Breaking News and Top Stories
National Australia Bank (NAB) is nearing the completion of an overhaul of its global trade finance business with Misys' Trade Innovation. Its New Zealand-based subsidiary, BNZ, is expected to go live in September this year, after the system was rolled out to its Asian locations over the last 15 months.Read More
Latest Publications Updates
- Back Office Systems Guide
- Islamic Systems Guide
- Payments Guide
- 17 March 2014
- 17 March 2014
- 7 March 2014
Also in the News
A round-up of recent orders in the financial technology sector worldwide. Electracard Services gains a new deal in Nepal; Misys and Oracle FSS sign new core banking software customers.
Philippines-based Mega Mitch Credit launched on the cloud-based back office system from microfinance-oriented system supplier, Mambu, in June 2012, becoming the vendor's first core banking client in the country. The micro-lender is now changing pace and is in the process of becoming a financial institution, but will the Mambu platform scale?
Mega Mitch Credit, a micro-lender based in Northern Mindanao, Philippines, was established in May 2012 with the aim to make short-term loans affordable to those that fall outside the scope of traditional banks and credit unions. Alain de Schouwer, founder of Mega Mitch Credit, says the firm's target market is individual private clients – of which it has more than 1500 – and local small and medium enterprises (SMEs) – which total around 1000 to date. The micro-lender's loan amount varies from $1000 to $40,000.
Finding the right core banking system to underpin its lending business was 'the key part of the process', says de Schouwer. Instead of opting for a typical RFI or RFP process... continues (login/subscribe to read in full).
There has been a steady stream of IT modernisation initiatives in Australia, with the latest issue of IBS Journal bringing yet another project – the core replacement at MyState Financial – into the spotlight.
MyState Financial, Tasmania's largest financial institution, opted to replace its legacy Signature platform supplied by US-based Fiserv with TCS's Bancs core offering. It took just over a year to complete, from September 2012 to a go-live in November 2013. MyState went for a 'big bang' switchover, as a gradual migration would have been 'more complex and costly', says David Mills, head of technology at MyState.
A year before the project commenced, MyState acquired a smaller financial services player, Queensland-based The Rock Building Society. It came with Bancs as its main... continues (login/subscribe to read).
Sudan-based Islamic microfinance outfit, Irada, is looking to modernise its transaction processing with an implementation of iMAL from Path Solutions.