Bahamas © Wikipedia

Bahamas © Wikipedia

Sterling Bank and Trust, a new bank in the Bahamas, has selected the BankWare core system from UK-based International Financial Systems’ (iFinancial).

The bank will be using the multi-currency accounting, exposure management, current accounts, deposits, loans, payments, and Swift modules from the BankWare portfolio of retail and wholesale banking solutions.

The bank is part of the Sterling Financial Group, which is headquartered in Nassau, Bahamas. The group holds a bank and trust licence and manages New Providence Capital Management Partners, New Providence Income Fund and New Providence Opportunity Fund.

iFinancial has been established for over 30 years, with its main products being the long-standing BankWare core system and the anti-money laundering solution, AMLtrac.

AMLtrac is used by the likes of BFC Bank in the UK and Global Fidelity Bank in the Cayman Islands.

BankWare has a small customer base of around ten banks, predominantly in the UK. Recently, Ziraat Bank in London embarked on a core modernisation programme, replacing BankWare with Misys Fusionbanking.

A couple of years ago, another UK-based bank, Raphaels Bank, replaced BankWare with Phoebus Software.

Around the same time, Gibraltar Savings Bank in Gibraltar signed for BankWare.