British Caribbean Bank goes live on IPBS private banking and wealth management system 

Turks and Caicos-based bank using scalable front, middle and back office system

International Private Banking Systems (www.ipbs.com), the specialist provider of wealth management software for the private banking sector, today announced that British Caribbean Bank is now live on the IPBS system. The bank has enjoyed a rapid implementation of the private banking solution from IPBS to replace a legacy system. It has increased day to day operational efficiency and quality of compliance management. Private clients now receive a better e-banking experience through improved online functionality.

British Caribbean Bank (BCB) is based in the Turks and Caicos Islands. It specialises in large infrastructure project financing in the hotel and tourism management sector and provides private banking services to individual clients. Ensuring customers have immediate access to their funds by wire transfer is important quality for the bank. BCB previously used a partially outsourced legacy system but it no longer met their needs as it restricted business agility and operational flexibility. Following a market evaluation, BCB selected the IPBS private banking and wealth management system and the project was completed on budget.

Stewart Howard, Managing Director at British Caribbean Bank said, “We were under severe time pressure to implement a replacement system and this placed the IPBS implementation under significant scrutiny. The project went live in just 90 days thanks in part to IPBS’s rapid implementation approach. This reduced the burden of data migration in particular and allowed us to focus on managing the non-technical aspects of the change. It’s a very good, intuitive system that suits our requirements. Very little user training was needed and within a few weeks of go-live, any teething issues have been resolved. IPBS have a very good understanding of how to deploy their system and it’s worked well for us.”

The bank is now live on 5 IPBS modules:

• IPBS/Banking enables BCB to manage all of the traditional banking functions of a private bank, transactions are processed in real-time and supply updated accounting records across the enterprise.
• IPBS/eBanking provides the continuous online access requirements needed for high net worth clients, who now have access to richer transactional detail.
• IPBS/Business Manager allows full compliance with the latest Know Your Customer (KYC) and Anti money laundering (AML) regulations.
• IPBS/Mortgage lending supports the delivery of a range of short term mortgage loans and long term commercial mortgage loans.
• IPBS/SWIFT Payments enables seamless single payment transfers with full approval and release workflow for real-time international payments. Manual SWIFT payments are also supported via the IPBS/eBanking module.

The bank has been able to replace a restrictive banking system with one that more closely supports BCB’s operational requirements. The newly enhanced compliance capabilities are a big step forward as it allows more meaningful data to be accessed electronically. The IPBS system allows the bank to adjust entries, even going back several days, a feature that was simply not available previously.

Bruce Raine, Founder and President of IPBS said, “It has never been more important for banks to offer flexible products and services to customers whilst adhering to the latest international compliance regulations. The project at British Caribbean Bank was delivered within a short timeframe allowing the bank to migrate away from its legacy system and enjoy rapid ROI.”

Press contact: Adam Osman, AO PRM Ltd: Tel: 00 44 7976 891 335 Email: aomarketing@gmail.com

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