ibs news: us round-up


IBS Journal September 2015


Fox Chase Bank ends hunt with Jack Henry’s Silverlake core banking system


Pennsylvania-based Fox Chase Bank has chosen Jack Henry Banking’s Silverlake core processing system as it seeks to strengthen its $1.1 billion commercial banking operations. IBM-based Silverlake will support all


main operations of the bank and will be supplied on an outsourced basis via Jack Henry’s outsourcing division, JHA Outlink Processing Services. The conversion is scheduled to take


place in Q4 this year. Fox Chase says it wants a ‘core partner


that would support its new business strategy and help it grow with economies of scale’. Pennsylvania-based Fox Chase has


converted its operations during the past ten years from a mutual thrift (mutu-


al savings bank) focused on residen- tial mortgages to a commercial bank for ‘middle-market growth companies and real estate investors between Baltimore and New York City’.


As of 31 March 2015, Fox Chase says


it achieved an eight-year compounded annual growth rate of 32 per cent for its commercial loans.


Antony Peyton Virtus chooses Sungard for new hedge fund service


Texas-based Virtus Partners LLC has opted for Sungard’s VPM solution for its launch of a new hedge fund administration service. The service is built on Sungard’s VPM


portfolio accounting and reporting solu- tion, part of its Hedge360 suite. Virtus Partners says it is combining


its credit and fixed income strategies and


automated platform for handling bank loans with the platform. It also claims that its clients’ middle- and back-office functions will be fully supported as they trade into and out of positions. Sungard launched Hedge360, which


combined Front Arena and VPM, in Febru- ary 2012 as a dedicated hedge fund/alter-


Infosys teams up with Payveris and Verizon to target US market


Infosys has joined forces with Payveris, a digital payments company, to provide payment solutions to banks and credit unions in the US. It has also gone public on a tie-up with Verizon. Finacle will be integrated with Payveris’


modular, open API-driven Digital Payments Platform to offer cloud-based banking ser- vices – including bill payments, interbank transfers and person-to-person payments. Meanwhile, the partnership with Verizon has been on the way for some time, whereby its Finacle core banking system plus e- banking and mobile front-ends will be offered to US community banks on the cloud via New York-


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based telecom specialist, Verizon. The platform to underpin this is Verizon


Cloud, described as a free storage ser- vice that lets subscribers back up contacts, photos, videos, music and documents. The Finacle suite will be offered on a ‘pay-as-you- go’ basis. It is the latest attempt by Infosys to


penetrate the US market. Its main inroad to date has been at domestic direct bank, Dis- cover Financial Services, where there was a first cutover late last year for deposits, with support for consumer loans (2015) and stu- dent loans (2016) to follow. The two companies have said that


© IBS Intelligence 2015 www.ibsintelligence.com


other Finacle components might be added to the service over time, so too ‘value- added services’ from Infosys partners. Another domestic institution working


with Finacle is Boston-based Eastern Bank, which is implementing the Finacle e-banking solution for its retail and com- mercial banking customers. It is moving to an in-house deployment of e-Finacle from an outsourced solution provided by FIS. Amit Dua, vice-president and regional


head at Infosys, has commented that the US banks want to ‘break the shackles of leg- acy outsourcers’.


Antony Peyton


native asset management suite. Add-on products are offered and there is also inte- gration with ‘all tier one brokers and trade execution systems from all major execut- ing brokers and with primary EMS/OMS systems’ as well as fund administrators, claimed Dae Kim, director of Hedge360. Antony Peyton


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