Financial Corporation to outsource the Phoenix solution from London Bridge’s Atlanta data center. A rapid change of ownership for the Phoenix business came when Fair Isaac Corporation made a £166.2 million bid in 2003 to take over London Bridge. Apart from the Phoenix system, London Bridge could also boast a number of business and e-commerce solutions, including customer
Arrival of Harland Financial Solutions
The Florida-based Harland Financial Solutions division was headed by a former president of Phoenix, Raju Shivdasani. The offering was intended to benefit from integration with Harland’s front-end systems for areas such as deposit and loan origination, teller, call centers, and CRM. It was positioned for the top-end community bank sector, for which it was originally designed. Within its stable of products, Harland positioned Phoenix as being most suitable for community banks above the $300 million asset bracket, which could take the system on an in-house or service bureau basis. The latter was now out of Cincinnati but the Phoenix business headquarters remained in Orlando. During 2005, a number of banks signed for Phoenix, including Georgia-based Northside Bank, which also took the Intrieve cheque processing service. It went live on Phoenix running in the Enterprise Services Center in Cincinnati. Other new clients included First Community Bank of Harlingen, Texas, Dade City-based First National Bank of Pasco, and Shoreline Bank of Washington, all of which also took or already had other Harland components for areas such as item and check processing. Shoreline Bank was closed by the regulators in October 2010. In February 2007 Harland was acquired by M&F Worldwide
Corporation in a deal valued at around $1.7 billion. On the product development front, Harland planned to focus on SQL Server and Microsoft technology as a whole. In line with its overall strategy, a move to .Net for Phoenix started, with this expected to be completed within two years. An Oracle version, promised by previous owners, never materialised. The company stated that its aim when it acquired the Phoenix system was to rebuild the management team and turn around the business to make it profitable by the end of 2005, with this seemingly achieved. There have been a couple of rebrands. In 2007, Harland claimed it had been working for two years on the development of the next generation of Phoenix, to be called PhoenixEFE (Extended Financial Enterprise). One key change was that the previous version of Phoenix was not offered to credit unions (Harland had previously focused here with the CU-specific Ultradata). New functionality had apparently been added to Phoenix particularly to target this space. Bill Zayas, EVP and GM of the bank core systems group, explained that the vendor had witnessed a wave of credit unions ‘adopting new technology at a very rapid pace’ as well as expanding into new areas such as commercial lending, and this is the sector where the company expected to grow. ‘The borders between a credit
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and enterprise management software, credit management software, collections and recovery software and enterprise- wide mortgage lending software. The acquisition appeared to be primarily inspired by
London Bridge’s debt collection software. This paved the way for Harland Financial Solutions to purchase both the Phoenix system and Tradewind.
union and a bank are blurring,’ he observed. By November 2011, three credit unions (all previous
Ultradata users) had completed their migration to Phoenix: Consumers Credit Union, Dupaco Community Credit Union and Spokane Teachers Credit Union. All took the system prior to its general release. Of banks, among Phoenix takers are Apollo Bank, Bank of Ruston, Douglas County Bank and First Scottsdale Bank. There is a separate version of Phoenix that is offered outside the US under the name of Phoenix International. The two solutions have ‘the same core pieces’ but different code lines and certain functionality (e.g. Phoenix International is multi-currency while the domestic version of Phoenix isn’t). Also, Phoenix International is available only as an onsite deployment.
Phoenix is broad, covering deposits including current and savings accounts, passbooks, direct debits, remittances, debit cards and ATM/EFT support. There is a loan system including personal, mortgage and commercial loans. It has an integrated CRM module and data warehouse, plus budgeting, card management, and data dictionaries. Phoenix XM is an XML-based middleware for application integration. It also covers branch and e-channels, reporting and analysis, and financial management. In the suite as a whole are the Harland-derived Ubanking self-service solution and Creditquest commercial credit management suite. Ubanking, which came Harland’s way via an acquisition of a domestic vendor, Umonitor, in late 2010, has around 150 takers in the US. There were eight wins in total during 2011 in the US for Phoenix, with all of these to banks below the $1 billion mark. There were also a couple of wins for Sparak and a small credit union success for Ultradata. It was much the same in 2012, with six new-name US wins for Phoenix, a couple of Sparak and one for Ultradata (Members Heritage Credit Union). One of the Phoenix takers was Hawaii National Bank, to replace its 14-year-old Premier system from Fiserv. This project was scheduled to be completed in July 2013. Scient Federal Credit Union chose Phoenix in early 2013 to replace its six-year-old version of Ultradata. As part of the selection process, Scient FCU’s management team spoke to a number of existing Phoenix clients that had migrated from Ultradata. ‘From the discussions, we were surprised at the depth and breadth of the product offering,’ said Scient FCU’s president and CEO, Bruce Fafard. Go-live was provisioned for August 2014. US-based First National Bank of Wynne, already a user of a range of Harland’s auxiliary solutions (namely LaserPro,
US Financial Services Technology Market Report |
www.ibsintelligence.com
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