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FinnOneTM Goes Live At Bank Of the Philippine Islands

January 16, 2008 | Press Release
New Delhi, January 16, 2008: Nucleus Software (NSE: NUCLEUS, BSE: NSEL) today announced that its FinnOne™ Loan Origination System has gone live at Bank of the Philippine Islands. The solution, which went live in a remarkably short turnaround time, will significantly improve the banks efficiency by automating the front-end consumer lending process and enhance its customer relationships across the country.

Bank of the Philippine Islands (BPI) is the third largest commercial bank in the Philippines in terms of assets. Selected after a thorough evaluation of the various system proposals, Nucleus’s FinnOne™ will offer a specialized loan origination system with flexible features that will allow changes in accordance with policy updates and user requirements. The FinnOne™ Loan Origination System, named as BPI’s Automated Loans Front-End System (ALFES), will allow the bank to integrate the different touchpoints in their supply chain for acquisition prospecting, pre-disbursal processing and loan booking. The system will take the acquisition from the first contact, to application form acceptance, its workflow through various stages, queue management, deviation management, user management and access controls, right up to the reject/approval decision for the disbursement and loan booking.

ALFES will help BPI in the effective tracking of consumer loans applications, timely disbursements and swift decision-making, thus contributing to better-cost management and aiding in the bank’s overall success.

“We are delighted to see FinnOne™ successfully powering the aggressive retail banking focus at the Bank of the Philippine Islands. The region continues to be a key focus area for Nucleus and we are certain that our proficiency in technology and the wide acceptance of our solutions across markets will help BPI reaffirm its position in the region and build formidable reputation among its customers.” said Vishnu R. Dusad, CEO & Managing Director, Nucleus Software.

BPI is also using FinnOne™ Collections and Credit Card application processing system from Nucleus Software. With over 25 product installations in more than 10 banks, Nucleus Software has strengthened its leadership position in Philippines banking industry. FinnOne™ is a global player in the banking solutions space and has successful implementations in Asia-Pacific, Middle East, Africa, Europe & US. 

About Bank of the Philippine Islands (BPI):

It is the market leader in consumer lending and remittance business and enjoys significant presence in corporate banking asset management, corporate finance and securities distribution and insurance business. It also leads in electronic banking having introduced most of the firsts in the industry, the ATMs, point of sale debit system, phone banking, and internet and mobile banking. It has 829 branches and over 1400 ATMs serving 3 million customers. http://www.bpi.com.ph/

Safe Harbor:

Certain statements in this release concerning our future growth prospects are forwardlooking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, our ability to successfully implement our strategy, our research and development efforts, changes in the value of the Rupee and other currency changes, intense competition in IT and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654