CASE STUDY
“ We ’ ve used Fusion Equation from Finastra as our core banking system for many years now ,” said Sanjay Rajagopal , CIO , Jordan International Bank Plc . “ Over this time , we ’ ve seen how robust , reliable and adaptable Finastra solutions are , so it was an easy decision for us to select Fusion Equation as the foundation for our new mortgage services .”
JIB also decided to implement a mortgage origination solution from BEP Systems – with whom Finastra has a longstanding relationship .
“ We assessed many different loan origination solution providers and BEP Systems came out on top for usability , automation and their ability to integrate with Finastra solutions ,” explained Rajagopal . “ The fact that Finastra recommended BEP Systems based on a recent successful implementation at another bank gave us added confidence that BEP was the right choice .” progress meetings with the aim of identifying and quickly resolving any implementation challenges .
BEP Systems delivers the front-end loan origination solution that enables brokers to create , service and track the progress of new loans . Fully integrated with Fusion Equation , new loans created in the BEP Systems solution are automatically transferred to the Finastra solution for simple , effective additional downstream lending management .
Achieving a rapid implementation
Working around the clock to get JIB ’ s new mortgage systems up and running in under 12 weeks . JIB said due to disruptions caused by the global COVID-19 pandemic , its application to the FCA for a license to provide mortgage lending services was delayed – leaving the bank with less than 12 weeks to build the systems and processes required for its new venture .
Adam Barrett , Business Transformation Manager , Jordan International Bank Plc , commented that : “ Both the Finastra and BEP Systems teams went the extra mile to ensure that we would be ready to go live with our new mortgage offering in a matter of weeks . For instance , BEP Systems deployed a ready made configuration of their solution , which significantly reduced the time required to deploy both Fusion Equation and BEP Systems ’ loan origination solution .”
Chris Little , Managing Director , BEP Systems , said : “ We had such a tight time frame for the delivery of this project , and thanks to the close collaboration and commitment of the Finastra and JIB teams we were able to meet the deadline set by the regulatory body .”
To keep the deployment on track for the targeted golive date , Finastra , BEP Systems and JIB held weekly
Rajagopal added that : “ With the support and expert guidance of Finastra , we managed to integrate the hosted loan origination solution with our on-premises Fusion Equation core banking system quickly and easily . This meant that we could enjoy the benefits of automated , digitalised processes from day one . Along with this , the automation and the enhanced reporting capabilities of the solution helped us to automate all the regulatory reporting requirements needed for evidencing our readiness to the regulators .”
Deepening customer relationships
Finastra helped JIB diversify its business by launching mortgage lending services underpinned by Fusion
WE HAD SUCH A TIGHT TIME
FRAME FOR THE DELIVERY OF THIS PROJECT , AND THANKS TO THE CLOSE COLLABORATION AND COMMITMENT OF THE FINASTRA AND JIB TEAMS WE WERE ABLE TO MEET
THE DEADLINE SET BY THE REGULATORY BODY .
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