nationalising or closing banks, while introducing community banking terminals in slum areas to make banking more accessible. A number of banks were taken over in 2009 and
2010 and there was a spate of corruption-related arrests.
This followed a banking crisis in the mid-1990s. Out of the latest turmoil came Banco Bicentenario, made up of several smaller banks, and accounting for around20 percent of deposits. It remains to be seen what happens in the post- Chávezera and the oil-dominated economy means it is exposed to fluctuations in oil prices.
There has been little activity for the non-regional suppliers
in Venezuela. Datapro and Cobiscorp picked up the only deals in 2010, at Banco Industrialde Venezuela and Casa Propia, respectively (the latter had been the only known signing in the country for Oracle FSS’s Flexcube, back in 2005).
Peruvian vendor, Bluepoint Technologies, undertook a
project at 25-branchBanco Plaza. Its Paradise Financial Suite replaced Datapro’s IBS, following a deal signed in mid-2012. Bluepoint madeits debut in Venezuela in 2006 with the implementation of its core banking platform in Banplus Bank. Paradise was then rolled out at Instituto Municipal de Credito Popular (IMCP), an urban MFI, and Bancamiga, a private bank. These projects took place in 2010 and 2012, respectively.
Another setback for Datapro came in early 2014, when its
oldest and largest client in the country, Banesco, signed for Temenos’ T24 to replace the IBS system. Banesco had been using IBS since 1992. The new system will cover all main operations at the banking group (retail, corporate and treasury), front-to-backoffice, and the deal includes additional applications from Temenos, such as Temenos Connect (mobile/onlinebanking platform), Insight BI (business intelligence) and AML software.
The deal covers an extensive domestic network of 440+
branches, plus the group’s subsidiaries in Panama and the Dominican Republic. At home, Banesco is the largest financial institution by market share.
Other Caribbean and offshore centres
Offshore financial centres in the region have produced little in the last few years. In 2009, there were a couple of selections in the former Netherlands Antilles (for Datapro and ERI), plus one in the Cayman Islands (UK-based International Financial Systems). Murex won a deal in the Cayman Islands in 2011, Avaloq gained an off-the-record customer in the Bahamas, and Bank Mandiri chose Flexcube in 2014 for its operations here.
` Each year there is a handful of deals for outside vendors in the Caribbean, with this the case again in 2009 through 2014. Some of the deals are wealth management in nature, for the
146 Market Dynamics Report 2017 |
www.ibsintelligence.com
likes of US-basedMimics (including Jamaica Co- operative Credit Union in 2011) and Bahamas-based IPBS. There have also been a few low-end treasury deals over the years, so too sales for a few of the US core banking system and regional Latin American vendors.
Oracle FSS has traditionally done fairly well in the Caribbean. In 2010 it won a deal for Flexcube from First Global Bank in Jamaica, then another deal here in 2011. It also had single wins in Barbados in 2008 and 2009 and one in Guyana in 2011. Infosys’ flagship is National Commercial Bank of Jamaica, albeit with this a long-standing customer, having gone live at the start of 2003.
In 2011inJamaica,Misys’ relatively new Bankfusion was
selected at Scotiabank. There were no sales for anyone herein the next two years, probably reflecting the deep and sustained economic problems. However, there was a treasury win for Openlink in 2014, while Temenos gained Sagicor, a financial services firm that expanded its presence in Jamaica with the acquisition of the local operations of RBC. RBC’s regional network stems from the Royal Bank of Trinidad and Tobago, subsequently RBC Royal Bank, which was a long-standing user of T24 and Flexcube.
Temenos is less represented than Oracle FSS in the region. It
won a deal in St Lucia in 2012. Misys followed up the Bankfusion win in Jamaica with a 2014 deal for the system, now branded as Fusionbanking Universal Banking, at Belize Bank. The deal included Misys’ IND-derived Essence front office platform and was for front-to-back operations at the bank for its twelve branches.
The Dominican Republic had one deal in each of 2007,
2008, 2009 and 2010, going to Ecuador-based Fisa, Temenos, Calypso and Datapro, respectively.
In 2013, India-based Trust Systems & Software bagged its
first Trustbank core banking client in the Caribbean, Micro Credit Capital (MCC) in Haiti, a micro credit subsidiary of Capital Bank, which is the country’s third largest privately- owned bank and uses Fiserv’s ICBS / Signature.
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