IBS Journal October 2016
23
WHO? CAPITAL SMALL FINANCE BANK WHAT? INTELLECT TECH
Intellect Design Arena as its technology partner to drive the FI’s digital transformation initiative. India’s first small finance bank, it will deploy Digital Core Banking, Trade Finance, Debt Management, e-banking, Payments, Treasury, Alerts, Tablet Banking, Smart Branch, Liquidity Management, and Anti Money Laundering (AML) from the Global Consumer Banking division of Intellect.
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Capital Small Finance Bank started operations in April, with a focus on rural areas. The Jalandhar-headquartered outfit previously operated as Capital Local Area Bank with 47 branches in five districts of Punjab. It opened 10 branches in Punjab upon launching and plans to add nine more in 2017. It is among 10 organisations that were given in-principle approval by the Reserve Bank of India (RBI) to set up small finance banks. Sarvjit Singh Samra, Managing Director, Capital Small Finance Bank, says: “We
WHO? US FIS WHAT? TEMENOS SOFTWARE
emenos has secured the signatures of no less than 16 financial institutions in the US for its account, loan origination and recovery software. The deals have been made through its subsidiary Akcelerant, a specialist local vendor acquired in early 2015 for both its software and its extensive client list. Among the list of takers is Alaska’s Credit Union 1, a firm with around $924 million in assets and the state’s second-largest financial cooperative.
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“By consolidating platforms we have been able to break down the silos between our departments, foster collaboration across divisions, and streamline our processes,” says Terri Colson, Senior Product Manager at Credit Union 1. Temenos, adds Colson, were able to show several major areas” where their systems could be
apital Small Finance Bank has selected
selected Intellect as our technology partner based on their domain strength and the rich functionality of their products. This project will accelerate our efforts to provide next-gen banking experience to more customers in rural and semi-urban areas.”
Scott Thompson
improved and made more efficient. Additionally, the firm “really connected with [the Temenos] philosophy.”
At the time of the acquisition of Akcelerant, the company had a client base of around 600 organisations. The former CEO of Akcelerant, Jay Mossman, is now CEO and President of Temenos North America. Mossman claims that 60% of credit unions with over $1 billion in assets in the US run Akcelerant’s software, and that 75% of its revenue is recurring. The acquisition came with a $50 million price tag, with a further $5 million due subject to an earn-out over the next three years.
Alex Hamilton
www.ibsintelligence.com
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