The Philippine Postal Savings Bank (“Postbank”) has selected IDEALINVENT’s next generation banking platform ConnectCoreTM to implement vital core banking functions. Postbank, established in 1906, operates as a thrift and government depositary bank and has chosen the GL, Loans and Microfinance modules from ConnectCoreTM - Core bank. This solution will enable the bank in achieving their 5 year strategic objectives of doubling the number of branches and providing loan services to the unbanked through more than 1,900 post offices located throughout the country.
IDEALINVENT’s recently appointed local distribution and implementation partner QNX Solutions, Inc. (QSI), has this week commenced the implementation activities of the core banking project. The ConnectCoreTM system will be initially rolled out to Postbank’s head office in Manila and then to its 25 branch network and microfinance business offices, located all over the country.
One of the most important considerations that led to the bank choosing ConnectCoreTM was the product’s demonstrated high stability and ease of configuration. Also as the bank is looking to go live in a short timeframe they were assured quick and easy implementation by ConnectCore’s highly configurable product design and web services driven Service-Oriented Architecture.
IDEALINVENT’s CEO, Premkumar Bhagwatsaran, comments: “We are extremely happy to assist Postbank in achieving its objective of reaching more of the unbanked in the country. The bank’s choice of ConnectCore is a huge endorsement for us. It is also testimony to the joint efforts of our local partner and sales team. QSI, our local partner, is one of the leading system integrators in the country and has enthusiastically adopted our unique partner empowerment model and the results are evident.”
“IDEALINVENT’s combination of great products, cost effective delivery models and partner-centric approach has brought an industry changing value proposition in the Philippine market. This will, I’m sure, be the first of many successes for IDEALINVENT and QSI in the region” says Emmanuel Ramasola, Executive Vice President & General Manager at QSI.