Cidel Bank implementing ERI’S Olympic core banking system
Banking Technology understands that the deal was inked at the start of 2016. The implementation has already begun, and will equip the Cidel group with portfolio management and reporting tools, an automated transaction processing capability and an omni-channel client service architecture.
Craig Rimer, CEO of Cidel Financial Group, says: “We took the time to carefully examine what was available in the market, both domestically and internationally, before concluding that the Olympic banking system is going to give us exactly what we need to operate across multiple locations.”
Cidel is an international financial services group that specialises in wealth, investment and asset management. It was founded in 1998, is privately owned, and has $12 billion of assets under supervision. Its head office is in Toronto, but much of its business activities are in the Caribbean, with the main back office operations based in Barbados.
ERI was founded in 1989 and is present in Geneva, Zurich, Lugano, London, Luxembourg, Singapore and Paris. Around 200 banks and financial institutions in over 50 countries in Europe, the Middle East, Africa, the Americas and Asia use the Olympic core banking system.
Users of Olympic include ABN Amro Bank (although the bank is now replacing it with Temenos’ T24), Bank Julius Baer (also being replaced by T24), BNP Paribas, Compagnie Bancaire Helvetique, JP Morgan Chase, KBC Securities, SG Hambros and UBS.
ERI recently formed a new partnership with tech consultancy firm Capgemini. This will see the launch of a shared services centre for private banks and wealth managers in Europe. ERI will provide Olympic, whilst Capgemini will bring to the table its expertise in infrastructure and application management services and business process outsourcing (BPO).
However, in a separate deal Banking Technology understands that a number of legacy solutions will be replaced by Avaloq Banking Suite at Banque Privée Edmond de Rothschild (EDR), including SAB’s SAB AT and ERI’s Olympic.