Digital banking software vendor QTS goes bust
QTS, a UK-based digital banking systems provider, has gone bust.
Based on Companies House data (the UK’s registrar of companies), QTS’s accounts are long overdue and it has entered liquidation.
Yesterday (21 March), Companies House announced an “extraordinary resolution to wind up on 26 February 2016” and the appointment of a voluntary liquidator.
Calls and emails to QTS’s offices went unanswered.
QTS was a small organisation but well-established. It was founded in 1996 and had formed partnerships with back office vendors such as Phoebus and Mutual Vision Building Society Software.
Over the last two years, it had achieved some success with building societies and banks in the UK. Its customers include Cambridge & Counties Bank, Leek United Building Society, Mansfield Building Society and Cumberland Building Society.
It is not clear what will happen to QTS’s assets and clients, but a partner may be tempted to take them over.
There were also plans for all the clients to join forces and take over the assets and products and possibly set it up as a separate subsidiary, or outsource it to someone.
Last year, UK-based Darlington Building Society worked with QTS on a “major online project”.
The vendor supplied its Q-Broker, Q-View and Q-SAP platforms for a number of online banking services.
In addition, the building society’s customers can access services via a new mobile app, supported by QTS’s Q-Mobile platform.
The first phase of the project went live in 2015, using Q-Broker for mortgage application processing under the name ‘Darlingtonline’.
Because of the QTS liquidation, Banking Technology contacted Darlington Building Society to find out what will happen with the platforms and online project.
The buidling society responded on the same day (22 March) and says: “We are disappointed that the supplier of our online mortgage system, QTS, has gone into liquidation. We are pleased to confirm that our members and professional contacts should see no change to the way we operate and the system itself is still operating as we would want as it is hosted by a third party.”
Phoebus has also contacted Banking Technology to say that services to none of its clients are affected by this situation.
QTS also shut down its Twitter account on 22 March, although its website still links to the obsolete account.