IBS Journal January 2016


Who’s bought what? WHO? Cosmos Co-operative Bank WHAT? BPC Banking Technologies’ Smartvista suite


BPC Banking Technologies will replace India-based Cosmos Co-operative Bank’s existing Electra-based legacy payment platform with its Smartvista suite. BPC says Smartvista was chosen after


an evaluation process with five other unnamed companies. The first roll-out of services – online


secure ecommerce solutions – was sched- uled to go live in late 2015. Full launch of all services is expected to be completed in the first quarter of 2016. The Smartvista suite will ‘enhance’ the


ATM and POS management and also intro- duce card management capability for debit and prepaid cards. Vasant Manwadkar, CIO of Cosmos


Bank, says that Smartvista was chosen for


its functionality and ‘more importantly it was BPC’s approach and willingness to work with us in a flexible manner’. BPC will manage this turnkey pro-


ject with deployment of Smartswitch, SmartATM, Smartissuer, Smartguard, Smartmerchant, Biometric as well as e-commerce solutions covering online transactions. The Cosmos Co-operative Bank was established in 1906 and is one of the oldest urban co-operative banks in India. It uses Infosys’ Finacle core banking system across its 147 service outlets.


The Smartvista story Smartvista has enjoyed an international uptake over the last couple of years.


Among recent takers is Vietnam-based


TienPhong Commercial Joint Stock Bank (TP Bank), which is replace its legacy card and payments systems with Smartvista. Bank-owned ETH Switch in Ethiopia


selected the Smartvista payments engine in 2014, ahead of plans to launch a new national ATM switch. Moscow-based Russlavbank – founder


of the Contact payment system, Russia’s first money transfer system – launched a new processing centre with Smartvista. The Palestine Monetary Authority


(PMA) rolled out Smartvista as part of the country’s payments infrastructure transfor- mation. The PMA hopes to establish itself as a central bank.


Antony Peyton WHO? RenMoney WHAT? Mambu’s cloud-based core banking system


Nigeria-based finance firm RenMoney has opted for Mambu as its new core banking solution. The firm, which offers same-day loan


origination and disbursement to more than 18,000 customers across Lagos, select- ed the Mambu service due to its need to streamline the release of products and improve its integration. RenMoney migrated its existing port-


folio and customer data in less than three months, according to Mambu. The firm was aided by a team from the vendor and a third-party technical partner in the UK. Formerly known as RenCredit, RenMoney


was something of a pioneer in Lagos, being the first regional lender to use cloud-based technology from a core banking vendor. The decision to use the cloud, chairman


George Taylor told IBS Journal in 2012, was due to the country’s power grid being unre- liable. Having an internet-based service, he said, meant that downtime was minimised and the firm was less reliant on power. That original cloud project was undertaken


22 © IBS Intelligence 2016


with Temenos’ T24 core solution (a 2012 deal), supplied through the Microsoft Azure cloud. Now, though, the system is being replaced. ‘We evaluated a number of solutions


and found Mambu to be the ideal partner over our existing cloud-based traditional core banking solution,’ says CEO of RenMoney, Graham Lee.


With the foundation of ‘a reliable and


dependable core banking system’ RenMoney will be able to focus on innovation and improving customer experience, says Mambu. Two other wins for Mambu this year


have come in the shape of SME lending start-up Reparo and Ferratum Group.


Alex Hamilton


WHO? BNP Paribas Securities Services WHAT? Simcorp Dimension asset management system


BNP Paribas Securities Services is implementing Simcorp Dimension for its accounting operations. Denmark-based specialist vendor


Simcorp says it was selected after a ‘rig- orous’ evaluation process. Philippe Ricard, global head of asset and fund services at BNP Paribas Securities Services, says the platform will allow it to ‘further automate and


streamline accounting processes’. BNP Paribas Securities Services has a


local presence in 34 countries across five continents. At 31st December 2014 it had: $8,950 billion of assets under custody; $1,717 billion of assets under administra- tion; and over 8,100 administered funds and 8,800 employees. It is a wholly-owned subsidiary of the BNP Paribas Group. Antony Peyton


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