International Private Banking Systems, the specialist provider of wealth management software for the private banking sector, has announced that BCW Capital of Jamaica has licenced a full suite of modules for the IPBS private banking and wealth management system.
These include IPBS/Business Manager, IPBS/Private Banking, IPBS/Investments & Safe Custody, Mutual Funds and Share Registry and IPBS/eBanking which will support the new securities dealer, ensure it benefits from high levels of automation and operational efficiency while meeting anti-money laundering (AML) and Know Your Customer (KYC) compliance requirements.
BCW Capital was formed in December 2011 as a boutique securities dealer providing an innovative offering for Institutional and High Net Worth clients in Jamaica and the Caribbean. It gained its Securities Dealer License and Pension Investment Management License from the Financial Services Commission in Jamaica and launched to the public in July 2012. From the start, BCW wanted to deploy a modern, efficient and scalable private banking and wealth management system that would support its operational requirements as the securities dealer expands. It turned to the state of the art modular system from IPBS, which is already proven in the Jamaican financial services market.
One of the key principals at BCW, G. Charles Chambers, was also very familiar with the IPBS suite of software, as he was formerly the managing director of Royal Fidelity Merchant Bank and Trust in Barbados. Royal Fidelity Merchant Bank & Trust has been an IPBS user since 1997.
Bruce Raine, Founder and President of IPBS said, "It is essential that any new market entrant has a strong technology foundation underpinning its business, as it will enable enhanced service delivery, competitiveness and allow client advisors to spend more time on customer related activity. The IPBS system will also enable full compliance with the latest AML and KYC regulations. I am excited by the opportunity to work with such a dynamic new wealth manager in the Jamaican market, and look forward to supporting their business needs for a long time to come. We have consistently shown that the IPBS software can deliver significant and sustainabtainable business benefits for companies throughout the Caribbean region."