g
Head office: Patio Plaza, chemin de l’Etang 72, CH 1214 Geneva/Vernier, Switzerland Tel: +41 22 342 12 29 Email:
eri@eri.ch Other offices: London, Luxembourg, Paris, Singapore, Switzerland (Lugano, Zurich) Website:
www.eri.ch Contact: Nicholas Hacking, head of sales. Email:
nicholas.hacking@ldn-eri.co.uk Founded: 1989 Ownership: Privately owned Number of staff: 530+
phased move to Java and XML, with the embrace of IBM’s Websphere and full browser support. For Islamic transaction processing the system supports Al wadiah account, Murabaha, Sukuk, Mudaraba, Musharaka, Ijara, Salam, Istisn’a, trade financing and syndication. 2009 was a notable year for the vendor as a move off the IBM iSeries, first mooted some years earlier, was announced in Q3, with ERI stating that Olympic would be available on Unix and Linux with Oracle from the following year. The Cobol core remained but all of the database access aspects had been removed and the supplier had added a ‘Java envelope’ which allowed functionality to be called as a service. The core had been ‘cleaned up’, said Michel Mathys, head of sales and marketing at the time. The breakthrough win duly came in early 2010, at Bank Al-Maghrib, the central bank of Morocco. However, although the switchover was initially planned for the same year, it is believed this did not actually occur until 2012. In ERI’s Swiss stronghold there has been heightened competition
from the likes of Avaloq and Sungard. Indeed, ERI lost out to the latter at the final stage of a selection at Switzerland’s first Islamic bank, Faisal Private Bank, in 2006/07. By 2012, ERI was now seeking to offer Olympic on an ASP basis in its home market and had tied up with a local company, Change-IT, to facilitate this. Partnerships were
also forged with two other Swiss companies around the same time, IMTF and Sofgen. Working with partners was something that ERI was seeking to do increasingly, having been fairly closed to this before. However, the Swiss and Luxembourg markets were no longer expanding so ERI used its bulk to move into other areas. In 2010, the vendor gained three new name wins: two in Morocco and one in Angola, hence all outside of its traditional strongholds. In 2011, ERI again gained three new name wins, with one of these also coming from Morocco and another from Nepal (Nepal Rastra Bank). The following year then saw ERI gain a first taker for Olympic in Indonesia. This came in the form of Mandiri Sekuritas, the securities brokerage subsidiary of the country’s largest bank and the third taker for the Unix and Oracle version of Olympic. The vendor’s next central bank success came in September 2012, with Banque Centrale de Djibouti choosing Olympic to manage its transactions, institutional customers and the operation of accounts. Along with Mandiri Sekuritas, this was ERI’s only new-name deal in 2012. March 2013 saw the use of Olympic broadened at another customer site, with SEB, already a user in Singapore, Luxembourg and Switzerland, opting for the solution to be installed at its private banking business in Norway. Go-live was scheduled for October
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company details
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