Maduro & Curiel's Bank deploys Fiserv CBS Teller system; upgrades to ICBS 7.2.1
07 November 2005 | 1857 views | 0
Fiserv CBS Worldwide today announced that the leading financial institution in the Netherlands Antilles and Aruba - Maduro & Curiel's Bank Group - has expanded its relationship with Fiserv by implementing its CBS Teller system across the group and is upgrading its core banking systems to version 7.2.1 of Fiserv CBS Worldwide's International Comprehensive Banking System (ICBS).
Following recent significant wins by Fiserv in the Caribbean including First Caribbean and the Trinidad and Tobago Ministry of Housing, Maduro & Curiel's is among a growing list of Fiserv clients in the Latin American and Caribbean region.
Said Bill Fabro, Managing Director of Maduro & Curiel's Bank, "We pride ourselves on providing our customers with state-of-the-art services and products across personal, private and commercial banking, investments and insurance. To maintain our leading market position, our products and services need to be underpinned by the latest innovative but reliable technology and software solutions. To accomplish this major upgrade, we wanted to work with a partner who could deliver both quality and reliability."
He continued, "We chose Fiserv CBS Worldwide because of their proven track record, banking expertise and understanding of the Caribbean market, and because of their ability to help us leverage and integrate our IT investments for the benefit of our customers."
A Fiserv CBS Worldwide client since 1988, Maduro & Curiel's Bank Group began a multi-phased approach to upgrading its systems in August 2002. In addition to updating core and tellering, Maduro & Curiel's purchased Fiserv Safe Deposit to give the bank a system to track safe deposit box availability, produce notices, and collect yearly rentals and fees – all with automated input to general ledger accounts. This was formerly processed manually.
Said Dan Alf, Managing Director of Fiserv CBS Worldwide's Latin America, Canada and Caribbean operation, "We value our long-term relationships with clients like Maduro & Curiel's Bank Group and our ability to increase effectiveness, reduce costs, manage risks and help accelerate growth. We maintain, and look forward to continuing, an exceptional relationship with Maduro & Curiel's Bank."
Since the implementation of CBS Teller and the upgraded ICBS core, the bank has already been able to introduce significant enhancements to services and introduce new products. It has implemented a new revolving line of credit product, for example, which gives customers the flexibility to draw against a pre-approved line when needed. The addition of CBS Teller has automated many manual processes such as cheque inventory and third-party payments. Additionally, Identity Capture has been implemented to provide online access to customer identifications. MCB plans to introduce numerous advanced functions gained by the implementation of CBS Teller over the next year.