New digital bank, SunTrust, runs on ICS Banks core platform
SunTrust Bank in Nigeria has renewed the contract with banking software vendor ICS Financial Systems (ICSFS) for its ICS Banks core banking system.
SunTrust is a newcomer to the banking market – it received its banking licence in 2015 (and became the first bank in the country since 2001 to receive a “fresh” banking licence from the Central Bank of Nigeria).
It provides retail and commercial banking services. It opened for business in H2 2016.
Prior to getting the full licence, SunTrust was a mortgage lender, known as SunTrust Savings and Loans. It has been using the ICS Banks system since its inception in 2009.
The bank relies on digital channels – online, mobile and telephone – to deliver its products and services.
ICSFS says it was selected by SunTrust for its “successful track record” in Nigeria’s banking market. Guaranty Trust Bank (GTBank), a long-standing user of ICS Banks across its multiple locations in Africa and one of ICSFS’s largest clients, runs its Nigerian operations on ICS Banks.
Another local user is Unity Bank.
However, ICSFS has recently lost one customer in Nigeria – Sterling Bank – to rival vendor Temenos. Temenos’ T24 core system went live at the bank in a “big bang” switchover in Q4 last year. The new platform was rolled out across the entire 185-branch network of Sterling.