Shanghai subsidiaries of DnB NOR, MPS and Wachovia implement ibis banking system
Financial Objects, a leading provider of software solutions for banking, wealth management and energy, has today announced that three leading banks in Asia have successfully deployed its ibis core banking solution. These implementations at Monte dei Paschi di Siena (MPS), DnB NOR and Wachovia in Shanghai are further endorsement of Financial Objects' growing presence in the region.
Following the opening of its branch in Shanghai in August 2006, DnB NOR deployed Financial Objects' multi-currency ibis solution to support its commercial lending, foreign exchange and trade finance operations. The bank, which has been a Financial Objects' customer for twenty years, also uses ibis in various other international locations, including London and New York. The system's ease of integration and flexibility means it can be easily tailored to meet the needs of individual organisations as well as local regulatory requirements, such as those imposed by the Bank of China.
MPS also chose to implement the front, middle and back office ibis system at its recently opened Shanghai office. The implementation follows the bank's decision to increase its presence in China, and to upgrade its operations in Shanghai from a representative office to a branch by Q3 2007. The robust and flexible software will support the treasury, accounts, loans and trade finance departments at the new branch.
Additionally, Wachovia, also in Shanghai, recently went live with ibis for its commercial lending and foreign exchange operations. The bank's regional controller, Ben Harrigan, was particularly impressed with the ease of implementation, which took just three months and was completed from the bank's Asia-Pacific headquarters in Hong Kong. Furthermore, he expects the system to improve efficiency through standardised workflow processes. The Bank has been using the ibis system in various locations for more than 15 years, including London, Seoul, Taipei and Tokyo.
"Asia is a growth market for us as it continues to develop rapidly and subsequently demand more advanced core banking solutions," said David Carruthers, group technology director at Financial Objects. "This year has so far been very positive for us, especially in terms of new installations of our software at leading banks in the region. We intend to build on this success by ensuring consistently successful implementations of our software and by delivering tangible benefits to our clients through increased efficiencies."
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