Proven to standardise Caribbean operations on ERI’s Olympic core banking system
Proven Group, a financial services provider in the Caribbean, is standardising its back office operations on the Olympic core banking system.
Proven Group standardises operations on ERI’s Olympic core banking system. Image source: ERI
Supplied by a long-standing provider to private banks and wealth managers, Switzerland-based ERI, Olympic will be implemented at Proven Bank (formerly Fidelity Bank) and Proven Wealth (formerly International Financial Planning) in the Cayman Islands, and Proven Bank (formerly Bosil Bank) in St Lucia.
The group already uses Olympic as its core system at its Proven Wealth subsidiary in Jamaica. It became ERI’s first client in Jamaica when it signed for the system in 2019, following a lengthy evaluation. The new core replaced the legacy Microgen-derived 4Series platform.
Proven Group has recently rebranded its entities, which came via acquisitions and were operating under various names. It is now undergoing a business structure transformation which will result in the standardisation of the IT infrastructure across the group.
It is understood that St Lucia-based Proven Bank runs on a Uruguay-derived system called Impact. Meanwhile, Proven Bank in the Cayman Islands is understood to be a long-standing user of the Phoenix system that now resides with Finastra.
ERI says the initiative will position Olympic as “the primary core banking platform in a multi-entity set-up”.
The project encompasses existing functionalities utilised by Proven Wealth, including client onboarding, credits, corporate actions, funds, client reporting, treasury, repo and accounting as well as new functionalities including CRM, e-banking, a portfolio management system (PMS) and new interfaces. In addition, new compliance and risk assessing tools will be developed to cover know your customer (KYC) and know your transaction (KYT) processes.
Johann Heaven, group deputy CEO of Proven, describes the project as “a significant milestone in the group’s digital transformation journey”.
He anticipates “numerous benefits”, including “streamlined processes, reduced risks and enhanced cost-effectiveness” as well as “an elevated and personalised customer experience”.
Incorporated in St Lucia and listed on the Jamaica Stock Exchange, Proven’s business comprises private banking and wealth management; a real estate portfolio of commercial, residential, development and rental properties; and private equity and debt investments.
