Nassau, Bahamas, New York and London, 15th November, 2005 ﾖ International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced that Sentinel Bank & Trust (Sentinel), has implemented the IPBS/Banking, IPBS/Trust, IPBS/Investments, IPBS/Funds, IPBS/Compliance, IPBS/Remote Client Access to support itﾴs growing high net worth client business from its base in the Bahamas.
Sentinel, a member of The Colina Financial Group, the largest life and group insurer in the Bahamas has selected the IPBS solution to support the Trust and Corporate Secretarial administration services, client accounting and international private banking activities. The IPBS solution replaces a system which had reached the limit of its capabilities.
The services offered by Sentinel to its high net worth clients include international private banking, offshore incorporation, trust and foundation formation, client accounting and general administration. These services are utilized by high net worth individuals to protect their investments and ensure adequate asset protection and estate planning for future generations.
The project created to identify a fully integrated, web enabled system that was designed for the needs of private banking had to satisfy a number of important criteria:
ﾕﾠuser friendly
ﾕﾠintegrate the entire front to back office activities
ﾕﾠeliminate duplication of effort
ﾕﾠensure compliance requirements met
ﾕﾠaffordable with excellent 24 x 7 support
ﾕﾠbe flexible and scaleable for future business growth
Richard Evans, President, Sentinel Bank & Trust states, “We chose IPBS for a number of reasons. Firstly, using ‘single source’ data entry, the IPBS system has been designed to allow our professionals to use their time more effectively and efficiently, allowing them to avoid duplication of administrative effort, minimize the risk associated with multiple data entry points and to increase the efficiency of our operations. Secondly, the benefit of working with the team at IPBS who are truly experts in understanding our business means they appreciate our day to day challenges and can be relied upon to provide us with an IT system that meets our needs perfectly. Thirdly, after speaking to a number of IPBS users, all of whom were delighted with the IPBS solutions they had implemented, it was clear they were the best choice for us.”
The challenges faced by Sentinel, if not addressed, could affect the companies ability to service is customers around the world, effectively and efficiently. Our team observes these challenges in the private banking sector very frequently, and because we know the environments in which our customers operate, we can readily address their needs and deliver a solution that is effective and affordable. There can be no better accolade in our view than a happy customer and we look forward to a long and happy association with the team at Sentinel,ﾒ adds Bruce Raine, Founder and President.
About International Private Banking Systems
International Private Banking Systems is a specialist provider of wealth management software for the private banking sector. The company began operations in 1993 and the flagship product is IPBS – a fully integrated accounting and management information system that provides all of the front, middle and back office support services required by international private banks, trust companies, mutual fund administrators and wealth management professionals. International Private Banking Systems now serves clients across the globe, including the Bahamas, the Cayman Islands, the Turks & Caicos Islands, Bermuda, St. Vincent and the Grenadines, Panama, Uruguay, Vanuatu and the United States. For more information, please visit www.ipbs.com
About Sentinel Bank & Trust Ltd
Sentinel Bank & Trust Ltd is licensed by The Central Bank of The Bahamas, The Securities Commission of The Bahamas, and is a member of the Colina Financial Group of companies. The bank offers a range of financial services with its core business being focused upon the establishment and administration of asset protection and estate planning structures for international clients and corporations as well as private banking. For further information, please visit www.sentinelbahamas.com
