Gibraltar International Bank gets ready to rock with core system revamp
Government-owned Gibraltar International Bank (GIB) will be upgrading its core banking platform next month as it preps for a major overhaul.
In a TV interview with the Gibraltar Broadcasting Corporation (GBC), GIB’s online banking platform has come in for criticism from customers and CEO Lawrence Podesta accepts it’s been a weak point for the bank.
On GIB’s site, the bank explains it is replacing the digital key with a system that uses two-factor authentication: after the user enters their password, a code will be sent to their phone via text.
The bank’s online and mobile banking services will be upgraded, taking place from 12 October to 15 October 2018.
According to GIB its core products will not be impacted by the system upgrade and ATMs and cash and cheque deposit machines (CCDMs) will be available.
FinTech Futures understands GIB uses an outsourced S2i platform provided by Crédit Agricole. We have contacted GIB for more details about the upgrade and core system – and are waiting for a reply.
In terms of history, the bank was officially launched in May 2014 and went live in October that year. In 2015 it got its full banking licence and 3,500 clients were signed up.
The bank now has 21,000 accounts, £800 million has been deposited and £230 million has been loaned.