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NEWS Suncorp wraps core banking overhaul
core banking overhaul initiative is complete. It initiated this in 2011, signing for a range of solutions from Oracle, including OBP (the vendor’s new high-end core banking offering), Flexcube for trade finance and Oracle CRM. The CRM component cost around AU$9 million and is already up and running.
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Project Ignite, the brainchild of former CIO Matt Pancino who earlier this year announced he was joining Commonwealth Bank, has an estimated cost of AU$270 million and is intended to bring a reduction in the bank’s cost/income ratio of at least 4%. It involved the decommissioning of no less than 12 legacy systems. The bank scheduled completion for July and has declared that the new platform is now underpinning its customer, collateral, collections and loan origination processes.
It’s not all sunshine and rainbows, however, as Suncorp Milestone for Samsung Pay
Samsung Pay mobile payments service have racked up over 100 million transactions. It launched in South Korea in August 2015 and in the US in September of that year. So far this year, it has appeared in Spain, Singapore, Brazil and Australia. The service is also set to launch in South Africa in 2017. In South Korea, more than $1.78 billion has been processed, according to the mobile manufacturer.
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“Nearly 11 million cards related to value- added services, including membership, ATM and transit
cards have been registered, demonstrating the clear shift in amsung has announced that users of its
consumer behaviour and benefits Samsung Pay brings to users in South Korea,” it says in a statement. “Users can add membership cards, gift cards and redeem coupons, and today there are more than four million registered membership cards in the US and South Korea, providing more convenient and flexible payment experiences in users’ everyday lives. Samsung Pay also continues to add banking and merchant partners across the globe, with more than 440 bank issuers currently supported by the service.”
Injong Rhee, CTO and Executive Vice President of Software and Services at Samsung, says that the firm’s ambition is “to reach a world without wallets”. “Since its introduction a year ago, Samsung Pay continues to lead mobile payments by providing services that are simple, secure and virtually anywhere,” he adds.
Alex Hamilton uncorp has announced that its Project Ignite
is still to move its deposits and transaction banking across. This process will occur over the next few months. “The new core banking platform has delivered a simplified and resilient technology infrastructure,” the group says in a statement. “It provides agility and decreased time to market for new products and offerings, including the delivery of innovative and digitised banking services.”
Alex Hamilton
www.ibsintelligence.com © IBS Intelligence 2016
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