International Private Banking Systems Selects Orbus Technologies as Value Added Reseller for the Caribbean

On Dec 13 2004 8:00 AM

International Private Banking Systems Selects Orbus Technologies as Value Added Reseller for the Caribbean

International Private Banking Systems Selects Orbus Technologies as Value Added Reseller for the Caribbean

New regulatory stance in Jamaica leading to increased demand for wealth management software

Dec 13th, 2004

Nassau, Bahamas and London - International Private Banking Systems, the specialist provider of wealth management software for the private banking sector, today announced that it has selected Orbus Technologies as its Value Added Reseller (VAR) for Jamaica and the Caribbean region.

Orbus Technologies is a Jamaica based organization specializing in the provision of business solutions and computer services to meet all software, hardware, and connectivity requirements. Services include custom software development, custom report writing, web design, data reporting, data conversion and Microsoft Infrastructure services. Local regulation in Jamaica is driving financial operations to adopt a fund management or brokerage business model, and Orbus Technologies has positioned itself to serve these needs through its strong technical team and experienced consultants with financial sector expertise.

With Jamaica's Financial Services Commission clearly signaling its desire to cap or reduce the funds controlled by securities dealers in the form of short-term repurchase agreements, a dramatic expansion in the assets of domestic fixed income mutual funds is to be expected over the next few years. Jamaica has a large local fixed income securities market for the size of its economy, with the local securities dealers controlling funds equivalent in size to deposits in the domestic banking system. The partnership between Orbus Technologies and IPBS therefore also offers the opportunity to provide mutual fund administration services on an outsourced basis.

This business expertise combined with the International Private Banking Systems wealth management solution - IPBS - puts both companies in a strong position as Jamaican financial services providers consider technology options for the new regulations and business environment. IPBS is a fully integrated accounting and management information system that provides all of the front, middle and back office support services required by international private banks, trust companies, mutual fund administrators and other wealth management professionals.

Over the last few months International Private Banking Systems has been invited to reply to RFI's from a number of pan-Caribbean financial groups, each with operations in Jamaica as well as the rest of the Caribbean. This factor combined with the synergy between the two companies caused by directives from the Jamaica's Financial Services Commission has led to the appointment of Orbus Technologies as Value Added Reseller of the IPBS system.

Keith Collister, Director at Orbus Technologies comments: "It is crucial for our business that the needs of our regional private bank and asset management clients are continually met and exceeded. IPBS' solution is not only competitive in price, but having benchmarked it against a number of comparable products we are confident it is also superior from a user, ease of implementation and technology support perspective. With IPBS' continuous product development and improvement strategy we are confident that the partnership will offer our clients real business value".

Bruce Raine, Founder and Managing Director of International Private Banking Systems adds: "We are confident that Orbus Technologies, founded by Paul Collister, has the core technical competencies to support IPBS and our clients in Jamaica, whilst Keith Collister is well known in financial circles in Jamaica and The Bahamas. We look forward to working closely together to support the requirements of financial services operations in the region."

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