The biggest challenge for any organisation, especially if it’s new, is the cost – particularly where licences are concerned. Equally important are having the ability to provide superlative service and ensuring this service is delivered at speed, while safeguarding (platform) security. The OpenFactor team not only helped Rova achieve these three objectives, but also empowered the latter’s team to independently accomplish these, and other objectives, on an ongoing basis. 

A fixed-price project that was originally inked for a duration of three months has eventually expanded to a continuous partnership between OpenFactor and Rova – a collaboration that’s been facilitated by the former’s team having:

• In-depth experience of implementing complex core banking systems across geographies (particularly UK and US)
• End-to-end knowledge of not only the technology aspect, but the business angle also, of how a banking system works
• Exposure to the compliance and regulatory environment across geographies (specifically UK and US)

“There’s been zero instance of any cybercrime since Rova handed over the technology deployment and maintenance mandate to OpenFactor.”

Interestingly, the Rova team was of the opinion that running a core banking project would require nine months to a year, compared to the three months that OpenFactor said it would need. Yet, despite there being regulations that had to be complied with, platform security that had to be absolutely loopholes free, the serviceability and speed that needed to be top notch, OpenFactor achieved its mandate within the specified budget a whole month ahead of schedule – merely two months instead of the originally quoted three! 

To quote the Rova team, “Truth be told, not only did OpenFactor complete the work assigned to them within the budget ahead of schedule, they achieved this despite business delays from our end.”