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IBS Journal June 2015


Backchat The latest indust ry gossip


Infosys’ Finacle core banking software business made a somewhat unexpected appear- ance at the recent Sapphire conference held in Orlando, US, by rival vendor SAP. SAP and Infosys have a long-standing partnership across a number of areas and industry


comes to banking software they are direct competitors, vying for business around the globe. Infosys has its Finacle core system and e-Finacle for channel banking, whilst SAP has SAP for Banking for core and Omnichannel Digital Platform for the front-end. Both vendors are keen to gain traction in the US market. Both target regional and


deals. SAP is yet to gain a core banking client in the US, with Infosys slightly ahead with one reference, Discover Financial Services. Neither anyone at SAP nor any of the thousands of Sapphire attendees seemed to


have picked up on this clash of interests or minded it. The IBS Intelligence reporter was the only one throughout the event ‘knowing what Finacle was’ and enquiring about its


IBS. A spokesperson from SAP said that the vendor was aware of its rival’s presence, adding that ‘Infosys decides what pieces of its portfolio it wants to promote at Sapphire. This is the reality in an environment where you partner and compete.’


core banking software replacement in the UK? The customer base is surely ripe for ren- ovation, and in certain geographies, such as the Philippines, this is already taking place (Postalbank and Development Bank). The UK has a good number of Midas and Equation installations, particularly among London-based subsidiaries of foreign banks. It is under- stood that at least one bank here is pondering a T24 conversion route, British Arab Com-


Things have become confusing in the search for a core banking system at Sweden- based would-be Shari’ah-compliant banking entrant, Aman Bank. It is still going through the licence process but now hopes to open its doors for business in early 2016 ‘if everything goes well’, according to the bank’s marketing manager, Jan Westerberg. He estimates there are 500,000 Muslims in the country. The bank undertook a core banking system analysis in 2013 and seemed to select ICBS from Lebanon-based BML Istisharat. Indeed, there is an email from the bank’s CEO,


IBS Sales League Table. Everything then went quiet and no more was heard by BML. Now, the bank is eval-


uating core banking systems once more and it is known that Path Solutions is one of those in contention. In relation to BML, Westerberg told IBS: ‘What I know is that they were invited by our consultants to participate in the bidding process for the banking system for Aman Bank but never accepted the invitation. I was quite surprised as they did a very good presentation here in Stockholm some years ago for Aman Finance.’ BML’s CEO, Joe Faddoul, denies that BML was approached this time around and has


sought to clarify the situation with the bank. At the time of going to press, there had been no response.


IN THE NEXT ISSUE


FOCUS: Wealth management solutions and technology – what’s new? CASE STUDY: Independence National Bank pioneers Temenos’ T24 US Model Bank


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