BSP Vanuatu launches new banking system

BANK South Pacific (BSP) Vanuatu achieved a major milestone for its business when its new Flexcube Banking System went live last month, making it the first BSP operation to upgrade into this new system, BSP Financial Group Ltd chief executive officer Robin Fleming says.
Fleming said the upgrade of the new system was the culmination of a number of years’ work and effort across multiple teams and several countries.
The project team led by staff from BSP PNG with the support of implementation partners JMR and 4Impact worked with BSP Vanuatu staff to assist with the change in banking system from the old Firserv ICBS system to BSP’s new Oracle Flexcube System.
Country head of BSP Vanuatu Nik Regenvanu said: “The move to the Flexcube Banking System will see BSP Vanuatu improve numerous banking operating and reporting systems including real-time risk and credit bureau analytics, foreign exchange and telegraphic transfers, document management and branchless banking.”
The upgrade also saw the launch of a new internet banking portal and operating platform.
“Our customers who have been able to use BSP’s Digital Hub have remarked on the additional functionality available on the new internet banking platform such as increased security, trade finance features and payment file uploads, which is also available using a smartphone,” Regenvanu said.
He said during the upgrade there were some outages between the new Flexcube banking system and their electronic banking platforms.