BSP migrating core banking platform to ‘flexcube’ system

The National Business

BANK South Pacific (BSP) Financial Group Ltd is migrating its existing core banking platform to a new system called “Flexcube” next year, says chief executive officer Robin Fleming.
Fleming said this was to position the bank to introduce a greater range of digitally-enabled services and to deliver more benefits to customers.
“Flexcube offers user friendly banking functionalities that will enable customers to transact a broader range of products and services online instead of visiting our branches,” Fleming told The National.
He said since privatisation in 2002, BSP had been using a Firserv ICBS banking system in PNG and the Pacific apart from Fiji which uses a TCS Bancs system.
“BSP made the decision to upgrade its banking platform capability some years ago and the decision was made to move to a more integrated platform.
“The new system is called Flexcube and is built on core banking software developed by global technology company, Oracle Financial Services.
“Flexcube will enable BSP to better integrate with third-party applications such as Swift messaging and Postilion payment systems and provides a comprehensive view of all customer accounts, which will permit BSP to better support our customers.”
The Flexcube system will further benefit BSP customers with:

  • QUICKER, more secure on-boarding with real-time due diligence checks;
  • ENHANCED Know-Your-Customer functionality to improve branch transactions security;
  • QUICKER loan approvals with streamlined workflows and real-time credit bureau checks;
  • MORE secure online banking with Two-Factor Authentication; and,
  • AN improved online banking interface with enhanced features such as financial dashboards and ability to apply for loans and upload supporting documents.

BSP currently uses Flexcube in Vanuatu and plans to replace the current banking system in PNG in 2023, with the other offshore locations to follow,” Fleming said.
“As we move closer to the cutover from ICBS to Flexcube we will be providing customers with more information on changes they may expect.”