In2008, SAP had a win for Deposits Management, while
Infosys had a significant win at the largest bank in the country, Bancolombia. In fact, Bancolombia initially implemented Finacle in Cayman Islands, Puerto Rico and Panama. The bank then went live at home with the trade finance module of Finacle during2013 before turning to the lending module. Domestically, the bank has a fair mix of systems, having merged a few years earlier with Conavi and Confinsura.
Treasury players, Thomson Reuters with Kondor+/K+TP
(now owned by Misys), FSS (now owned by Wall Street Systems) and Murex, have had deals in the past (the latter at Banorte in 2007 and Bancolombia in 2008). Top Systems had two deals in 2007 for its Topaz Banking system but has not made progress since then.
In 2011, there were three deals, the most notable being a
win for Flexcube at Helm Bank, to replace an out-dated version of Phoenix, from US supplier Harland (now D+H). Interestingly, in 2009, Helm Bank (now part of Corpbanca/ Banco Itau, see below) had selected SAP’s Deposits Management and Loans Management. Another bankin the country selected Loans Management in 2011, while Bantotal also had a win in 2011, at Fundacion Mundo Mujer de Popayán.
There was significant change in Colombia during 2013 and
it seemed Datapro was the big winner. The aforementioned Chile-based Corpbanca had made a $1.3 billion acquisition of Helm Bank in August 2013, following its similar sized deal in 2011 for 95 per cent of Santander’s operation in the country. The acquisitions have been combined to form the sixth largest bank in Colombia and, as mentioned, it chose to standardise on Datapro’s e-IBS. Corpbanca was an existing user of e-IBS in the US and Chile. As stated, Helm Bank had beena 2011 taker of Flexcube. The project has apparently continued despite the sale of Corpbanca to Banco Itau.
Prior to this, only a small share of the financial market was
held by foreign banks (19 per cent of banking assets), well below most other countries in the region. The only two European banks operating in Colombia are BBVA, the fourth largest bank with nine percent of banking assets, and Santander. The latter left Colombia in 2012 following the sale of its retail unit to Corpbanca and reentered the market in early 2014 under the name of Banco Santander de Negocios Colombia, focusing on corporate clients and providing them with investment banking, financing and treasury operations services.
The sector overall looks stable, the ratio of non- performing
loans is low and there has been steady growth. After Bancolombia, which is held by Grupo Sura and has acontinental expansionist agenda, the next largest are Grupo Aval and
Grupo Bolívar. These three banks have a large concentration of the local market.
Local suppliers continue to dominate the market as
evidenced in 2016 with Cobiscorp coming out tops with three wins out of the 5 reported during the year. These deals were signed with Banco Davivienda, Fondo Nacional del Ahorro and Banco Falabella. Datapro also landed a deal during the year with Multibank SA for its e-IBS system. The other deal during the year was an off the record deal won by Infosys.
Costa Rica
Three state-owned banks are dominant, accounting for around half of the assets. They are Banco Nacional de Costa Rica, Banco de Costa Rica and Banco Crédito Agricola de Cartago. There is also a clutch of private banks, with a mix of domestic and foreign ownership.
A long-running project in Costa Rica has been at Banco
Improsa for Technisys’ Java-based Cyberbank Core banking offering. The implementation was initiated in 2008 and was originally expected to take three years. However, it dragged on for four years instead, with the cut over finally taking place in early September 2012. Prior to this, Technisys had been known for its Cyber bank Multichannel Suite (now rebranded as Cyberbank Omnichannel), which was initially developed for Deutsche Bank’s internet banking needs in Latin America.
Another local supplier gained the nod in 2009 at a start- up.
This was Banco de las Soluciones (Bansol), set up by a financial services company, Financiera Acobo, to become the tenth commercial bank in the country. It chose a core banking system offered from Byte, a Guatemala-based softwarevendor. Bansol was the company’s first client in the country.
This is another country where SAP has been fairly active. In
2011, two of its deals were here, one of which was at Banco Cathay de Costa Rica, followed by another in 2012 and two more in 2013. Its first deal had come in2008 at Financiera Desyfin. A local SAP specialist firm, BD Consultores, was heavily involved in the project.
A project that has rumbled on for years in Costa Rica has
been at Banco Popular y de Desarrollo Comunal (BPDC), a major retail banking player in the country. It signed in late2007 for Temenos’ T24 and should have seen a cut over in2010. An audit carried out by Comptroller General of the Republic (Costa Rica’s regulator of public sector contracts) cited weak management controls as a key contributor to the project’s spiralling costs and delays. The project was suspended at one point, but resumed in 2013 following negotiations with Temenos. The deal was understood to be worth around $30 million (including maintenance), of which the bank had paid $4
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