Philippines Land Bank goes live on Miles Software’s MoneyWare Custody
Philippines © Wikipedia
Land Bank of the Philippines (LBP) has gone live with Miles Software’s MoneyWare Custody solution.
The government-owned bank was recently accredited by the Bangko Sentral ng Pilipinas (central bank) to offer third party security custody and registry services. The new deal is part of its growth plans.
Josephine Cervero, senior vice-president and trust officer, LBP, says it “required a solution that is robust, scalable, flexible and future-ready architecture as well as [having] powerful functionalities such as safekeeping and reporting of all transactions to clients and their end customers”.
Milan Ganatra, CEO of Miles Software, adds that the changing regulatory framework and “complex” custody business framework required the bank to meet global standards.
Banking Technology understands that the bank is a long-standing user of the Ambit core banking system (which was sold by Sungard to Silverlake Axis last year); Sungard’s (now FIS) Ambit Treasury Management system; and Intellect Design Arena’s trade finance system.
LBP has a nationwide network of 362 branches and 1,568 ATMs. It also ranks among the top five commercial banks in the country in terms of deposits, assets, loans and capital.
