Kiwibank, the banking subsidiary of state-owned enterprise NZ Post, has decided to stick with Australian financial services technology supplier Ultradata.
The decision comes after Kiwibank conducted what it terms a comprehensive review of its future banking technology requirements. The systems review was done to ensure that Kiwibank could service the requirements of over 700,000 customers.
Spokesman Bruce Thompson declined to reveal the cost of the Ultracs core banking system, beyond saying it is “very competitive” compared to other vendors who were asked to build a Proof of Concept.
Thompson would not say who the other short-listed vendors were.
Asked what in particular makes the Ultradata’s system attractive to Kiwibank, Thompson says the two companies have been working together for more than eight years and have a good understanding of what is needed and can be provided.
“There is scope for existing services and capabilities, and Ultradata is working with the bank on how to provide this,” Thompson says.
Ultradata has been a technology partner for Kiwibank since the bank was founded in 2002. Ultradata’s software, Ultracs, runs on the IBM System P, the company’s Unix hardware, formerly known as RS/6000. Back in 2002, Ultracs had been sold to financial institutions such as building societies, but had never been used in a bank until Kiwibank came knocking.