Queensgate Bank and Trust turns to the IPBS private banking and wealth management solution
 
Nassau, Bahamas, New York and London, 2nd December, 2008 – International Private Banking Systems (IPBS, www.ipbs.com), the specialist provider of wealth management software for the private banking sector, announced today that Queensgate Bank and Trust has turned to the IPBS system to cope with its high transaction volumes.

Queensgate Bank and Trust is a niche private bank and trust company.  The bank is focused on providing high quality banking services to an international client base covering multiple financial jurisdictions.  Queensgate has to cope with a high volume of cheques, deposits and wire transfers.  These are time consuming to process manually and potentially leave a bank open to greater risk of errors and operational risk.

The IPBS/Banking module provides all of the operational functionality for Queensgate to manage their traditional banking functions.  Despite the heavy workload, IPBS has allowed Queensgate to maintain high rates of STP, efficiency and accuracy in its back office and there are now 10 users who work with the IPBS system.  IPBS has also provided enhanced cheque facilities for the bank which has significantly cut down the time required to produce, manage and process cheques.

As transaction volumes were predicted to grow as the business expanded, the adoption of automated private banking software was essential.  It would enable Queensgate to manage their business growth without having to allocate more staff to manual processing, whilst providing full end to end transaction management and reporting.

Jane Fleming, Client Accountant said, “IPBS enables us to provide flexible, timely and clear reporting via a range of built in reports.  By enabling the bank to offer secure remote logon for our clients, it empowers them to access their accounts on the IPBS system as and when required.  This is more convenient and efficient for the client and enables them to meet strict reporting and audit requirements.”

Dennis Hunter, Managing Director, Queensgate Bank and Trust concludes, “With high rates of STP, we have been able to free up time and resources so that we can use staff in more productive and value added areas.  I would highly recommend IPBS to other companies looking for private banking and wealth management software.”

Bruce Raine, Founder and President of IPBS commented, “Queensgate have grown over the years into a well respected bank and trust company in the Cayman market.  The implementation of private banking and wealth management software ensures that they can provide efficient and competitive services to its client base.”