Megasol Technologies
Sweden
Gamla Torget 5
753 20 Uppsala, Sweden
| Telephone: | +46 18 60 49 30 |
| Fax: | +46 18 60 49 31 |
| Toll free: | +1 800 969 7415 |
| E-mail: | info@megasol.se |
News archive
Computer Sweden features Megasol
In an interview with Computer Sweden, Mårten Törnquist, President of Megasol Technologies explained the unique positioning of the company to meet today's demand for secure, cloud-based banking. He noted that large banking software suppliers can fail to meet expectations and that Megasol has been invited to step in with a solution. Although not a significant growth factor in Sweden, small banking is growing internationally as people have lost faith in large banks. A wide range of financial institutions require a cost-effective banking platform to handle the accounting and customer interfaces for imaginative new markets. The Computer Sweden article can be found here: http://www.idg.se/2.1085/1.217748/han-slass-med-konsultjattarna-om-smabankerna.
An English translation of the article follows:
He fights with consulting giants over small banks
Businesses & Companies: Small Swedish company Megasol competes with the giants in a new market which has arisen in which bank services are located in the cloud.
It has become much more common to offer complete bank systems as cloud services. Small company Megasol competes against big consultant companies - and has won clients like Akelius Spar, Gothia and recently Capinordic, whose bank Megasol built up last autumn.
- The finance crisis has shown that the big banks are not necessarily safe harbours, and in many cases it can seem that smaller banks are safer. We are noticing that especially in the international market, people are looking for alternatives to the larger banks, says Megasol's CEO and founder Mårten Törnquist.
Megasol with just eight employees has to compete with considerably larger companies. CEO and founder Mårten Törnquist mentions Logica, that provides one the world's biggest bank systems, Tieto, that has three of its own systems, and Ålandsbanken, that has its own system which it also sells. Computer Sweden has earlier also reported how EDB initiated a big bank investment.
- Obtaining advanced security technology is not a disadvantage to smaller players. On the other hand, companies are inclined to think that it is safer with a bigger supplier, says Mårten Törnquist.
- We have lost possible contracts to large suppliers who in the end could not deliver. Then the client has ended up coming to us despite everything.
One advantage of Megasol's solution is that its system handles commodities as if they are currencies.
- it means that one can to have a bank account in gold or silver. Gold is especially interesting now, it is considered safe.
Should there not be more competitors in line with the growth in the number of small banks?
- it may be so, but many years of programming is required in order to produce a good system so it is a quite high threshold.
According to Mårten Törnquist, in this market, A & O is a good and safe internet bank.
Which types of companies starts a bank?
- There are two groups: First, companies that have a financial interest, that have big organisations behind them and want to enter new markets. They can have application in such markets as debt collection companies, real-estate companies or a local branch of a foreign bank like our customer, Capinordic. Secondly there is the entrepreneurial groups that are run on imaginative ideas and a large portion of scepticism against big banks.
Last year, four new banks started in Sweden. This market, like the entire financial market have been in turmoil in the footsteps of the economic crisis.
Mårten Törnquist thinks however that the market is more sluggish in Sweden than internationally.
- globally I see a bigger interest in starting banks today than last autumn. Sweden has not followed this trend as yet.
Corniche CheckMate offers fast OFAC/SDN compliance checking
Megasol Technologies announced today that the first phase of customer testing of its new Corniche Checkmate module have been successfully completed. CheckMate provides update of OFAC and SDN notices to a searchable local database. In phase one of the implementation, banks and other financial institutions can search the database during the due diligence processes for new client applications and during the examination of requests for payments to verify whether the named person or organisation appears on the list. CheckMate incorporates soundex techniques which allow close matches to a name to appear on the list of matches. Clicking on a match allows the Corniche user to examine the whole record as supplied by OFAC/SDN.
Paul de Freitas, Director of Customer Services, said “Privacy is under attack globally and using a third-party validation service to which a name is sent for checking is just another loss of privacy for existing and prospective clients. The fact that the OFAC/SDN lists are imported into the local environment means that Corniche customers can assure their clients that their privacy is being safeguarded to the maximum extent permissible.”
Mårten Törnquist, President of Megasol Technologies, noted that CheckMate is another element which proves that Megasol is determined to provide leading edge tools to Corniche users for security, compliance, business management and client accounting. He noted “Megasol is in the business of anticipation. Our job is to develop new technologies for our customers before they even recognise the need for them. The toolset provided in Corniche is unmatched by any comparably priced private banking system available today. The very fact that Corniche is in use today supporting such diverse industries as international payment gateways, pooled cash investment clubs, and other diverse financial institutions is an indicator of the flexibility built into the Corniche application”.
Megasol Technologies is a leading producer of financial software and is based in Uppsala, Sweden. For further information, contact Paul de Freitas, Director of Customer Services on +1.800.969.7415 or +46.18.604930 or send an e-mail to info@megasol.se.
Capinordic Bank A/S chooses Corniche banking system for its Swedish operations
Megasol Technologies is pleased to welcome Capinordic Bank A/S to its customer list. From September 1st 2008, the Swedish branch of Capinordic Bank will be operating on the Corniche banking platform including CornicheNet, the associated online banking solution.
A rigorous selection process between competing vendors led to signing of contracts between Megasol and Capinordic in May 2008 followed by production of certain new service elements including facilities to allow interchange between the Danish and Swedish Capinordic platforms.
Mårten Törnquist, President of Megasol Technologies noted that the addition of Scandinavian automation features such as Bankgirot, with its autogiro and payment services, when combined with the extraordinary flexibility of Corniche gave financial institutions in Scandinavia a new cost effective choice for totally integrated financial management solutions. He said "Megasol prides itself in the capabilities of its flagship product, Corniche. Besides offering a wide range of tools for account management, pooled investments, commissionable agents and true multiple currency operations, its CornicheNet online banking module is one of the most complete in the global marketplace. It is not good enough to provide superb facilities for the back-office if the client interface is neglected. Megasol pays attention to both, being driven by our customers to lead the market."
Capinordic spokesperson, Ulrika Nathhorst Jener, commented "It was important to Capinordic Bank A/S that its Swedish branch be fully equipped to perform in its marketplace offering the full range of services required by our customers. On the other hand, we needed to ensure communications with our Danish HQ and with third-party financial transaction automation services such as other banks. Corniche offered the performance and services we required at an excellent price."
Ulrika Nathhorst Jener continued "We required certain enhancements to meet existing data transfer needs and new service options. In all cases, the Megasol team was helpful and the resulting extensions to Corniche were delivered on time and within budget. I can best describe our relationship with Megasol as a partnership of friendship since that is the way in which Megasol operates its customer relationships."
Megasol Technologies is a leading producer of financial software and is based in Uppsala, Sweden. For further information, contact Paul de Freitas, Director of Customer Services on +1.800.969.7415 or +46.18.604930.
Corniche interface to Opus Financials iPayment Gateway is completed
These cards are accepted at over 1 million PLUS, CIRRUS and STAR ATM locations worldwide, and at tens of millions of Interlink, STAR and MAESTRO Point of Sales locations. Integration including testing was accomplished in just a few days due to the modular approach adopted by Megasol in its interface design which quickly allows protocol adaptation to new systems without having to change underlying base code. 2008-01-15
OdysseySuite to be renamed to Corniche
The new name for the product, Corniche, was selected after careful consideration of normal use, meaning and ability to be trademarked. A corniche is a winding road cut into a steep hill which through its terrain-hugging flexibility makes a tricky ascent easy. Megasol’s Corniche is a flexible, task-oriented application capable of configuration to meet the needs of most financial operations and which through it’s wide array of wizards, makes the trickiest of tasks easy.
2007-12-31
Megasol exhibits at MEFTEC in February 2008
The reason for this is the flexibility built into the Corniche structure including self-managed language changes and flexible service charge and fee schemes consistent with what is allowed by Shari’ah.
Visit Megasol at booth X2 in the Exhibitor Hall between February 11th and 12th 2008.
2007-08-31
Megasol integrates Earthport into its banking platform
The beneficial effects of this service for Megasol clients include the improvment of both competitive position and profit margins by streamlining the efficiency and reliability of back office operations, leveraging the investment that Earthport has made in developing its automated Universal Payments Network (UPN), increasing market reach through access to Earthport's global network of territories including payments in over 200 countries and collections in over 50 major countries. 2007-01-15
USPPINC/Players Investment Company chooses OdysseySuite
USPPINC/Players Investment Company chooses Megasol Technologies' OdysseySuite™ software and services for its Shareholder/Players account management. Chuck Kidd, spokesperson for USPPI, said “Our choice of software was critical to our success and Megasol Technologies' OdysseySuite™ was the only choice for us. Its many capabilities and features benefit not only our company but its customers”.
United States Poker Players Inc. is a Costa Rican based S.A located in San Jose and is a first of a kind Poker Playing Business. As advertised "USPPINC is an Investor/Employee Owned Poker Playing Business. With the agreement of our owners and investors we contract poker players to play online for the company".
USPPINC is the owner of Players Investment Company. "PIC" is a Uruguay-based S.A.F.I. Internationally Licensed Financial Services Company. PIC is authorized to trade in Shares, Metals, Currency's etc. PIC is the transaction arm of the USPPINC for the players to buy and sell shares of USPPINC to the poker rooms and play for those shares.
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
2006-12-06Southern Star Private International Bank chooses OdysseySuite
Megasol Technologies welcomes new client Southern Star Private International Bank who selected OdysseySuite as its banking platform after a vigorous consultant-managed search for a best-fit solution. A spokesperson for the bank said “Southern Star Private International Bank purchased OdysseySuite because, as a pre-bundled package, it had more options included than we needed giving us the option of adding additional features without the hassle of future software development. The ease of implementation combined with the level of support provided by Megasol Technologies made the decision to purchase quite simple”.
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
Megasol integrates comprehensive task management into OdysseySuite
Megasol Technologies announced today the general release of Phase 1 of its new Task Manager. Tightly integrated into OdysseySuite, it allows users to create task/step scenarios with allocation of human resources by group or individual user. Tasks may be assigned priorities and may have documents attached to them. A sophisticated image manager allows documents received from clients requesting action on different tasks to be copied or even subdivided between tasks. Back-office staff annotations can be merged and drag-dropped to new tasks. Marten Tornquist, President of Megasol Technologies said, "Task Manager represents our commitment to listen to customer wants and continuously evaluate customer needs and provide new benefits through our all-inclusive annual maintenance programme. Phase 1 of the new Task Manager is a powerful tool for ensuring that our clients can offer consistent and effective actions, both for internal management issues and for customer-related issues. We will continue to provide user-driven, innovative extensions to OdysseySuite which reinforce OdysseySuite's position as the best price/performance banking software available today."
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
2006-09-01Megasol announces version 2.6 of OdysseySuite
Megasol Technologies is pleased to announce the release of version 2.6 of its OdysseySuite and OdysseyNet platform for private and offshore banks and other financial institutions which exercise depository functions. The new version contains many new features which meet the diverse needs of OdysseySuite users. Paul de Freitas, Director of Customer Services of Megasol Technologies said "This release adds new functionality of extraordinary depth today but, just as important, adds a framework which allows for more rapid integration of new functionality in the future. Most important is a powerful new Task Manager which borrows heavily from Megasol's internal Issue Tracker and which allows our users very specific control over both internal and customer-tasked work activities. We are only too happy to be able to meet the requests of our users for new feature and function in a timely manner under our contractual upgrade policy."
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
Akelius Fastigheter AB contracts for OdysseySuite
Megasol Technologies is pleased to welcome Akelius Fastigheter AB to its group of OdysseySuite users. A key factor in their decision to use OdysseySuite was the power of the central core software onto which could be grafted in a timely manner a number of special operational tools required by Akelius Fastigheter to suit its unique business model.
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
Destiny Investment Bank chooses OdysseySuite
Megasol Technologies is pleased to welcome Destiny Investment Bank to its group of OdysseySuite users. Destiny is a licensed “Class B” International Bank in St. Lucia which required a simple but secure banking platform for its use. A few the key factors in Destiny's decision included the ability of OdysseySuite to produce timely financial reports for the local Monetary Authority, ease of use, ability to attach documentation to all transactions and security of online banking access through use of hardware key tokens.
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
Megasol releases Issue Tracker
Megasol Technologies announced today the availability of Release 1.0 of its Issue Tracker system for use by its clients. The system allows clients to report issues encountered in using software, request enhancements and receive status reports on their own and public issues.
Issue Tracker is web-based and is specifically designed for companies which produce highly customisable software and which require end-to-end overview of a busy development department. Issue Tracker can be customised through CSS to match the look-and-feel of any corporate web presence. It supports unlimited users, products and versions. Users may be tagged as administrators, back-office staff, or customers. Issues can be assigned and managed through Analysis, Design, Programming, Testing and Documentation. Issues are managed by an assigned Issue Manager. Issues are rated for criticallity and priority. All parties to an issue can accept or reject the tasking providing reasons. This allows the Issue Manager to reassign issues on the fly. A range of reports are available in the back-office and on the web.
Megasol Technologies produces the OdysseySuite range of products for banks, companies, trusts and on-line businesses. All Megasol products feature multiple-currency operations for participation in the global economy.
Megasol welcomes Hatfield Oak International S.A.
Megasol releases OdysseySuite Version 2.5.846
Moving to new officies
2005-07-12
Megasol releases OdysseySuite Version 2.5.664
Megasol releases OdysseySuite ActiveAccess
TimeClock released as a part of OdysseySuite - Small Business Edition
Version 2.5 of OdysseySuite Banking System is released
Megasol Technologies announces the release of Version 2.5 of its OdysseySuite banking system. This new release incorporates major documentary, compliance and messaging enhancements and powerful new accounting features.
Any label on any form displayed within OdysseySuite can by customised for local language idioms by holding down the Ctrl and Alt keys and clicking on the label. A system-wide document repository, DocSafe™, allows for scanning and/or upload of images and documents for attachment to client and account profiles, to individual gneeral ledger or client transactions, and to other parts of the application as required. This features allows client identity and referential documents, payment instructions and other client correspondence, correspondent confirmations, payables invoices, trust and corporate documentation to be stored on-line for immediate review by authorised staff. Secure messaging enhancements allow targeting of messages from clients to back-office staff groups; for message broadcasts to clients, for upload of documents by clients as attachments to secure messages, for forwarding of messages and for logging the completion of message-related tasks. Message responses can be made public within a group or private between individuals. New accounting features include
• unlimited periodic fee templates in addition to the current, very flexible system of transaction-linked service charges
• attachment of source documents to posting transactions allowing for easier distributed regional management of the posting process
• new posting Memo field allowing for an unlimited text description or notation on any transaction
• most parts of a transaction profile can now be locked to prevent editing by data-entry staff and defaults can be supplied for general ledger account number, description and amount
• transactions can be grouped into common transaction sets to encompass repetitive or difficult accounting tasks and allow authorised but lesser experienced members of staff to initiate postings which otherwise they would not have the knowledge or experience to do.
Version 2.5 is a powerful interim release designed to provide existing and new clients with those elements of the Version 3 major release which are available now. Version 3 to be released later in 2004 will build on this new functionality to bring new major modules into OdysseySuite.
OdysseySuite Small Business Edition receives 5-star rating™
OdysseySuite Small Business Edition receives 5-star rating™
2004-04-19
Alliance Asset Management choose OdysseySuite™
Alliance Asset Management has selected OdysseySuite to manage its asset-protection and on-line membership services. A custom version of the banking and trust application will provide products tailored specifically to member needs and will also enhance secure communications with and between member groups.
Jim Yarbrough of Alliance Asset Management said "We chose Megasol Technologies and OdysseySuite because they demonstrated a clear understanding of our very diverse needs and had a platform that was both cost-effective and easily adapted to meet all of those needs."
Paul de Freitas, Director of Customer Relations - Megasol, noted that "The complexity of the Alliance Asset Management (AAM) customer services including secure messaging, on-line member retail and account services, and linkages to diverse third-party organisations was challenging, but the flexibility of our OdysseySuite platform meant that we could provide most of the requirements with little change. We look forward to helping AAM with its long-term growth and service targets".
2004-04-14Megasol Technologies launches OdysseySuite Small Business Edition™
Megasol Technologies today announced the general release of the third in its range of OdysseySuite products – the Small Business Edition. Designed for small to medium-sized businesses, OdysseySuite Small Business Edition (SBE) offers multiple currency accounting and advanced on-line retailing through its WebShop option.
OdysseySuite SBE offers general ledger, asset register, inventory, payables, sales order, receivables, time billing, periodic invoicing, CRM and on-line document storage, together with other advanced multi-lingual features in a low budget package. WebShop, the on-line retail component of OdysseySuite SBE provides direct linkage to inventory and allows such features as pictures, text descriptions and manufacturer warnings to be attached to all products and services sold. Products may be stocked or electronic. Electronic products may be downloaded to customers on either a trial or outright licence basis through a registration process.
Direct linkage to on-line banks running the OdysseySuite Banking™ edition is simple through the optional Merchant Account feature, providing these banks with value-add for both commercial and individual clients through the bank’s web portal.
Mårten Törnquist, President of Megasol Technologies explained the rationale behind OdysseySuite SBE as follows: “We looked at many of the accounting systems out there in the European context, which meant multiple currencies, cross-border commerce and extensive feature sets, including the ability to present multiple languages during a customer’s on-line buying experience. If an accounting package can satisfy European needs, it will be welcome anywhere. What we found was disappointing. Most systems were expensive, short on functionality, and did not address the every-day needs of on-line retailing. We decided that we could produce a system which met those needs at a budget price. The result is OdysseySuite Small Business Edition™, with a single-user starting retail price of EUR 290 and the ability to grow at low cost to multiple users managing multiple companies with a wide variety of features.”
OdysseySuite SBE joins the OdysseySuite™ accounting family, including OdysseySuite Banking™ which provides management for private banks, trusts, companies and funds, and OdysseySuite ComEx™ which provides management for commodity brokerages.
Megasol announces release plans for OdysseySuite™ upgrades
Paul de Freitas, Director of Customer Relations, today announced that OdysseySuite™ Version 2.5 will be installed on customer sites after completion of familiarising training with nominated customer trainers commencing April 1st 2004.
Version 2.5 is an interim release incorporating many features requested during the 2003 Customer Census. In particular, it adds significantly to the power and control of the General Ledger module providing further error-reduction methodologies, and it introduces OdysseySuite DocSafe™ which allows system-wide storage of scanned images and documents for attachment to profiles, accounts, people and organisations for instant review on-screen by authorised personnel.
Version 3, the first major release since 2002, will incorporate new Treasury Management functionality and other significant upgrades, preparing the product for the retail banking market.
2004-01-30Megasol announces release date for OdysseySuite SBE™
Paul de Freitas, Director of Customer Relations, today announced that OdysseySuite Small Business Edition™ (SBE) would be released in shareware and direct-sales versions on April 1st 2004. Internet customers will be able to obtain SBE from the Megasol web site as well as from other sources.
Mårten Törnquist, President of Megasol, thanked the companies involved in the Beta-testing for their contribution in taking the product's original mandate much further, so that it becomes one of the first "industrial-strength" multiple-currency accounting systems to be offered as shareware.
Initial launch will be for the Swedish market, with an International English version following about one month later. Additional language packs will then be issued roughly at monthly intervals for the standard European languages. Based on customer request, SBE language packs may also be produced for Middle East and Far East customers.
Owen and Associates to offer services based on OdysseySuite
VoteMaster powers VBOnline Awards in Hollywood
OdysseySuite SQL released with Commodity Exchange
Brac Informatics selects OdysseySuite for the Cayman Islands
Brac Informatics Centre has reached a non-exclusive agreement with Megasol Technologies to represent Megasol Technologies for sales of the OdysseySuite™ product range in the Cayman Islands, one of the world's five largest offshore centres. BIC will also provide a bureau-based OdysseySuite service to smaller banks, both in the Cayman Islands and elsewhere over secure, high-speed internet connection. BIC recently underwent a full test of their high security data storage and call centre facility as the island of Cayman Brac was hit in successive weekends by Hurricanes Isadore and Lili - and passed with flying colours. In addition to OdysseySuite™ services, BIC will offer leading-edge data vaulting services for disaster recovery and secure documentary access.
Twitter