IBS Journal June 2015


WHO? Bancolombia WHAT? Fatca solution from AxiomSL


Bancolombia is implementing a new Foreign Account Tax Compliance Act (Fatca) reporting solution from Axiom- -


bia, Panama, El Salvador, the Cayman Islands and Puerto Rico. Alex Tsigut- kin, CEO of AxiomSL, says that the bank has been working for about a year with the vendor on its ‘regulatory report- ing solutions and technology strategy’, but the implementation to support the Fatca requirements is a new project. However, he adds that already having AxiomSL on the regulatory reporting side is an advantage, ‘as there is already a lot of detailed, granular-level infor- mation in the system, on transaction- al level and all the customer data. Plus, there is an opportunity to share tech- nical and expertise resources. So it just made sense for Bancolombia to deploy our Fatca solution as well.’ AxiomSL’s software enables the bank to consol- idate and reconcile data across siloed departments through one strategic


reporting platform and leverage Axi- omSL’s template services, Tsigutkin states. The project is in its early stages,


made to the bank’s Cayman Islands location, says Stas Zeitlin, SVP and head of US application development at AxiomSL. The deadline for comple- tion here is 31st May. The roll-out to the remaining four locations will be com- pleted by 30th September this year. In parallel, Bancolombia has been


carrying out ‘a very complex project of integrating its CRMs to do the required


country, plus separate systems with- accounts. Each has its own format and


above is a ‘major challenge’ for the bank, Zeitlin observes. ‘We are dealing with about eleven CRMs.’ He feels that AxiomSL’s experience in this area was a


deal. ‘This is our bread and butter.’ Fol- lowing the harmonisation initiative, the -


tering, which is a separate process. ‘The biggest challenge for all insti-


tutions, not just Bancolombia, is when Fatca becomes CRS [the Common Reporting Standard, often informally referred to as Global Fatca], with mul- tiple jurisdictions having to report to multiple jurisdictions,’ Zeitlin muses. ‘CRS will bring additional complexity – multiple sending and multiple receiv- ing jurisdictions. So you can imagine


will have to create. The data organisa-


and data should be clearly partitioned, so that if regulation in one jurisdiction changes, it should not impact all oth- er jurisdictions. Otherwise all the ETL [extract, transform, load] processes will have to change and that means a lot of additional work and regression testing.’


WHO? Qantas Credit Union WHAT? Infosys’ Finacle core banking system


Infosys with its Finacle core banking sys- tem is the latest supplier to make strides towards cloud delivery. It has teamed up with Microsoft for Finacle on Azure and has signed a deal with Qantas Cred- it Union in Australia for a private cloud deployment. The deal at Qantas Credit Union


is for private cloud, rather than Azure, but represents a notable breakthrough for Infosys in this sector. Qantas Credit Union is one of the largest in Australia and is interested in attracting non-em- ployee customers and competing with the large banks. The deal spans core banking, e-banking, mobile, digital and Infosys’ Edgeverve digital contact centre -


ing up the integration of Finacle and Edgeverve, and the company is now awaiting the shareholders’ approval to


merge Edgeverve with the Finacle unit. The project at Qantas Credit Union


is intended to take three years and will be done in three phases. There are a number of innovations planned, includ- ing a digital wallet, peer-to-peer lending


Meanwhile, the partnership with


Microsoft has an initial focus on the cloud for testing and development, plus a ‘cloud bursting’ option, whereby Azure could be used to cope with peak vol- umes. ‘Azure is gaining a lot of traction in the marketplace,’ says Amit Dua, VP and regional head, advanced markets and global accounts, for Finacle, and he feels it is catching up fast with Ama- zon Web Services. Infosys will probably also make Finacle available on the lat-


There are no takers of the Azure


option to date but lots of conversations following a recent launch to custom- ers, says Dua. The interest in both the testing/development and ‘cloud burst- ing’ aspects is across the board, he says, although it is clearly only smaller insti- tutions that are currently interested in a full production deployment. In another announcement to cus-


tomers, Infosys has unveiled a monitor- ing service called Assure. This is using a tool from a Bangalore-based specialist that was set up by a number of ex- Finacle developers. It provides analytics as well as alerts, says Dua, to provide proactive insights into performance. ‘Every bank needs to potentially deploy this service and we want it to be a stand-


© IBS Intelligence 2015


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