14th September 2017
One of the top 5 Canadian banks selects Microgen 5Series for its Caribbean trust and corporate services operations
This Canadian bank, that provides company management, foundations and wealth structuring services, undertook a detailed evaluation of software solutions and has today signed contracts for Microgen 5Series. As a large bank with strong governance, partnering with a large, publicly listed, financially strong and transparent software vendor was a key aspect of its vendor and software evaluation process. Microgen ticked the vendor and long-term partnership boxes, whereas other smaller privately owned software companies simply presented far too much risk. Microgen was referred to as the only credible vendor in this market for a bank of this size.
In addition to meeting the banks high vendor standards, Microgen 5Series provided the best fit to its wide-ranging functional requirements and provided the flexibility the bank required to ensure that it can operate as desired, rather than having to adapt its business to the way the software works.
With the increased pace of change and regulation (e.g. FATCA, CRS, UBO Reporting and GDPR), the bank took comfort in both the current capabilities of Microgen 5Series and Microgen’s significant ongoing investment. Integration to other systems within the bank was also important, and the comprehensive integration capabilities supported by Microgen 5Series provides a solution to help the bank increase automation.
The bank also placed significant value on the high levels of service and support delivered by Microgen over the past 15+ years during which it has been a Microgen customer. Microgen’s unique knowledge of both Microgen 4Series, its current system, and Microgen 5Series, its chosen new system, will significantly help to reduce the risk, effort and cost of migrating its historic data.