vendor stated. In 2007, the company began the development upgrade of the two large software products: The banking and its investment management systems, these being
FMS.next and IMSplus respectively.
FMS.next made headway in 2008, picking up a further
three customers. First Business Bank (FBBank) in Greece selected
FMS.next for leasing operations. The bank’s license was revoked in May 2013 and its assets and liabilities were transferred to NBG. BNP-Paribas Securities in Greece has a reporting component of
FMS.next. Another major client for
Upgrades and new clients In 2011, Profile Software changed strengthened its
business strategy from majorly serving the domestic market, towards increasing its share in international markets. As part of the new strategythis strategic approach, Profile opened four offices in major financial centres: Geneva, London, Dubai, and Singapore. It also increased its promotional and marketing activities in Europe, Middle East, and Asia. For the coming years IMSplus was implemented in a number of Financial insutitons across the Middle East strengthening its presence in the region. At the same time the Insurance Investment management solutions was enriched to deliver high automation for asset management and accounting operations thus becoming the preferred choice for the industry with currently having around 10 implementations in all major insurance firms in Europe and the Middle East.
FMS.next, now in its overhauled form of
FMS.next, is
targeted at all sizes of banking institutions, which are looking to cover their operations in terms of core, digital private and Islamic banking facilities, credit facilities, leasing, autofinance, loan origination, and customer management, through an integrated whilst modular platform. Support for treasury and trade finance is plannedachieved through Acumennet that has been added in the company’s portfolio offering through the acquisition of Login and partnerships, respectively.
FMS.next as a major upgrade was launched in spring 2013. It is designed with the Windows Presentation Foundation (WPF), uses Microsoft’s Silverlight framework and ClickOnce technology, and is available on all standard databases, such as MS SQL, Oracle and DB2., according to Dr Michael Bakouris, COO of Profile . It is available as a desktop application or via a web or mobile applicationbrowser, and can also provide services via mobile devices. Bakouris describedProfile described this development as ‘a major technological upgrade of FMS’. It addresses the market’s demand for componentised
and flexible solutions, he stated. By mid-2013, two challenger banks and alternative
financial institutions were implementing components of FMS. next. One of these was Elevate Capital, a greenfield lending Fintech entity in the UK, with
FMS.next constituting the transaction engine to manage the full process of P2P Lending. The original launch was planned for Q4 that year, but this was postponed till Q3 the following year. The other was Credins Bank in Albania, which is a long-standing
FMS.next user for the collections functionality, and is gradually moving to the
FMS.next version. RBS in Greece also has a small component of
FMS.next to access data from its old Misys Equation system and provide reporting this to the Greek Ministry of Finance to comply with recent legislation. In June 2013, a private bank in Switzerland signed for
FMS.next deployed Profile’s platforms to support its wealth management, internet and mobile banking operations.
Main focus at the time was the UAE and Swiss regions (private banks), ‘alternative finance’ companies, including peer-to-peer lenders, and also on private banks and banks with Islamic windows in the UK and the Channel Islands. In August 2015, Elevate Capital, a real estate
crowdfunding company, was the first live UK customer for Profile Software’s peer-to-peer (P2P) lending platform. The platform is based on the vendor’s long-standing core banking system,
FMS.next. Elevate is a start-up and chose
FMS.next for the launch of its web-based investment and fundraising operations.
FMS.next’s core engine is a combination of investment management and banking modules. Profile says the solution incorporates a workflow engine for originating and progressing transactions, credit scoring, risk management and fully automated loan procedure.
FMS.next has also been selected by a UK based
Universal Banking Systems Market Report |
www.ibsintelligence.com 347
FMS.next was RBS local office to perform all core banking operations replacing a competitive one and act as the archiving system to offer Integration with the Bank’s productive systems to handle real time enquiries send reports to state authorities on customer activity, effectively combining information from different environments. The system offered powerful report generator.
By 2010, Profile had clients such as National Bank of
Greece EFG Eurobank, ING, ABN AMRO, Piraeus Bank, Alpha Bank, NBG London, Mercedes Benz, RBS, BNP Paribas and more.
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