Open Solutions signs Mexico's IXE Banco
17 January 2008 | 1477 views | 0
Source: Open Solutions
IXE Banco announced it has signed an agreement to implement Open Solutions Inc.'s The Complete Banking Solution, a relational, enterprise-wide relational database core banking solution.
Open Solutions Inc. is a leading provider of integrated enabling technologies for financial services providers around the world.
Headquartered in Mexico City, Mexico, IXE Banco has more than $1.5 billion in assets, 120 branches and 240,000 customers. A customer-oriented financial institution, IXE Banco recently announced plans to create a new bank to reach the historically underbanked mid-to-low retail markets in Mexico. The new bank, with its own brand and national coverage, will provide the same high quality services that has distinguished IXE in the financial market. It will offer universal financial services, focusing on consumer and commercial loans for medium and small companies.
After determining its previous platform could not support its customer-centric growth model, of IXE Banco and the "new bank", IXE Banco conducted an extensive search and ultimately selected Open Solutions for its advanced technological capabilities, including its sophisticated database and scalability of the platform.
"We were impressed with the advanced functionality of Open Solutions' relational core platform," said Luis Alonso Coria, CIO, from IXE Banco. "After a thorough evaluation process, it became clear that Open Solutions was the only provider that could serve the current needs of the bank, as well as the aggressive expansion strategy we have in place. The sophistication of the solution coupled with the dedication of Open Solutions entire team to meeting our unique technological needs were ultimately the deciding factors."
IXE Banco joins Open Solutions' growing list of international clients. Recently, the company announced new wins of Asia Commercial, HCM City, Vietnam, with more than $1.7 billion in assets, 84 branches and 658,000 customers and City of Bridgetown Co-operative Credit Union, Bridgetown, Barbados, with $109 million in assets, 44,000 members and two branches. With growing competition among international financial institutions, there is an increased demand for technology platforms that contribute to and accommodate growth, as well as enable them to offer more personalized products and services.
In addition to The Complete Banking Solution (TCBS) relational database core banking platform, IXE Banco will be implementing Open Solutions' cView (CRM/business intelligence), StreamLend Velocity (paperless, end-to-end loan origination system) and Interaction Management Center (centralized relationship management).
Open Solutions Vice President of International Operations Wayne Ginn, said, "We welcome IXE Banco to our growing family of international clients. Banco is a progressive institution and like Open Solutions, incorporates innovative technology solutions to better meet the needs of its customers. We look forward to partnering with the bank on its aggressive growth strategy and providing the necessary tools needed to better serve its current customer base, as well as its future markets."
Open Solutions provides enabling solutions to domestic and international financial services providers, offering some of the most advanced functionality, technology and service in today's market. Its relational database technology suite delivers real-time core data processing, business functionality and business intelligence capabilities that have efficiencies for both the front and back offices.
Open Solutions Chairman and CEO Louis Hernandez, Jr., said, "Open Solutions continues to experience tremendous growth and success as more and more financial institutions - worldwide - implement our open architecture platform. As we continue to expand our global footprint, we are pleased to bring our proven methodologies and sophisticated technology to financial institutions in Mexico. Relying on TCBS, IXE Banco is now uniquely poised to succeed in a region that is highly competitive, yet lacks sophistication in terms of core processing solutions. We are pleased to announce our newest international client, IXE Banco."