The International Exchange Bank (iBank) of the Phillipines has become the latest Asian scalp for SunGard Asia Pacific, with the commercial bank signing up for its BancWare Basel II Capital Manager platform (B2CM). Upon commencement, the services deal is slated to become something of a landmark for both institutions, representing SunGard’s first implementation of the platform in the Philippines.
For iBank, SunGard will provide a total solution for its risk management, Basel II compliance, and performance management information requirements. Aside from strengthening the Philippine lender’s risk management and Basel II compliance, the B2CM platform will also be used by iBank for credit risk portfolio management and the subsequent Basel II requirements.
But as iBank president and CEO, Ramon Y Sy explains, “While Basel II compliance is an important issue for financial institutions, our decision to purchase the entire suite of SunGard risk solutions goes beyond the mere need to comply. We 're looking at these risk and performance management solutions to help us achieve a leading edge and competitive advantage in Philippine banking.”
Presently, iBank provides products and services such as deposits, cash management services, commercial and consumer loans, trade and finance facilities, domestic and foreign fund transfers, foreign exchange, fixed income distribution, derivatives and trust services to customers and is considered something of an innovator in the Philippines commercial bank space.