Verinite signs deal to enable a successful Debit cards & Switching system transformation for a Top 10 bank in Philippines!!
Verinite is pleased to announce another strategic project win from one of our esteemed clients in Philippines. Our client bank is one of the top ten private domestic Universal bank in terms of assets, deposits, capital and return on equity. This project win strengthens our position as preferred partner for the cards projects with the bank.
Bank is currently on a transformation journey to enhance its core systems that includes migration from legacy debit processing platform to a new improved DCMS. The migration will be conducted in phased manner. The migration comprises of close to 1000 ATM handlers and 0.6 million card base including Prepaid as well as Debit cards. It’s a challenging project given the timelines and complexity to move away from a single source processing system to dedicated host processing system.
As part of this engagement, Verinite will be managing the entire program with total transformation initiative cost pegged at USD 5 million to ensure an on-time, within budget, seamless and issue-free implementation. Also Verinite will be owning up the data migration, functional, customization and interfaces testing stream. The scheme certification stream will involve getting certification for Visa, MasterCard and BancNet.
Team Verinite hopes to build on this win to serve more banks & finance companies in Philippines as they embark on cards business / technology initiatives. Salamat po !!