Company history

Company history:

International Financial Systems was founded in 1983 as a group of IT consultants that provided implementation services to banks on IBM mid-range and other banking packages that were in their infancy at that time.

By 1991 we had reverted to our roots of software authors and began trading as Criterion Banking Software. We also announced the first of our software products, BankWare DOS, which very soon replaced one of the IBM mid-range solutions in 1992. From there it went from strength to strength as PCs and networks began to replace the mainframe and minicomputer.

In 1999 with the growing awareness of the Internet and its potential for revolutionising the way that banking services were delivered to the end user we introduced the iBank as an integrated front-end to BankWare and other legacy systems.

We changed our name to International Financial System in 2001 to reflect our growing international presence and the diversity of our customer base and the services that we were offering to them.

The first release of BankWare.NET was released in 2005 as a replacement product for BankWare DOS. Over the following years it was rolled out to our existing BankWare DOS customers who were unable to upgrade their system without payment of additional licensees or the need to rekey data. As far as they were concerned it was a simple and seamless technology change.

Around that same time with the growing awareness and impact of Sarbanes-Oxley Act, FATF and the EU anti-money laundering directive we started working in collaboration with our customers on some new software which forms the foundation of what we now know as AMLtrac.

Since our foundation we have provided equipment, services and software to over 100 banks and other financial institutions worldwide. We are still an employee owned and managed organisation which allows us to concentrate what we do best – listing to our customers, developing first-class software and delivering a tailored and personalised service.

We pride ourselves on having a high level of long-term customer retention and a large percentage of all of our new business is by referral. Our reputation is built upon:

  • putting our customers first and addressing their individual needs
  • comprehensive knowledge of information technology and the financial services business
  • continual commitment to research and development embracing the latest technology
  • delivering cost-effective and innovative solutions