Post Receives Strong Response To Banking RFP
New Zealand Post Receives Strong Response To Banking RFP
New Zealand Post has received a strong response to its Request for Proposal (RFP) for a core banking system, Tony Hood from the banking project team said today.
The RFP was issued in late February and closed on Monday, 26 March. The RFP followed a Request For Information issued in July last year.
“A high number of proposals have been received from a broad spectrum of domestic and international banking systems suppliers,” said Mr Hood.
“As a start-up operation with no existing customers, no processes and no data or information to migrate, we have an opportunity to introduce 21st Century banking to New Zealand.”
Mr Hood said New Zealand Post was seeking a full retail banking solution. The RFP included requirements for a core banking system platform and application software, with distribution channels through ATM, EFTPOS, Internet, call centre, telephone banking, and the New Zealand Post retail branch network.
The RFP also covered general ledger, treasury and business intelligence processes as well as integration with Post Link (New Zealand Post’s point of sale and transaction delivery system) and regulatory and industry banking systems. It did not include infrastructure systems and support activities such as payroll, human resources and properties.
“Total cost of ownership is an important part of the RFP’s evaluation criteria. We are seeking a cost advantage that will enable us to deliver value-for-money personal banking services. With that in mind we are looking for a solution that requires minimal customisation, is scalable and has built in flexibility.
“The solution must be forward-looking and we expect an ongoing partnership with the successful vendor over a period of five to ten years.”
Mr Hood said New Zealand Post expected to establish a shortlist and complete negotiations with the successful vendor within the next three months.
The selection of the core banking system is a key milestone for the establishment of the new bank. Full system implementation is expected by December, prior to the launch of personal banking services through New Zealand Post’s retail network in early 2002.