banks since 2011. Tanya Andreasyan


United Mortgage Bank in technology and brand overhaul


Victoria Island, Lagos, Nigeria © Abel Caine, Wikimedia


gage Bank. The ‘United Mortgage’ brand has


been retained so far, but IBS Journal understands that there are plans to intro- duce a new name, Providus Bank. The bank specialises in mortgage financing but states that it has aspirations of becoming ‘a full-fledged financial ser- vices provider in the long term’. The bank is also overhauling its


Nigeria-based United Mortgage Bank is undergoing an enterprise-wide modern-


isation following its recent merger with another domestic entity, Spring Mort-


banking software. In late 2015, the bank signed for a new core system, ICS Banks from ICS Financial Systems (ICSFS). The new solution is set to replace the lega- cy CorePlus system supplied by a small Cyprus-based vendor, Probanx. Tanya Andreasyan


6


© IBS Intelligence 2016


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