IBS Journal September 2015


WHO? LUKB Expert Fondsleitung WHAT? Cloud-based Xentis system from Profidata


Switzerland-based Luzerner Kantonal- bank’s fund management subsidiary, LUKB Expert Fondsleitung AG, has chosen Profidata Group’s Xentis system. The subsidiary has gone for the host-


ed variant, Xcloud, and its decision was based on the compliance requirements of the Swiss Financial Market Supervisory Authority (FINMA). LUKB Expert Fondsleitung says Xentis will be the main platform for fund adminis- tration and bookkeeping. It will also allow them to control investment limits and be used in the modelling of regulatory report- ing, such as statistics for the Swiss National Bank, key investor information documents (materials providing information on suit- able funds – including potential rewards and risks), stamp ledger, and annual and semi-annual reports. LUKB Expert Fondsleitung was estab- lished in 1996 and today manages assets of CHF2.8 billion ($2.9 billion). Its parent was founded in 1850 and is based in Lucerne. It has total assets of about CHF29 billion ($30.3 billion) and a staff of approximately 1000.


Lucerne, Switzerland © Simon Koopmann, Wikipedia Luzerner Kantonalbank uses Avaloq


as its core banking system, which in turn was utilised as a model bank version by another Swiss cantonal bank, Basler Kantonalbank. Profidata is a Swiss provider of invest-


ment and wealth management software, and has found previous success in its home country. Its users include Zurich-based PMG


Fonds Management, which implemented the Xentis platform on a cloud basis last


year, to support its fund accounting and reporting. The vendor is also active in other


German-speaking countries of Europe, and a few years back attempted to break into the UK and Ireland markets, albeit with no tan- gible results to date. One of the vendor’s key customers, Germany-based Metzler Group, provides Profidata with its only reference site for Xentis outside continental Europe – in Ireland, where the bank has a subsidiary. Antony Peyton


WHO? Nainital Bank WHAT? Fincraft Core Banking from Nelito


Nainital Bank in India has signed as the first taker of the ASP.Net-based version of the core banking system from Tata Group subsidiary, Nelito. The 122-branch commercial bank, a subsidiary of Bank of Baroda, plans to implement the new version when it becomes available early next year. The bank is broad and operates in


Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan. It was one of the first banks to sign for Nelito’s system, which is brand- ed as Fincraft Core Banking. The retail-oriented system is now used


by 48 domestic banks, with the 1000- person company currently looking to take the offer- ing to international markets (see IBS Journal, June 2015, for further details). The system was written in Visual Basic but all users are now on a VB.Net version. Nainital Bank moved from a decentral- ised to centralised version of the system in


provides broad services, including around Infosys’ Finacle core banking system, and a Swift bureau). Until now, Nainital Bank has been


Punit Jain, Nelito


2009, in line with government guidelines, says the bank’s chairman and CEO, Suresh Kumar Gupta. All branches were migrated in a four-month period. ‘For a bank of our size, this system suf-


fices and is very cost-effective,’ says Gupta. Almost all of the bank’s activities run on the one system, he says. Nelito constitutes a partner, more than a supplier, he adds, and the relationship includes provision of the bank’s underlying technology (as well as its Fincraft range of applications, Nelito


© IBS Intelligence 2015


comfortable with the VB version, says Gup- ta, ‘but every technology has its limita- tions’. The business case for the upgrade has been approved by the bank’s board and he expects a decision on timescales by the end of the month. Nelito CEO, Punit Jain, says, ‘Nainital Bank is one of the biggest customers of Fin- craft CBS. Most of the branches are in the Himalayan mountainous state of Uttara- khand. We have been supporting them since 2004, when they were on our TBA solution. Besides Fincraft CBS, the bank is using many other solutions from Nelito, such as Auto- mated Data Flow-XBRL, Internet Banking, and ALM. We now look forward to upgrading them to our new ASP.Net CBS next year.’ Martin Whybrow


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