FIS, a provider of banking and payments technologies, has announced that Government Savings Bank has converted to its profile core processing. The core banking system provides scalability, reliability and business continuity. Its integrated architecture allows to house all of its data, deposit and loan accounts within a single, logical system of record.
The company said that the conversion implementation is of a core banking system that includes front- and back-office functions, onto a single instance of profile involved more than 17m active accounts with 75m historical records, more than 100 deposit and loan products, and legacy core systems. An inventory of configurable components is shared across all product lines to support deposit and loan products. The application ensures operating efficiency while accelerating the time-to-market of new products and services.
Boonson Jenchaimahakoon, executive vice president and chief information officer at Government Savings Bank, said: “FIS’ presence and knowledge of our region was critical in the deployment of their core banking application.
“We relied on FIS to be our technology partner throughout this process and believe the Profile system to be a proven, flexible and extremely reliable solution that will scale to support our projected growth in terms of both customer accounts and physical branches.”
Frank Sanchez, president of FIS Strategic Group, said: “The GSB project represents one of the largest bank conversions ever executed as a single event, consolidating both front- and back-office applications.
“We are very pleased, though not surprised, that this project was completed ahead of its original schedule, and that the bank is already realizing quantifiable benefits. Our Profile application continues to demonstrate the viability and business benefits that accompany a legacy conversion.”
