IPBS choice of Morval Bank & Trust Cayman

On Oct 10 2006 8:00 AM

IPBS choice of Morval Bank & Trust Cayman

IPBS choice of Morval Bank & Trust Cayman

Confidence in product and long term relationship with IPBS key decision factors

Oct 10th, 2006

Nassau, Bahamas, New York and London – International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced Morval Bank & Trust have implemented IPBS/Business Manager to compliment their long standing use of the IPBS/Private Banking solution. 

Morval Bank & Trust Cayman Ltd., is the offshore banking arm of the Swiss Private Bank, Morval & Cie S.A. Banque. The company has provided private wealth management for clients since 1979 and along side the traditional asset management services, the Bank and its subsidiary MBT Trustees Ltd. offers the set-up and administration of trusts, administration services to a full range of mutual funds as well as management and administration services to companies in the Cayman Islands. 

IPBS software was first licensed by Morval Bank & Trust in 1997 and according to Alessandro Gysin, Managing Director at Morval, “IPBS have a long standing association with our Bank. The IPBS team has an excellent reputation of delivery, support and in particular their flexible approach to our needs and their understanding of our business, sets them apart from other providers.”

In recent times, Morval Bank & Trust have experienced interesting challenges, such as the consequences of major natural disasters in hurricane Ivan, which decimated the Cayman Islands in 2004. More recently the increase in regulatory pressures and the need to adhere to strict KYC (Know Your Customer) requirements added another dimension of complexity to recording and managing data. 

In the case of natural disasters, the ability to have access to electronic records and be able to continue to run the business, despite such catastrophic circumstances is essential for offshore banks in the region. A reliable IT infrastructure and electronic business processes are vital and the IPBS/Private Banking solution delivers such reliability.

With the very strict regulations that apply to the offshore private banking sector, the Bank’s users of the IPBS/Business Manager module have now received full training and went live with the new system within 4 weeks of purchase. The time savings made from moving from manual systems to fully automated, fast and efficient systems is one key benefit. The ability of the system to scale as the Bank’s demands grow and regulatory changes evolve, are additional benefits.

“Morval has seen the gamut of the IPBS product evolvement over the years since 1997 when they first implemented our DOS based solution. Three years later they migrated from this version to the Visual Basic offering and have now implemented our latest .NET product offering. As we approach their ten year anniversary as an IPBS client we are very pleased to see their business growth and development and are happy that we have been able to meet their technology needs over the years.” comments Bruce Raine, Founder and President of IPBS.

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About International Private Banking Systems

International Private Banking Systems is a specialist provider of wealth management software for the private banking sector. The company began operations in 1993 and the flagship product is IPBS - 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 wealth management professionals. International Private Banking Systems now serves clients across the globe, including the Bahamas, the Cayman Islands, the Turks & Caicos Islands, Bermuda, St. Vincent and the Grenadines, Barbados, Panama, Uruguay, Vanuatu and the United States.
For further information, please visit www.ipbs.com

About Morval Bank & Trust Cayman Ltd.
For further information, please visit http://www.morval.ch

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