Robinsons Bank Corporation, also known as RBank, is a commercial bank providing banking services to private and business customers in the Philippines. Founded in 1997, the bank is headquartered in Quezon City and has offices in the Philippines. Robinsons Bank is the financial services arm of the JG Summit Group of Companies and one of the fastest growing commercial banks in the Philippines in terms of capitalization and asset size.
Miles Software was founded in 1999 and provides financial services worldwide. The company’s flagship is MoneyWare, which covers the entire business life cycle of wealth, asset and portfolio management. Headquartered in Mumbai, India, the company was acquired by the Indian subsidiary of Ebix, the global on-demand software and e-commerce service provider.
Project details:
Robinsons Bank was in the middle of a transformation project aimed at overhauling their IT environment for their trusted business and replacing their legacy system with MoneyWare to meet day-to-day business needs, support new business strategies, and keep up with government regulations Attention. Ebixcash Financial Technologies has implemented its MoneyWare Trust Banking Solution v17 to support the bank in its transformation goals. For the program, the solution comprised modules such as investor servicing, fund / portfolio management, business analytics and reporting, customer portal, portfolio performance and risk analysis. The implementation was carried out by Robinsons Bank’s Wealth Operations team and went live in December 2019. Ebixcash employed a business analyst and several technical resources on the project.
Implemented:
During its analysis, the solution provider found that the legacy system had several differences in terms of postings, revaluations, provisions and amortization compared to its Moneyware solution. These differences were the hardest part of the project as Ebixcash had to align the existing data in the format of their system. Aligning data meant reconciling balances, recalculating, and adjusting / correcting data as part of the migration. The project implementation was standard and straightforward with minimal adjustments and integrations to meet regulatory requirements such as PFRS9 compliance, Money Laundering Act (GwG), Foreign Account Tax Compliance (FATCA), etc.
Aside from the functional side of the project, Ebixcash ensured that the project complied with the basic IT requirements and banking guidelines that were monitored by the IT audit. Proper business continuity, implementation, and network planning plans were also drawn up during the implementation.
Solution:
The solution followed the PFRS 9 standards, whereby all results of the internal audit were taken into account. All accounting requirements and entries, calculations, evaluations and reports complied with the recommendations of Banko Sentral ng Pilipinas (Central Bank of the Philippines).
Various MoneyWare modules have been integrated to meet the diverse and varied needs of Robinsons Bank. One such module was Moneyware Integra, which was implemented to meet fund administration and client management needs. The fund and portfolio management requirements were met by Moneyware Fundware, which was implemented and integrated into Integra. For the requirements of business analytics and reports, Ebixcash has entered into a partnership with SAP for the SAPBO reports. Performance and risk analyzes were carried out by Moneyware Portfolio Risk Analytics, which were implemented and integrated into MoneyWare Fundware. The Moneyware customer portal was implemented as a customer portal and renamed Robinsons Bank MyWealth. This application has been integrated into the bank’s personal online banking application / website, which can be accessed by all trusted customers.
Guide:
One of the main factors for the success of the project was overall control. Representatives from various trust groups have been assigned to represent their teams / groups, with the ombudsman playing a practical role in the project. Regular and consistent project meetings were held in order to bring all results and measures in line with all relevant teams of the bank and Ebixcash, which were well represented. External and internal auditors were also consulted prior to the launch of the project to ensure that the project complied with standard technical and business practices.
Effects on the customer:
By successfully implementing Moneyware modules, Robinsons Trust has met legal and auditing requirements. The bank has benefited from the solution’s flexibility to meet ever-changing regulations, policies and taxes. The solution has allowed the bank to pursue a more flexible business strategy where strategies are not constrained by the performance of the software or application.
The solution has resulted in greater efficiency due to the automation and automatic correction of data. It also looked at the upgrade of the IT environment that the bank needed to provide users with greater convenience in terms of usage and accuracy, and to enable Robinsons Bank to achieve its goal of digitization.
IBSI view:
The program was a classic case of a simple implementation that brought great benefits to the bank. Ebixcash has successfully addressed the complications resulting from multiple rounds of data migration and multiple ad hoc requests through innovative solutions. This sped up the process to meet the bank’s needs and helped streamline the process with increasing automation.
IMPORTANT FACTS
Bank: Robinsons Bank
Bank headquarters: Philippines
Solution partner: Ebixcash Financial Technologies
Solution: MoneyWare
