2011-12-01 Credit and Trust adopts Corniche
We are pleased to welcome Credit and Trust UK Limited of London to our Corniche user group. An agreement was signed by the company in late summer to implement a service in the autumn using Corniche ASP-hosting. Credit and Trust has been live for two months and CEO, Luca Doimi, reports a very high degree of customer satisfaction from online clients using CornicheNet.
Credit and Trust operates in many markets. However, an important element of its business is to act as trusted intermediary for the management of escrow payments between suppliers and buyers. The Corniche escrow system allows a supplier to agree an invoice for goods/services to be rendered, advise the buyer of delivery and make a payment request; the seller can then confirm receipt and in so doing, authorise the payment to the buyer. Credit and Trust actually debits the buyer’s account automatically when the deal is made so that funds are available to make the payment from escrow when delivery is signalled.
C&T also have the ability to make partial payments and partial refunds where the terms of an agreement are not completed by the supplier.
Another factor in the decision to adopt Corniche ASP was that C&T did not have to invest capital in the system but could instead use the cloud services of Megasol and reduce annual spend considerably. “We liked Corniche and we liked the people of Megasol” said Mr. Doimi. “The Corniche system is highly intuitive and staff have not had a big learning curve as a result. Megasol staff provide excellent training and support tailored to our needs. This is not a one-size fits all relationship. Megasol understands what our customers need today and ensure that we can meet our customers’ needs. As those needs expand or change, we know that Megasol and Corniche are ready to support us.”
Mårten Törnquist, President of Megasol Technologies, welcomed Credit and Trust saying “We are pleased that our very personal services, in which our clients talk directly with the partners of Megasol, have once again proven worthy. We look forward to helping Credit and Trust achieve its business objectives and growth targets both as friend and as business partner”.
Corniche ASP and cloud services are hosted from Megasol data centres either in Stockholm or Amsterdam.
2011-03-08 Rapid Implementation for SuisseCap
Megasol Technologies welcomes SuisseCap Wealth Management of Geneva, Switzerland, to its Corniche ASP user base. SuisseCap is an independent asset management company providing investment management services for both institutional and high net worth private clients. SuisseCap -http://www.suissecapwm.com - offers tailor-made investment management solutions and a constantly growing set of additional services.
Brian Bagdasarian, Chief Investment Officer, noted that SuisseCap's primary goal is to ensure high standard personalized service to its specialised clientele. In order to reach this goal, software with very flexible characteristics was required. In addition, SuisseCap wanted a close personal relationship with principals of its software vendor to ensure an extremely high level of service. "In working with Megasol Technologies, we have found a level of commitment to our success through personal contact from its partners and through fast and easy set up of the Corniche back-office and CornicheNet online asset management platform to meet our specific investment management needs, which are driven by our simple mantra - 'Performance, Transparency, Liquidity'. Megasol was able to implement all primary services within three days of contract thanks to its well-designed template system.".
Mårten Törnquist, President of Megasol Technologies, emphasised that the success in achieving a speedy implementation lay in both the skills of the Megasol Technologies technical and training team, and in the preparedness of SuisseCap to get involved proactively in the implementation. "Corniche has been delivered to our customers as a template for some years now. Key to rapid adoption is a focus on how the template must be amended to achieve desired security, operational, accounting and reporting aims. Clients who have clearly rationalised their wants can, with our initial assistance, very quickly change template components or add new elements to meet those wants. SuisseCap personnel came prepared for a fast implementation and the first customer statements were visible in Corniche and CornicheNet within 48 hours from contract signing."
Megasol Technologies is a provider of Corniche private banking software, either licensed outright or through ASP services from its secure server locations in Stockholm or Amsterdam. Based in the university city of Uppsala in Sweden, Megasol serves a worldwide clientele who require a personal relationship with their vendor. Megasol Partners are actively involved with all client installations and ongoing operations so that a close and clear understanding of needs and wants is achieved. For further information, contact Paul de Freitas (+46.18.604930 or +1.800.969.7415).
2011-02-03 Earthport Direct awarded "Best Alternative Payments System"
Megasol Technologies congratulates its business partner, Earthport, on winning the prestigious "Best Alternative Payments System" award at the 2011 Cards and Payments Awards banquet at The Grosvenor House in London on February 3rd, 2011. Earthport’s global payments engine is linked with Megasol’s Corniche banking system and CornicheNet online banking system to produce a service named Earthport Direct which enables SME’s to quickly and easily take advantage of Earthport’s international banking presence for their payments, both inwards and outwards.
Customers of the Earthport Direct service typically make a payment from their account to another local bank account belonging to Earthport, nominating the final beneficiary account as part of the process. That final beneficiary can be in any country in the world since in countries in which Earthport does not have a banking presence, the SWIFT network is used to effect the final payment using the least expensive route.
The actual Earthport Direct service runs on a special version of Megasol’s Corniche Banking System, and the general public interface is provided to accountholders through a custom version of CornicheNet online banking. Nearly one year of initial testing in-house followed by beta testing with specific clients has resulted in a system which is simple to implement, simple to use and does exactly what it says – providing the best global payments service at the lowest cost.
For customers of the Megasol private banking solution, Corniche, all that is necessary in order to start using Earthport Direct is to apply for the service since Earthport Direct support is built into CornicheNet online banking. For banks and institutions which handle remittances, the Corniche API has been extended to add simple API calls explicitly written for the Earthport Direct service. Any organisation with the skills to add, for example, a merchant account service API, will have no difficulty in quickly adding and testing the Earthport Direct API once their account has been approved.
Megasol’s president, Mårten Törnquist attended the awards ceremony in London and is seen in the photo with the Earthport Direct team and principals of Earthport. He noted “Megasol Technologies has always been prepared to work at the leading edge of the banking industry and our Corniche product includes special features not found in other private banking applications within our market sector. The ability for Corniche to provide the Earthport Direct service in conjunction with the Earthport global payments engine is a further example of the flexibility of Corniche and CornicheNet and ensures that Megasol’s customers continue to receive added value through the Corniche ASP service”.
Partner responsible for internet services, Erik Törnquist, praised the development teams on both sides. “Working with the professionals at Earthport made the process of producing the Corniche services which support Earthport Direct very simple and straightforward. Key to the success of the project has been an imaginative solution, good initial groundwork through proper project planning, and great people to produce the systems within Corniche and CornicheNet”.
For further information on Corniche and its services, please call Megasol on +46.18.604930 or +1.800.969.7415 or write Megasol partner, Paul de Freitas, at email@example.com. For information on or a demonstration of Earthport Direct, please visit http://www.earthportdirect.com.
2011-01-27 2011 Card and Payments Awards
On February 3rd, the 2011 Card and Payments awards will be announced at a gala at The Grosvenor House in London. Megasol will be represented at the awards ceremony by Mårten Törnquist, president of Megasol Technologies, who will be on hand to cheer on double award nominee - epDirect - a global payments service for SME's. epDirect is a service which allows smaller companies to easily interface with the Earthport global payments system either through a simple API or through an online portal. The epDirect service runs on Megasol's Corniche banking platform with certain API enhancements to provide the additional compliance and security profiling required for mass payments on a global scale.
epDirect has been nominated in two categories: Best Alternative Payments Programme, and, Best Technology Innovation of the Year. Earthport, whose global payments engine is used to actually effect the epDirect payments, has also been nominated for the categories: Best Corporate Social Responsibility Programme, and, Best Alternative Payments Programme - both for its work with cross-border remittances for the Phillipine National Bank. Phillipine citizens work worldwide, offering a variety of low-tech and high-tech skills, and typically remit most of their wages home to family. epDirect extends the capabilities of the "innovation in remittances" programme to other countries besides the Phillipines.
Mårten Törnquist noted "Great ideas always have their time. Small private banks and companies around the world have been looking for an alternative to the SWIFT payment service which allows them to do their own thing - epDirect is that solution whose time has come. Either by logging onto a simple web service based on our CornicheNet online banking solution, or by adding simple API calls to the company or bank software, global payments are fast and low cost. In fact, an epDirect interface is included in every licence for the Corniche banking system so that banks and other financial institutions using Corniche can provide their clients with immediate effective global payment solutions."
Earthport, an FSA licensed and controlled company, is responsible for compliance and works with epDirect partners to ensure that due diligence is effective. Through its worldwide network of bank accounts, most payments and transfers attract only local fees and once a payment arrives in an Earthport account anywhere in the world, the account of the payee client in a bank which either uses Corniche or the Corniche API into its own software is quickly updated to reflect the received payment.
Whatever the outcome of the awards, Megasol congratulates all finalists and is proud to have provided Corniche as the enabling service for two of the nominations.