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also included TCS and Infosys (with Bancs and Finacle respectively), Cognizant (with SAP) and US supplier, General Dynamics. There has been some chopping and changing at


the lower end of the UK market in the last year or so. For instance, Newbury Building Society and Furness Building Society took MSS in 2013, the former opting to move from the Yorkshire platform, the latter from Skipton Building Society. Dudley, Loughborough and Ipswich Building Societies also needed to move from the Skipton platform and opted for Unisys’ UFSS. Oracle FSS and Temenos tend to have the UK operations


of foreign banks as users (mainly focused on corporate banking but some with retail banking, typically for ex-pat communities). Infosys saw an abrupt end to a roll-out of Finacle at mid-tier bank, Co-operative Financial Services, which announced a £151 million IT systems write-off for 2012 (albeit with this entity hitting severe wider problems at this time). The larger Nationwide Building Society has belatedly successfully implemented SAP for Banking and this could put pressure on other UK banks to replace their systems.


One small UK bank that went off at a tangent was Crown


Agents in 2012, giving Sungard its only deal of the year for its Ambit Core Banking System (and its only deal to date in Western Europe). Avaloq has encroached on the UK market in the last


few years, in terms of sales and headcount. It started with a project at RBS Coutts and its subsidiary, Adam & Co (not counted in the Sales League Table because the bank was a long-standing customer elsewhere). It made further ground in the country in 2010, at Rothschild Private Banking & Trust. Barclays, a customer of Avaloq outside the UK, selected


the Avaloq system in 2011 for its domestic private banking/ wealth management operations and went live in December 2013. It integrates with the Charles River offering at the front-end. In 2013, Avaloq added Canaccord Genuity Wealth Management (CGWM), which is replacing the legacy back office system, Flagship (supplied by 3i Infotech), and a portfolio management system from a UK-based specialist supplier, Pulse Software Systems. The tier one UK banks are burdened by legacy


infrastructures and have started to suffer some serious outages and glitches, such as at RBS/Natwest in November 2013, leading to embarrassing headlines in the national press. However, swathes of new regulations could put a dampener on demand from UK institutions of all sizes for the short to mid-term. The UK has been an important market for treasury and


capital markets systems over the years and there have been some sales in this sector over the tough recent years. At the higher end of late looked to have been Calypso’s win at LCH.Clearnet in 2012 and the selection of Murex’s MX.3 by Royal London Asset Management in the same year. Sungard’s Ambit Treasury Management/Quantum brought


in Aldermore Bank and Sainsbury’s Bank in the UK in 2012, with three more deals added in 2013. The Spectrum offering from US-based FSS was an important offering in the lower end UK market, reflected in five deals in 2011. However, perhaps not helped by takeover talks, it added only one more UK win in 2012 and no wins are known in the UK since it was added to the myriad applications of Wall Street Systems/Ion Trading. Calypso had one win in the UK in 2013, Murex had a couple. One of the latest start-ups, Hampden & Co, chose a


hosted version of Flexcube in 2014 ahead of a planned launch in Q1 2015. The bank is aimed at high net-worth individuals. In the early days, as Scoban, the bank had come close to signing with Temenos and Wipro. However, Temenos had a clutch of 2014 UK wins, including Six Towns Credit Union and Reall (previously Homeless International), a microfinance institution focused on the homeless. The most notable credit union selection was by the


Association of British Credit Unions and went the way of Fiserv with Signature. This was part of the Credit Union Expansion Programme, instigated by the UK government’s Department of Work and Pensions (DWP). The overall programme is valued at £38 million, with the technology portion believed to be around £8 million. AT Kearney advised on the selection. Competing for the deal were thought to be Temenos, in partnership with HP, and TCS with Bancs. The plan was for Signature to be installed centrally, for credit unions to migrate to, albeit with no obligation to do so. A potential loser looks to be long-standing supplier to the UK credit union sector, Kesho Systems, which claims to have 80 per cent of the sector on its Curtains platform. Ireland- based Progress Credit Union Centre also has a number of UK credit unions as users. During 2014, Fiserv launched a new hosted banking


services offering for the UK financial sector, called Agiliti, targeted at new entrants and small and medium-sized existing players. Thinkmoney, an existing current account provider, was unveiled as an early taker, upgrading from homegrown systems, so too, Atom Bank, set up by former Metro Bank founder, Anthony Thomson. ERI chipped in with a UK start-up win as well, BFC Group,


a Bahrain-based money transfer operator, which was setting up a bank in London. ERI had, like Fiserv, announced a cloud-based ‘bank-in-a-box’ type hosted solution for the UK market during 2014. Apart from an Infosys win for Finacle at the UK operations of an Indian bank, the other deals in 2014 were treasury and capital markets in focus. In 2015 , FIS won a treasury management module deal from 2 banks While miles software Money ware won 3 deals. Profile won 1 deal for IM Plus and Open link Financial for Findur.


Market Dynamics Report www.ibsintelligence.com


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