International Private Banking Systems installs IPBS modules for RBC Capital Markets in New York
Mar 03rd, 2003

The Tribune Newspaper

NASSAU, BAHAMAS - International Private Banking Systems (IPBS), the Bahamas-based private banking software solutions provider, is hoping to "grow from this success" after selling and installing its investment and mutual funds module for RBC Capital Markets in new York.

Bruce Raine, IPBS's managing director, told The Tribune that the company, which is now in its 11th year in business, was being increasingly viewed as an IT solutions provider by the world's large financial institutions, and he hoped to use the RBC Capital Markets success to make further inroads into the onshore financial services market.

He said of the purchase by the Royal Bank arm: "I think it's a very good opportunity for us. I've always wanted to find an opportunity to go into mainland USA or North America."

Mr. Raine said that when RBC Capital markets first approached IPBS in their search for top-quality banking software products in May 2002 "I didn't think we could be seriously considered…but they kept pursuing it and nine months later we have installed it".

Mr. Raine said IPBS's "leading edge" technology was proving increasingly attractive to financial institutions, with many suffering from outdated and outmoded technology. Apart from RBC Capital Markets, the company already had clients in the Bahamas, the Cayman Islands, Bermuda and Vanuatu.

IPBS has a number of "modules in one stable", allowing financial institutions to select products according to their needs. Among the modules are those for looking after customer accounts, dealing with fixed deposits, current accounts and foreign exchange; investments management, which links together a client's worldwide investments in stocks and bonds; global custody to look after a client's investments held in deposits across the world; and modules for mutual funds and trust accounting.

Mr. Raine said service was the key to IPBS's success, as the company concentrated on not only providing the right product but also on after-sales support to ensure institutions received "good value from it".

The IPBS managing director said of the challenges posed by globalization and free trade for the Bahamas: "I sort of laugh when I see all the hysteria about it, but if Bahamians put their minds to it and prepare to work hard for it, there are a lot of areas we can export and do well in under the FTAA. They [overseas firms] can come here, but we can go there.

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