Cathedral has reached its six month anniversary of going live on Megasol’s Corniche banking platform. Cathedral’s needs were unusual since they operate some of their instruments in an 52 week cycle rather than a calendar year and have specific rules as to both joining and leaving investment schemes as well as the level and frequency of interest.

Prior to signing up for the Corniche ASP-Service, Cathedral were using a complex database system for managing their core investment services. This resulted in duplication of data from one database to another as required for reporting purposes and the actuality of data in one database being updated while like data in another was not. Corniche’s modern design and intuitive interface has eliminated all errors associated with data replication across different databases.

CornicheNet online banking provides Cathedral customers with direct access to their investment portfolios in real-time, something which was impossible with the old system. Multi-lingual support now allows customers in Central and South America to experience CornicheNet in their choice of language. And with expansion towards Europe on the cards, Cathedral is well equipped to handle a global customer base.

Charles E. Deer, CFO of Cathedral, said “Corniche is one of the most comprehensive financial software solutions for private banking and financial entities. Its intuitive programming allows each of our executives to interact with all of the capabilities of the platform in a secure and controlled way. Its flexibility has allowed it to meet our unusual needs for investment management, and its design helps us to comply with international AML, KYC and other regulations in a simple and easy manner. Megasol support is excellent, and, if you need it, someone is always there to help – 24/7. By far the best banking software for our needs - worldwide.” Marten Tornquist, President of Megasol Technologies, noted that meeting the diverse needs of a global clientele with a centrally managed ASP solution which offers functionality, security and continuity to the new Corniche C5 java-based universal banking solution is key to Megasol’s success. “Our Partners work directly with our clients so that we achieve a deep understanding of needs, problems and solutions. Our clients know that every Partner is available 24/7 to ensure that their smallest needs are quickly met. Cathedral was a case in point in which unusual needs were quickly satisfied and on an ongoing basis we are supplying new functionality to help manage and grow Cathedral’s business. Arising out of this is robust but highly flexible software with some unique features not found in other financial engines. “

Megasol Technologies is a Swedish software house engaged in creating advanced universal banking solutions. Megasol is based in the university town of Uppsala, about an hour north of Stockholm and about 20 minutes from the Stockholm Arlanda International Airport. Megasol partners with international companies to produce value-enhanced products and services for the financial sector. To contact Megasol, please call +46 18 60 43 90 in Europe or +1 800 969-7415 in the Americas.

Megasol Technologies is pleased to announce that epDirect™ (EPD), a gateway service for smaller payment generators into and through the Earthport Universal Payments Network (UPN) and epClearing™ infrastructure, has gone live and is processing payment transactions on Megasol’s Corniche banking platform.

epDirect™ allows secure, trusted, compliant international payments between most countries and is well suited to serve small-to-medium size businesses, whose cross-border transfers tend to be of lower value, and for which other payments services are often not cost effective or suitable. For example, it permits global payments to suppliers of goods or services; movement of funds from a local to a global bank account; or international payroll payments. The customer will simply making a local transfer in the customer’s own country to a local Earthport account which upon receipt is then through UPN immediately available for payment in the target jurisdiction, again using local payment services.

EP-Direct chose Corniche to act as the basis of its payments services because the Corniche system was already successfully integrated with Earthport’s UPN and epClearing™ infrastructure for servicing the needs of a bank, the company knew the Corniche application, respected Megasol’s experience in integration, and it liked the development path which would allow EP-Direct to move to Megasol’s future Corniche 5 leading edge java-based banking solution in a fast and seamless transition when required.

Earthport Plc (Earthport) has been making national and international Bank payments and collections since 1998. Earthport is a public company and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. Earthport owns, provides and hosts UPN which links an international network of segregated Client Bank Accounts.

Megasol Technologies (www.megasol.se) based in Uppsala, Sweden, produces universal banking software. Because of the flexibility of its engine, the Corniche C3 application has seen service in many other kinds of diverse financial institutions and payment gateways. Since 2007, Megasol has been researching and developing an advanced Java core banking application in partnership with IdealInvent, a Bangalore company with a strong banking consultancy presence in Europe and programming centre in India. Corniche C5 will address the needs of the entire banking spectrum in a series of releases commencing early 2011.

For further information on epDirect please visit http://www.ep-direct.net/.

For further information on Corniche and to arrange a personal demonstration, please contact Paul de Freitas (pdf@megasol.se / +1 800 969-7415 / +46 18 60 49 30).