Bank of Valletta successfully replaces its core banking system

10th January 2020

BOV underwent an IT systems overhaul with the implementation of the Core Banking Transformation Programme, part of a critical milestone of the group’s 2020 strategy.

Bank of Valletta has over the end of the year successfully upgraded its information technology systems, through the replacement of its core banking IT system, the bank said in a press statement on Friday.

The bank resumed its banking operations across its channels by 1st January, ahead of its self-imposed 2nd January deadline.

“With the implementation of the Core Banking Transformation Programme, Bank of Valletta has achieved a critical milestone of the group’s strategy for 2020 and beyond. The new core banking system lays the foundation for a stronger bank and paves the way for the implementation of a comprehensive digitalisation strategy,” stated Rick Hunkin, Chief Executive Officer at BOV.

“The Core Banking Transformation Programme is key to the Bank’s future sustainability and its ability to continue implementing key innovative business initiatives as well as increased operational efficiency. Our staff have been instrumental in this changeover and their commitment and dedication has been exemplary.”

“Bank of Valletta underwent a major and complex operation. This was not a straight-forward upgrade of a minor system, but it involved the decommissioning of major banking systems, and replacing them within a new state-of-the-art core banking IT system,” stated Joseph Agius, BOV Chief Technology Officer. “

It was the culmination of three years of hard work by our staff from all areas of business who worked side by side so that they could make this programme happen.”

“We are truly proud of our staff who worked relentlessly and for very long hours over the holiday season to ensure that the implementation of the new system would be successfully carried out with the least disruption to our customers”, said Ernest Agius, BOV Chief Operations Officer. “Over the past twelve months, our staff underwent intensive training and they are now becoming more conversant with the new system.”

BOV thanked its customers, partners and stakeholders including the Central Bank of Malta, MFSA, other local banks, various government entities and constituted bodies for "their full and constant support throughout this period."

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