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for this was thought to be that the four savings banks that owned the company (Caja Navarra, Cajasol, Caixa Penedes and Caja Duero) decided to stop investing in this non-core area of business. Infodesa had a client base of around 25 customers in Spain, including its four owners, for a core platform. In parallel, Indra had embarked on a core system


development in 2006 at Caja Madrid, the fourth largest savings bank in Europe at that time. The R&D phase was apparently completed for the Java-based offering by 2010. However, in December of that year Caja Madrid became one of seven regional banks to be merged to form Bankia, creating Spain’s fourth largest bank. In 2010, Indra took the opportunity to incorporate


resources and core expertise from Infodesa. The Itecban suite, which Indra is now seeking to bring to market, is a combination of the two initiatives. It is meant to cover core banking, trade finance, collections, regulatory reporting framework, wealth management, channels and treasury. There is also Incita, set up as Duna Innovation &


Technologies in 2008 with presence in Navarra (Northern Spain) and Madrid. Incita is a scientific institute of innovation and applied technologies. Its back office offering is based on Caja Navarra’s in-house developed core banking system (this Spanish bank was later acquired by Caixabank). The implementation at Caja Navarra was carried out over 20 years ago and was maintained via a joint venture between domestic providers including Accenture, Ibermatica and Infodesa. Duna Innovation & Technologies was rebranded in 2010 and started to operate as Incita. At this time, Caja Navarra acquired a 15 per cent stake, which enabled the vendor to acquire and revamp the bank’s core banking system under the name of iBest. Notably, Portugal-based Banco Espirito Santo (BES) went live with iBest in late 2012 to support its private banking operations in Spain (BES has 270+ Spanish branches and offices, serving over 400,000 customers).


One other local player is Rural Servicios Informaticos (RSI), the captive core banking system provider of Grupo Caja Rural in Spain. In 2011, it set up a new company, Nessa Global Banking Solutions, to sell its newly branded core banking offering, Abside Core Banking, internationally. RSI’s initial system was known as Iris, which was developed by Caja Rural and IBM in the second half of the 1990s. Members of Caja Rural migrated to the system from 1999, with most doing so around 2002. A number of other banks use the RSI platform, including the Spanish operation of Dutch ethical bank, Triodos. There have been treasury selections in Spain, of which


BBVA’s choice of Calypso in 2012 was notable, followed by the aforementioned 2014 win for the same vendor as a result of the joint decision by the central banks of France and Spain. Swiss vendor Avaloq has been building a reasonable


presence in Spain of late. Conversion projects started in 2012 at Banco Privada d’Andorra (BPA) Global Funds Asset Management and Banco Madrid, a private banking subsidiary of BPA. Avaloq also has presence via a broad deal with a Swiss banking outfit, Pictet. The bank is a decade- long user of Avaloq in Switzerland and has been rolling out the system across its international locations, including Madrid and Barcelona. Avaloq then added Madrid-based Banco Alcalá, which specialises in global asset management for private and institutional clients, in early 2013. The bank belongs to the Crèdit Andorrà Group (a 2011 acquisition), which has been using the Avaloq Banking System since 2008 in its home market. In 2015, Misys won a deal for FusionBanking Essence & Digital in 2015.


Switzerland


There are 300 or so banks in Switzerland, of which around half are foreign banks. The big two domestic players – UBS and Credit Suisse – have around half of all assets. There are 24 regional Kantonalbanks, of varying sizes, with an asset share of 16 per cent, then with Raiffeisen banks, asset management banks, regional savings banks, and others. The domestic bank market outside the big two banks is


dominated by Avaloq and Finnova, with hosted solutions as well as licence-based ones. Sungard (Apsys/Ambit Private Banking), TCS and ERI (Olympic) have user bases that are primarily private banking in nature but with some users having limited retail and SME banking as well. The challenges for non-Swiss players is well reflected in


Temenos’ lack of Swiss penetration, despite the fact that its HQ is officially here. There are some users of Viveo-derived software, with Temenos seeking to push T24 for these since buying the French supplier. Temenos’ win at Swissquote in 2010 was a conversion from one of Viveo’s older systems, NewBanking (Viveo itself had been fairly acquisitive over the years) and was notable for being the first to sign for the Java version of T24. Less good news for Temenos was that Deutsche


Bank’s Swiss subsidiary decided to abandon its T24 implementation, outsourcing its back office operations to Avaloq in mid-2013. Deutsche Bank’s intended worldwide roll-out of T24 for private banking/wealth management operations seems to have shrunk to the UK and Channels Islands sites only (with these believed to be on the replacement route as well). There has been a bit more activity in the Swiss private


banking sector in the last few years than in the previous few. Avaloq had three wins in 2011, comprising Banque Cramer & Cie, Falcon Private Bank and Centrum Bank. It did better still in 2012, with four wins in its home market. Fellow Swiss vendor, Sage SA, had a win in Switzerland in 2011 (Probus) and added two more deals here in 2012. Sungard’s Ambit Private Banking (formerly Apsys) gained


Market Dynamics Report www.ibsintelligence.com 269


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