Headlines:
Credit Union Switching to Corillian Software
North Island Financial Credit Union of San Diego plans to switch to Corillian Corp. online banking software to serve Hispanic customers better.
The software, for consumer and business banking, can show account information in English and Spanish. The $1.5 billion-asset credit union now uses an online banking system from Open Solutions Inc. of Glastonbury, Conn., whose core processing software it runs.
"The Hispanic market is one of the top key markets that we're looking at in the next two or three years," said Scott L. Williford, North Island's first vice president of relationship development and its head of e-commerce.
North Island serves 125,000 members and has 13 branches in San Diego County.
It will run the new software in-house, as it does the Open Solutions software. The conversion is expected to be complete by mid-2006, Mr. Williford said Monday.
North Island also plans to switch providers for its online bill payment service provider around then, he said. It now uses Princeton eCom Corp. of Princeton, N.J., but will move to CheckFree Corp. of Atlanta.
SimCorp Investment Package for Wachovia
Wachovia Corp. is replacing some of its investment management software with a package from SimCorp of Copenhagen.
SimCorp Dimension is being tested now and should be fully installed by the end of October, said John E. Vidlak, a senior vice president at the Charlotte banking company.
Wachovia's asset management group plans to use it for processing non-dollar bond transactions, Mr. Vidlak said last week. The company may also use the software for processing financial derivatives; a decision on that question is expected this month.
Mr. Vidlak said the software will give asset managers better information on the company's investment positions; automated access to paydown information on the bonds; enhanced calculation capability on foreign-exchange funding; integrated reconciliation with front-end trading systems; and better monthly reporting.
Wachovia initially evaluated only U.S. vendors. "SimCorp wasn't on our radar screen," Mr. Vidlak said. It was invited to bid when Wachovia realized that SimCorp is a market leader for securities processing in Scandinavia, he said.
Wachovia holds substantial positions in Danish mortgage-backed securities, Mr. Vidlak said.
SimCorp announced the contract in June. Mr. Vidlak said the four-month interval from deal to completion of installation is unusually short for complex financial software.
