When a full service bank in Jamaica acquired another banking business there were some significant challenges to overcome. Each bank had a different core banking system in place which was not ideal. One of the systems had to be retained while the data from the other, merged.
Both core systems, T24 and Flexcube, were migrated simultaneously onto a later version of T24 whilst implementing a Sun General Ledger system across three companies including banking and securities.
A system to support all of the regulatory reporting within the newly merged entity had to be put in place. BankBI was chosen because of its low relative cost and the speed at which it could be deployed.
BankBI now supports all of the regulatory reporting within the bank, which is provided to the Bank of Jamaica and the Jamaica Deposit Insurance Corporation, in total BankBI produces over 150 regulatory reports for the banking and securities businesses. BankBI also merges the banking and securities data to produce management reports and board packs for the individual entities and board packs for the group financial consolidation process.
The key considerations in selecting BankBI for the project were agility, flexibility and a quick implementation, with a fast time to value on the banks’ investment. The BankBI systems were live in three companies within three months, starting in May 2015 and live by August 2015.