Wanfuteng Bank live with Probanx CorePlus core banking system
Wanfuteng Bank, a small bank operating in Vanuatu and headquartered in Hong Kong, has gone live with the CorePlus core banking system, provided by Probanx (recently acquired by iSignthis).
The new system’s functionality includes online and mobile banking; loans and mortgages; standing orders; deposits; fixed assets management; SMS and email notifications; language support for English, French and Simplified Chinese; portfolio management; APIs for IBAN validation, PSD2 and open banking support, ATM/POS; Swift/SEPA integration; and teller cash management.
Earlier this year, Wanfuteng Bank, which is owned by a group of Hong Kong companies, acquired Vanuatu-based European Bank Limited.
Wanfuteng Bank has joined 15 other banks around the world that use Probanx’s CorePlus system. Among them are Societe Generale in Cyprus (where Probanx is based), Housing Finance Company in Seychelles, AN-other EMI in the UK, Frux Private Bank in Spain, Luxburg Carolath FBS Bank in Switzlerland and Novum Bank in Malta.
Cyprus-based Probanx was acquired by iSignthis in September this year for €400,000. It now operates as an independent business within the group.
The parent company has already commenced the integration of its own paytech with Probanx’s tech: CorePlus will be integrated with ISXPay, and will support its e-money account (EMA) customers from late November.
It will also integrate direct with SEPA/Target2 and Swift schemes on behalf of ISXPay and will generate and validate IBAN accounts for ISXPay customers.
“I am pleased to announce that our recent strategic acquisition of Probanx is exceeding our expectations as a contributor to EBIT for the group,” says John Karantzis, CEO of iSignthis.
EBIT performance for the full FY2018 year is expected to be stronger than originally forecast, with full year performance anticipated to be in excess of €275,000, with EBIT contribution of €200,000 prior to purchase of Probanx by iSignthis.
“In this age of neo-banking, open banking, and with micro-banking services taking off globally, we anticipate that demand for core banking platform software will grow in line with the growth in the neo-banking sector,” Karantzis continues.
“Services from FICO and FIS are simply not affordable and out of scale for neo-banking challenger banks,” he states.
“The strategy of combining core banking software with our card processing platform will provide Probanx with a distinct advantage over its ‘class’ competitors. This will ensure that the Probanx offering will be unique for the neo-banking and mid-market banking institutions, that seek to have an integrated core banking and transactional banking capability.”