Standard Bank South Africa is implementing Eagle Investment Systems’ accounting and enterprise data management solutions across its private client business. The solutions will be hosted on Eagle’s Access private cloud and will support the bank as it centralises operations and moves towards a single record of data.
The bank is replacing legacy systems with the hosted Eagle solutions and aims to gain efficiencies through the use of the web-based, real-time investment accounting system and centralise data using the enterprise data management solution. Implementation has begun, with Eagle employees working alongside Standard Bank employees in Jersey, where the bank maintains central operations, and in South Africa. Production is planned for the third quarter of next year.
Penny Bibby, chief operating officer at Standard Bank Private Clients, explains: “We are always looking to create operational efficiencies and methods for cost savings by leveraging the best providers and services available. In our search for a technology solutions provider, Eagle stood out among international and local system providers. Our adoption of Eagle’s software and its deployment on Eagle Access will enable us to establish a firm wide, secure technology solution that will help us centralise our platform much more easily and efficiently.” Longer term, Standard Bank South Africa could add Eagle’s reporting and performance attribution capabilities to the platform.
John Legrand, Eagle managing director for EMEA and APAC, says South Africa is a good market for the company and that it is comparable to Australia and Canada, where Eagle is also building business. In South Africa, Standard Bank joins Eagle clients including Prescient, an asset manager and fund administrator that is using Eagle’s accounting system in the cloud. In terms of the company’s software, a new release is due in two weeks’ time, offering aesthetic improvements and support for regulatory change.