Milwaukee-based Guaranty Bank, which chose to replace its legacy set-up in April 2013. The Horizon solution picked up 16 signings. Elsewhere, Systematics, the vendor’s high-end retail offering, gained two new takers including Motor Funding Services in Florida, a new auto finance company.
Harland started implementing Phoenix at $200 million
asset Scient Federal Credit Union to replace a six-year-old Ultradata system from the same vendor. A considerably larger bank, Massachusetts-based Country Bank ($1.4 billion) also chose Phoenix. Other takers in 2013 included New Jersey Community Bank, Farmers State Bank of Calhan, Business Allied Financial Services, Brentwood Bank, and Pacific Crest Savings Bank.
Vsoft made further progress with Coresoft, beating heavyweights, Fiserv and Harland, to a deal at Midwest Business Solutions (MBS), a US-based credit union service organisation focused on providing under writing and portfolio management services for commercial and agricultural loans. Vsoft is starting to eye non-US markets for Coresoft, as reflected in a partnership signed in November 2013 with Mc Enearney Business Machines, for Trinidad & Tobago.
Credit union-focused Corelation made good progress, building on its early implementations of Keystone. Among those to sign in 2013 were California-based Sun Community FCU ($300 million in assets, 45,000 members), Detroit-based Communicating Arts Credit Union (assets of $32 million, 8120 members), California-based South Western FCU (assets of $135 million, 11,715 members), SPCO Texas ($37 million in assets, 5138 members), which became the fifth on the Wescom Resources Group service bureau, and Alabama State Employees CU ($211 million in assets, 27,440 members).
Where are the top 20 US banks in all of this? They often have
CSC’s Hogan, FIS’s Systematics, other old packages (typically heavily customised) or home-grown solutions, and do not currently appear focused on replacing them. Driven by Dodd- Frankand GAAP2 IFRS standards in particular, there has been more emphasison compliance. In general, there is investment in the channels, with one example being US Bank, which has been going through a major branch overhaul with Argo Data. Nevertheless, lower down the scale, the momentum in the US market has been in contrast to elsewhere. The main beneficiaries of the US activity remain the domestic players, albeit with a few new ones moving onto the stage and with TCS seeking to make a success of the project at Zions Bancorporation.
2014
Despite the odd incursion by outside vendors, the market is still divided and ruled by the same group: FIS, Fiserv, Jack Henry,
and D+H . Behind them remain the likes of CSI and, with a smaller share still, the newer and/ormore local players such as COCC, IBT, Shazam Core Services, Corelation, Smiley Technology and Vsoft. Vsoft’s flagship customer, Texas-based Pointbank, was set to golive with the new platform in spring 2015, ousting Fiserv’s Precision. At the end of 2014, Vsoft was known to be closing another core transformation deal, at a $500 million Midwest SME and commercial lender, ahead of Fiserv and FIS.
Texas-based IBT on boarded Alabama-basedPeoples Independent Bank for its i2Core solution. The $300 million community bank was on the lookout for a fully integrated, real- time and flexible solution that delivered ‘quality and afford ability’, according to Royce Ogle, president at the bank. Among the evaluated suppliers was Jack Henry.
Having visited IBT’s reference sites, Oglenoted:‘ they
weren’t shuffling paper like we were and that is exactly what I wanted to get away from’.
Meanwhile, for the heavyweights, the year was reasonably
abundant in new projects and signings. Fiserv embarked on the replacement of FIS’s Bank ware at
Bank of the Ozarks, a $6.8 billion regional bank with roots in Arkansas. The bank had grown significantly via acquisitions over the previous few years and needed to unify its operations on a common solution, in this case Fiserv’s Premier. The bank described the venture as a ‘ monumental initiative’ and its ‘biggest technology advancement’ over the last 30 years.
In the credit union space, Fiserv fought off competition from
Symitar with Episys and D+H with Phoenix EFE to keep its existing client, Neighbors Federal Credit Union. The credit union is replacing Fiserv’s Cube, that has been in place since 1997, with DNA. Kathie Gill, president and CEO at Neighbors FCU, told IBS that in-depthreference checks, site visits and meetings with key Fiserv staff were carried out before the decision was made.
However, D+H did snatch a customer of Fiserv, Nebraska-
based Four Points Federal Credit Union, which signed for the Ultradata core system to replace Spectrum. Spectrum was in place for 15 years at the credit union, and Donnie Price, president and CEO of Four Points FCU, told IBS that it ‘has not kept up with the times’. Five vendors were evaluated (Fiserv and Symitar among them). ‘We were searching for a partner who we believed would have our best interests in mind,’ Price commented.
American Savings Bank, a community bank in Ohio, took
D+H’s PhoenixEFE core system to replace Insight, the white- labelled version of Fiserv’s DNA, supplied by COCC. The bank’s
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