PRESS RELEASE – Banking News – Capital International Bank opens on iFinancial technology
BANKING NEWS – PRESS RELEASE
The First Banking Licence On The Isle of Man For 30 Years
Capital International Bank Limited, Isle of Man, the first new banking licence to be granted in the Isle of Man for 30 years, has recently opened its doors for business. CIB is part of the Capital International Group and holds the first Class 1(2) licence to be issued by the Isle of Man authorities since the Alternative Banking Regime was introduced in 2016. The Class 1(2) licence precludes retail customers, so CIB will only be able to offer services to qualifying corporate clients and individuals with liquid assets of more than £500,000.
The technology behind the new digital bank is a combination of VELTA, a digital portal developed by the group’s head office in South Africa, and the iFinancial products AMLtrac (anti money laundering) and BankWare (Core Banking) which work together as a seamless solution via an extensive library of APIs. As well as maximising existing functionality, the opportunity was also taken to add new functionality such as Fiduciary Accounts and Online Foreign Exchange trading.
Capital’s CEO Greg Ellison said “We had an ambitious program and knew what we wanted the new bank to look like. We also knew how important it was to choose the right partner to work with.”
Ellison continues ”We looked at most of the big-name software suppliers but having had experience of iFinancial elsewhere in the group we had always been impressed by their flexibility and the quality of their software. We studied in detail what they had to offer out-of-the-box and after discussing our plans with them and what they could do it seemed the obvious choice and so it turned out. We certainly could not have achieved what we have in the time frame without the hard work, tremendous support, and effort of the iFinancial team. We have truly worked in partnership with them to bring about this success and look forward to it continuing into the future.”
Mike Da Silva, iFinancial’s Technical Director said “Working with the CIB team has been a great privilege. There were challenges along the road but with a lot of hard work hard, innovation and a great deal of camaraderie, they were all met head on and defeated. As a company we have learned a lot from this project which is reflected in the quality and functionality of the software we are shipping.”
For more information on the project or iFinancial’s products please contact Matthew Day on firstname.lastname@example.org.