International Private Banking Systems, A provider of wealth management software for the private banking sector, has selected Orbus Technologies as its Value Added Reseller (VAR) for Jamaica and the Caribbean region.
The partnership between Orbus Technologies and IPBS therefore also offers the opportunity to provide mutual fund administration services on an outsourced basis. The deal comes as Jamaica’s Financial Services Commission is signaling a desire to cap or reduce the funds controlled by securities dealers in the form of short-term repurchase agreements, a dramatic expansion in the assets of domestic fixed income mutual funds is to be expected over the next few years. Jamaica has a large local fixed income securities market for the size of its economy, with the local securities dealers controlling funds equivalent in size to deposits in the domestic banking system.
Over the last few months International Private Banking Systems has been invited to reply to RFI’s from a number of pan-Caribbean financial groups, each with operations in Jamaica as well as the rest of the Caribbean. This factor combined with the synergy between the two companies caused by directives from the Jamaica’s Financial Services Commission has led to the appointment of Orbus Technologies as Value Added Reseller of the IPBS system.
Orbus Technologies specializes in the provision of business solutions and computer services to meet all software, hardware, and connectivity requirements. Services include custom software development, custom report writing, web design, data reporting, data conversion and Microsoft Infrastructure services. Local regulation in Jamaica is driving financial operations to adopt a fund management or brokerage business model, and Orbus Technologies has positioned itself to serve these needs through its strong technical team and experienced consultants with financial sector expertise.
This business expertise combined with the IPBS wealth management solution puts both companies in a strong position as Jamaican financial services providers consider technology options for the new regulations and business environment.