CAF Bank has signed an agreement with Misys Banking Systems to use Bankmaster Plus solution from Misys to be able to put in place an online banking system for the charitable organisations using its services.
It will also help increase efficiencies and keep costs to a minimum so that the bank can maintain high levels of interest for the deposits made by these organisations while keeping charges as low as possible.
CAF Bank, which provides financial services to more than 12,500 charitable organisations in the UK, including faith groups, schools, friendly societies and housing associations. It is a trading subsidiary of the Charities Aid Foundation, which handles £1.6 billion per year for donors and charities, passing donations to charities both large and small.
CAF Bank will be using Bankmaster Plus to power its online banking system and improve the service it provides its customers. The software from Misys is a retail banking solution that has been designed to provide all the functionality an organisation, such as CAF Bank, needs. The bank continually strives to keep costs as low as possible so that the account holders, ie. charitable organisations, can be assured their money is working as efficiently as possible for them.
"CAF Bank is going from strength to strength, but this means we've got to upgrade our systems to continue to offer the excellent service that our customers need," explains Peter Mitchell, Head of Banking at CAF Bank. "The solution Misys has given us will greatly enhance the bank's ability to provide our customers with the extra return they need for their organisations. We constantly strive to make it easier for charities to manage their money in the most efficient way possible while we keep running costs down to a minimum. Our customers will benefit as we can capitalise on the competitively priced commodity technology from Misys."
The solution was attractive to CAF Bank because it offered easy and swift implementation and will allow the bank to migrate over four years of existing data from its previous systems with the minimum of effort. It also supports the Charities Aid Foundation to strive to ensure all charitable giving is as effective as it can be.
Andrew Derrer, CEO of Misys Retail Banking, adds, "We are pleased to be able to support CAF Bank in this way. Bankmaster Plus is a flexible solution that can be implemented quickly and deliver real returns immediately. A major part of the costs to CAF Bank's customers lies in the IT infrastructure costs. We have been able to give the bank a solution which minimises that cost and therefore allows them to maintain the historic levels of interest coupled with very low operating charges for the charities using the Bank's services. Bankmaster Plus has been developed to be scalable so it will grow as CAF Bank grows. That means it can provide effective support for CAF Bank for years to come."