United Trust Bank, a leading specialist bank in secured lending and deposit accounts, has gone live with Sword Apak’s core retail and commercial banking system, Aurius. The new application was implemented over a ten month period, replacing three of the bank’s incumbent third party systems.
Incorporated in 1955, United Trust Bank (UTB) is a UK based bank which specialises in a wide range of secured funding facilities and deposit accounts. Following an internal review of the bank’s IT systems and processes, UTB concluded that the existing architecture could not support its future plans for development and growth. The bank subsequently began its search for a new core banking solution which led to a comprehensive evaluation of third party Microsoft SQL Server based systems. William Dobbie, Head of IT at UTB explains the bank’s key business drivers and why Sword Apak’s Aurius product was selected:
“We needed a system that was robust, flexible and future proof and most importantly could be scaled to match our business environment and IT infrastructure. After reviewing the market we found that Sword Apak’s Aurius solution was the only system which suited our requirements, offering a new core banking platform that could meet the competitive demands of our business as well as support the bank’s plans for expansion and growth. With Aurius, we have a more agile banking solution that provides flexible product design, customisable workflow and integrated multi-channel distribution capabilities.”
Aurius went live in May 2013 following a structured migration process which consolidated data from UTB’s existing systems. This is expected to simplify data management as well as speed up reporting which will help the bank to prepare for new European reporting requirements. Aurius will be used to support all UTB’s bridging loan, development finance and deposit account products. Embedded user configurability in the system means that bank users have greater control over product definition with Aurius so that new products can be launched quickly, reducing the need for more protracted and costly software development. Advanced workflow management in Aurius will also enable the bank to streamline its business processes and procedures with greater operating efficiency by assigning, scheduling and tracking work more effectively throughout the organisation.
Chris Tobey, Business Development Manager at Sword Apak commented: “We believe Aurius is the perfect fit for small to mid-sized banks like UTB who are looking to replace their existing legacy systems. Built on SOA principles, Aurius offers a cost effective and flexible alternative to legacy mainframe and midrange platforms traditionally used for core banking, without sacrificing important mission critical requirements such as scalability, security and reliability.”
Sword Apak (part of the Sword Group NYSE Euronext: FR0004180578 SWP) has developed Aurius using its extensive knowledge of working within the banking technology sector.