The IDEALINVENT Group and Megasol Technologies KB announce that they have reached agreement to form a new jointly-owned company, Corniche Development Company KB.

The new company will own the rights to and manage future development of a java-based version of Megasol’s successful Corniche Banking System. IDEALINVENT is contributing its front end suite ProcessMate consisting of workflow management, Consolidated Channel Framework, Teller. CRM, Internetbank and sales support which will be seamlessly interfaced with Corniche, empowering complex task management for the banking front-end and enhanced CRM and KYC to meet compliance standards.

First release to selected early adopters running the current version of Corniche will begin in Q2/2010 with first deliveries to new contracts occurring in Q3/2010.

At a celebratory function at Stockholm’s World Trade Centre on Thursday 29th October 2009, Premkumar Bhagwatsaran, group CEO of IDEALINVENT said “It was important to us to establish a partnership which matched at both the personal and the product level. Megasol is known for the personal attention paid by its management to its customers’ staff at all levels. Its expertise in managing the rapid development of complex financial software combined with the talents of our Bangalore programming team guarantee that we can make promises which we can keep. And the close personal rapport which has built naturally between the top management of IDEALINVENT and the partners of Megasol ensures success for Corniche Development Company.”

Mårten Törnquist, President of Megasol Technologies KB noted “The development of the Corniche java version will be greatly accelerated by this joint venture. The application will set new standards for function, flexibility and form. Our experience in working with innovative customers at the sharp end of private banking together with the years of traditional banking experience which the management of IDEALINVENT brings to the development process will enable the Corniche java version to quickly become the standard by which all new banking software must be measured.”

The Corniche java version will be offered as ASP or SaaS services or through on-site licensing. Its design is both platform and database neutral allowing the use of existing systems capable of supporting Java, HTML and SQL-structured databases.

IDEALINVENT, an ISO 9001:2000 company, is a product and solutions provider to the Banking Financial Service Industry sector based out of Bangalore, India, with offices in Sweden and Lithuania. Over the last years IDEALINVENT has been developing and implementing solutions catering to the specific requirements of the BFSI sector. IDEALINVENT also has wide expertise in Consultancy & Implementation of Core Banking Systems across geographies. IDEALINVENT has 100+ employees across 3 countries. The company web site is at: http://www.idealinvent.com/.

Megasol Technologies KB is a privately owned Swedish company based in the university city of Uppsala. It specialises in leading edge software for the private banking industry through its Corniche product and its associated CornicheNet on-line banking system. It operates hosting facilities in Stockholm and Amsterdam for clients making use of its Corniche application through ASP services. The company’s web site is at:http://www.megasol.se/.

For further information contact:
Premkumar Bhagwatsaran, Group CEO, IDEALINVENT: premkumar.b@idealinvent.com
Mårten Törnquist, President, Megasol Technologies KB: info@megasol.se

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.