Head office: 6455 East Johns Crossing, Suite 450, Duluth, GA 30097 Tel: 770 840 0097 Other office: Hyderabad Website:
http://www.vsoftcorp.com/ Contact: Marketing Email:
info@vsoftcorp.com Founded: 1996 Ownership: Privately owned Number of staff: Around 300
Taker number two – hit and miss
VSoft then signed a second taker of Coresoft before the end of 2011. This was Evans Bank, a $700 million community bank in New York State. To be replaced was a 20 year-old system called IBS from Suchak Data Systems (SDS). Coresoft was chosen after a selection process which included the usual US suspects of Harland, Jack Henry, Fiserv and FIS.
Evans Bank started a selection process in February 2011, with this managed by consulting company, ICI. VSoft was not initially on the shortlist but was added after another vendor declined to put its system forward. This created a gap, said Howard Martin, CIO of Evans Bank, and ICI suggested looking at VSoft instead as a ‘wild-card alternative’. VSoft then joined the process which led to a day of
demonstrations, and the bank was attracted to the deployment model that VSoft could offer, while the other vendors were typically keener on hosting for smaller banks. Due to VSoft being a newer vendor, the bank required it to go through a proof of concept, which led to further demonstrations of the functionality and also a gap analysis before a contract was finally signed. ‘Throughout the process, what we saw was a pool of mainstream core systems which are similar in what they deliver,’ said Martin. ‘For presentation value, Coresoft didn’t match up to some of the other vendors but if you peel back what shows up in a demo versus what the system capabilities really are, the whole exercise was very impressive. We gave VSoft a couple of very challenging tasks and they exceeded our expectations in terms of accuracy and turnaround times.’
Evans Bank also felt it would be better able to maintain its flexibility with a small vendor, rather than being a ‘small fish in a big pond’ with one of the larger suppliers, and ‘boxed in by vendors’ roadmaps and timelines’. So whilst Evans Bank
128
had started its selection process aware that it might need to give up the flexibility it had previously enjoyed with its existing system (since SDS was a small supplier also), it found this was not necessary with VSoft.
No only was SDS a small supplier (with about ten employees), but it had also been acquired by Evans Bank at the end of 2008 anyway. The decision to acquire SDS had been taken by the bank for a couple of reasons, Martin stated. Bringing the resources, which the bank already relied on, in-house was expected to make the transition from the legacy system (which Evans Bank had used since 1994) to a replacement easier. ‘It eliminated the contract and the end date,’ said Martin. SDS had been integrated into Evans Bank’s IT set-up.
Evans Bank planned to implement an in-house version
of Coresoft and go live in November 2012. Coresoft was not implemented module by module, as at Carter Bank, and a number of solutions in place at Evans Bank were retained, including the internet banking system. However, the go-live of Coresoft at Evans Bank never materialised. No comment was available from the bank, but it is known that it went back to market in 2014 and opted for a tried and tested system, Horizon from FIS. FIS had a long-standing relationship with Evans Bank
through its use of the ImageCenter check imaging system. Horizon has its roots in the late 1980s and runs on the IBM iSeries, so is of a somewhat different era to the Java-based Coresoft. Speaking to IBS Intelligence about the project, FIS admitted that Horizon might not be the ‘sexiest’ system, but pointed out that ‘the quality is good, we have good references, and we say what we mean and do it’.
Evans Bank was scheduled to go lie with Horizon – replacing the legacy SDS core – in September 2015.
US Financial Services Technology Market Report |
www.ibsintelligence.com
company details
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132
