Australia’s fifth largest bank, Bendigo and Adelaide Bank, have selected Ultradata’s core banking system, Ultracs, as a ‘best of breed’ platform to support their ‘Alliance Bank Partners’.
The Alliance Bank model is a joint initiative between Bendigo and Adelaide Bank and their initial Alliance Partners - AWA, BDCU, Circle and Service One. The alliance was formed in 2015 to give those credit unions access to a wider range of services and greater financial strength whilst maintaining their independent brand, local ownership and presence.
Bendigo and Adelaide Bank initially planned to move the institutions to their own core banking system but after review came to the conclusion that the partners should stay with Ultracs and progress their development with a range of functionality included in the latest / future releases of Ultracs and its additional modules.
Ultracs was chosen for several reasons including its breadth of functionality, cost effectiveness, future roadmap and its opportunities to standardise operations.
Any future institutions that join the Alliance Bank model will migrate to Ultradata.
“This is a wonderful achievement as Australia’s fifth largest retail bank has determined that Ultracs is a best of breed solution and well suited to support the Alliance Bank’s future growth. It’s been a pleasure to work with Bendigo and Adelaide Bank throughout this process and we look forward to our relationship continuing into the future,” says Peter Henshaw, Ultradata’s Chief Executive Officer.
Read Bendigo and Adelaide Bank’s media release here.