Robinsons Bank uses Ebixcash FT’s Moneyware to upgrade its Trust Business
May 31, 2021
Robinsons Bank Corporation, also known as RBank, is a commercial bank that provides banking services for retail and business customers in the Philippines. Founded in 1997, the bank is based in Quezon City with branches across the Philippines. Robinsons Bank is the financial services arm of the JG Summit Group of Companies and is 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 products and services to financial services first globally. The company’s flagship product is MoneyWare which caters to the complete business life cycle of Wealth, Asset, and Portfolio Management. The company headquartered in Mumbai, India was acquired by the Indian subsidiary of Ebix, the global on-demand software and E-commerce services provider.
Project Details:
Robinsons Bank was in-midst of a transformational project aimed at revamping its IT environment for its trust business with a plan to replace its legacy system with MoneyWare to address its day-to-day business needs, support new business strategies and keep abreast with regulatory compliance. Ebixcash Financial Technologies implemented its MoneyWare Trust Banking Solution v17 to assist the bank with its transformation goals. For the program, the solution incorporated modules such as Investor Servicing, Fund/ Portfolio Management, Business Analytics, and Reporting, Client Portal, Portfolio Performance, and Risk Analytics. The implementation was run by the wealth operations team of Robinsons Bank with go-live achieved in December 2019. Ebixcash deployed a business analyst and multiple technical resources to the project.
Implemented:
The solution provider during their analysis discovered that the legacy system had multiple differences in terms of accounting postings, revaluation, accruals, amortization when compared to their Moneyware solution. These differences were the most challenging part of the project as Ebixcash had to align the existing data in the format of their system. Aligning data meant the reconciliation of balances, recalculation, and adjustment/ correction of data as part of the migration. The project implementation was standard and straightforward with minimal customizations and integrations to comply with regulatory requirements such as the PFRS9 compliance, Anti Money Laundering Act (AMLA), Foreign Account Tax Compliance (FATCA), etc.
Apart from the functional side of the project, Ebixcash ensured that the project was compliant with the IT baseline requirements and bank’s policies, which were monitored by the IT audit. Proper business continuity plans, implementation, and network planning were also put in place during the implementation.
Solution:
The solution followed the PFRS 9 standards with all internal audit findings addressed. All accounting requirements and entries, calculations, evaluations, reports were according to the recommendations of the Banko Sentral ng Pilipinas (Central Bank of The Philippines).
Various MoneyWare modules were integrated to meet the multiple and diversified requirements of Robinsons Bank. One such module was Moneyware Integra, which was implemented to meet the need for Fund Administration & Client management. Fund & Portfolio Management requirements were met by Moneyware Fundware, which was implemented and integrated with Integra. For Business Analytics and Reports requirements, Ebixcash partnered with SAP for the SAPBO reports. Performance and Risk Analytics was done by Moneyware Portfolio Risk Analytics, which was implemented and integrated into MoneyWare Fundware. Moneyware Client Portal was implemented as a client portal and was rebranded as Robinsons Bank MyWealth. This application was integrated into the bank’s personal online banking application/site, accessible to all trust clients.
Governance:
One of the major contributing factors to project success was the overall governance. Officers from various trust groups were assigned to represent their teams/ group with the trust officer having a hands-on role in the project. Regular and consistent project meetings took place to align all the deliverables and action items with all relevant teams from the bank and Ebixcash well represented. Third-party and internal auditors have also been involved before the rollout of the project to ensure project compliance with the standard technical and business practice.
Customer Impact:
The successful implementation of Moneyware modules has made Robinsons Trust compliant with the regulatory and audit requirements. The Bank has benefited from the flexibility of the solution to handle ever-changing regulations, policies, taxations. The solution has allowed the bank to have a more flexible business strategy where strategies are not restricted by the capability of the software or the application.
The solution has resulted in greater efficiency due to automation and automatic corrections of data. It also addressed the IT environment upgrade needed by the Bank, providing better convenience to the users in terms of the usage and accuracy and allowing Robinsons Bank to achieve its objective of digitalization.
IBSI View:
The program was a classic case of a simple implementation achieving great benefits to the bank. Ebixcash successfully addressed the complications arising due to multiple rounds of data migration & several ad-hoc requirements through innovative solutions. This fast-tracked the process to cater to the bank’s requirements and helped to streamlined the process with increased automation.
KEY FACTS
Bank: Robinsons Bank
Bank Headquarters: Philippines
Solution partner: Ebixcash Financial Technologies
Solution: MoneyWare
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