The Mexican financial company Ixe Banco has agreed to use core processing software from Open Solutions Inc. of Glastonbury, Conn., to support its efforts to reach underbanked consumers in that country.
The $1.5 billion-asset Ixe is planning to use Open Solutions' Complete Banking Solution in both its current retail banking operations and in a retail unit it is developing for Mexico's underbanked, the vendor said Thursday.
The Ixe Grupo Financiero SA de CV unit, which has 120 branches and 240,000 customers in Mexico, had said previously that the new subsidiary would have its own brand and would focus on lending to consumers and small businesses.
Luis Alonso Corio, Ixe Banco's chief information officer, said in an Open Solutions press release that its current core processing system would not support its growth plans, and that Open Solutions' software "could serve the needs of the bank, as well as the aggressive expansion strategy that we have in place."
In recent months Open Solutions has signed contracts with several foreign financial institutions, including Asia Commercial Bank in Vietnam and City of Bridgetown Cooperative Credit Union in Barbados.
