Innovation at work
Corniche, the flagship banking product from Megasol Technologies, is truly innovation at work. Megasol treats its clients as partners in profit and all clients bring new ideas to the table for incorporation into the base product which all partners then share to widen the scope of their business and that of their customers. Corniche allows banks and financial institutions to bill on behalf of Client Managers – corporate entities which manage other entities which are also clients of the bank. In addition to normal fees and charges which are routed to the income statement, fees can be assessed on transactions which are routed to a client’s bank account instead. Taking a simple example, a corporate manager might charge a management fee of EUR 25 per wire instruction it must make to the bank so that funds from an entity under management are paid out. The bank can deduct this sum automatically from the managed entity’s account and credit the Client Manager’s account and still take its normal processing fees for wires down to income. Of course, the bank can optionally charge a fee to the Client Manager for collecting the fee charged by the Client Manager. Just one of the many ways in which Corniche demonstrates true innovation at work.