Financial Objects plc, an international supplier of software solutions for the banking, wealth management and energy sectors, has today announced that Kaupthing Singer & Friedlander (KSF) has successfully installed its Internet Banking solution within two months. The Financial Objects software connects seamlessly with the bank's main system and has enabled KSF to significantly extend and improve the online services offered to UK customers. In the first few weeks of live operation, the bank has already opened tens of thousands of new accounts.
A long-standing customer of Financial Objects', the bank first implemented the ibis s2 system as its core banking solution in 1995. ibis s2 continues to successfully support the bank across its operations-from general ledger to capital markets.
KSF required an internet banking solution for the UK market that could be quickly and easily interfaced with its existing core banking system and network infrastructure. Furthermore, this solution had to be customised to match KSF's existing internet banking portals already in use in Finland and Sweden. As the provider of KSF's core banking system, Financial Objects was well placed to meet these requirements within the given timeframe.
"Financial Objects understood our needs and offered the necessary capabilities to successfully carry out the customisation," said John Echavarria, director of IT at Kaupthing Bank. "The new functionality was specified, developed and delivered within two months, in time for the agreed go live date. Overall, the end result exceeds our expectations and has been well received by customers."
The implementation of the Financial Objects Internet Banking solution means that KSF now offers its UK customers online savings accounts, online fixed term deposits, online customer payments, and automated account opening. This new internet banking service provided by KSF is easy for customers to use to make enquiries and carry out administration of deposit accounts, as well as transfer deposits. The new products have been extremely well received by the market and customers alike.
The solution has enabled straight-through processing of all incoming and outgoing online payments. The bank can now also securely accept deposits from new and existing customers. Additionally, it now offers savings and money market products online.
John McKee, managing director of the Banking division at Financial Objects, commented: "We have enjoyed an excellent partnership with Kaupthing Singer & Friedlander for more than a decade, so are delighted it is continuing to invest in our solutions, as it develops and progresses. This project is testament to our best practice implementations and the flexibility of our solutions."
Kaupthing Singer & Friedlander intends to use the Internet Banking platform to further extend its online savings offerings, payments services and corporate internet banking.