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ibs news


IBS Journal April 2015


in the first migration wave to connect. As mentioned above, Keler’s connec-


tivity solution provider is SIA/Colt, and the vendor has been working with the CSD over the last few months. ‘The implemen- tation is done, and we have completed the connectivity tests, meaning that we have a live connection to T2S with our test environments. This was done in December according to the original plan,’ says Matusz- ka. System integration testing between Bancs and the European Central Bank envi- ronment is now underway, ahead of the full migration in September next year. Gian Bruno Mazzi, SVP at SIA, says the


vendor is now embroiled in the first phase of community testing for the first wave of T2S migrations. SIA has a number of users in the first wave, one of the largest being Monte Titoli – the Italian CSD – which will bring more than 50 participants testing the new platform ahead of the June migration date. ‘The complexity is not just the intrin- sic complexity of the system, but also in the numbers and variety of participants in terms of roles,’ says Mazzi. SIA has fought a bitter battle with Swift


over the last few years to secure customers for connectivity to T2S, following the deci- sion from the ECB to grant both companies


status as value added network providers. ‘In Target2, only Swift was able to connect banks and participants, because at that point in time there was no adoption of a clear separation of roles. In T2S, the Euro system has had a goal to open the net- work connectivity, and so they decided to separate the application side of the infra- structure and connectivity side,’ says Maz- zi. This has opened the door for SIA and other providers to break up what he feels is the ‘monopoly’ Swift has on the market. He adds that virtually all direct participants have made decisions now, and it is full steam ahead for the migration phases.


UK challenger bank to launch with bank in a box offering from Tusmor


As exclusively reported by IBS last year, a new online-only challenger bank in the UK plans to launch in late 2015 on the out- sourced technology platform from local consultancy firm, Tusmor. Civilised Bank is the first taker of the ‘bank in a box’ service, unveiled last year aimed at streamlining the launch process for UK banking start- ups. The offering is underpinned by the FMS.next core banking system from Greek vendor, Profile. Tusmor was set up in mid-2012 and


had largely been focused on providing ser- vices to help entrants through the author- isation stages for becoming a new bank in the UK. Tusmor is headed up by Fiona Brownsell, who is now project manager at Civilised Bank, and who previously worked at other UK challenger banks, Ivobank and Metro Bank. The Tusmor solution comprises the


Profile back-end, Aqilla, a cloud-based accounting system, and an anti-money laundering (AML) solution from Sphon- ic. The hosting partner is NIU Solutions. Although Civilised Bank is the first taker of this solution, Profile does have a UK refer- ence site for FMS in the form of peer-to- peer lending specialist, Elevate Capital. This entity was mooted for launch last year, although its website indicates it is still in beta testing, with a launch date not spec- ified.


Civilised Bank will initially provide © IBS Intelligence 2015 www.ibsintelligence.com 11


business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans. It also intends to address the UK mass retail market with specific savings and investment products. Rather than having a physical branch


presence, Civilised Bank will depend on a network of bankers dotted around the country to support customers. At launch it expects to have six to ten managers cov- ering southern England and the Midlands, with plans to add more. The bank is now in the pre-application phase for a banking licence and is hoping


to fully launch at the end of the year. According to the Daily Telegraph, it has raised enough capital to steer it through the licensing process, after which it will look to tap investors and private equity for further financing. Civilised Bank has also unveiled its


management team. Gordon Dow, former head of private banking at Santander, will head up the venture as CEO. Hazel Hellier will be chief business development officer and head of business banking, joining from Handelsbanken UK. And finally, Will Banks, formerly of HSBC, Santander, Deutsche Bank and Lloyds, will serve as CFO.


IN BRIEF


Infosys’ recently established subsidiary, Edgeverve, is believed to be penned for a merger with Infosys’ Finacle business unit. Local media has reported that the two out- fits are to be merged under the leadership of Michael Reh, who is currently head of Finacle. Edgeverve was set up last year to provide cloud-based software and services across multiple verticals, including the financial services and banking industry. The company operates from Bangalore and Pune and employs around 600 people. The Finacle unit is a much larger operation with a headcount ten times larger than that of Edgeverve. Infosys declined to comment. Just a month or so ago, Infosys announced the completion of another large-scale


merger, as it folded its Switzerland-based business, Lodestone Management Con- sultants, into Infosys’ own consulting division. Lodestone, which had 1000+ staff and presence across 17 countries, was acquired by the Indian vendor in 2012 for around $345 million.


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