Profinch Celebrates the Successful Implementation of Flexcube Core Banking System for TISA
After a 14-month long transition exercise, Teachers Savings and Loan Society (TISA) has successfully completed the migration to its new core banking system, Flexcube 14.7. This complex and human-centric project, supported by Profinch reached a successful milestone, highlighting the importance of leadership in managing change, effective communication, and training.
Michael Koisen, Group CEO for TISA, announced: “We have successfully migrated our core banking systems from Ultracs to the latest version of Flexcube on Wednesday, June 5. The migration was seamlessly executed, with operations commencing on this new platform on June 6. Despite the significant transaction volumes resulting from a three-day branch closure and additional bonus interest paid to member accounts, no operational issues were encountered during the migration.”
This new development enables TISA to optimize its infrastructure and service delivery, enhancing banking services for its members and customers. The Flexcube system provides significant capacity for TISA’s banking business, managing high transaction volumes, and improving service quality and performance. Core processes such as account openings and credit transfers are now performed quickly and with greater stability, increasing scalability and cost-efficiency.
Additionally, TISA has launched the Oracle Digital Banking Experience (OBDX) suite to provide Internet and Mobile Banking services. The new Centralised Operations approach brings efficiency and quick turnaround times at branches, automating functions and processes that were previously done manually.
Koisen emphasized the meticulous planning and execution over the one and a half years, with a robust project governance and management framework in place. “With the support of our core banking system provider Oracle Flexcube, our implementation partner Profinch, our testing partner, and our advisors, we have successfully delivered this project. A critical piece to the successful delivery is our Project Core team and TISA Technology team, who worked extremely hard and smart to ensure the project was delivered successfully and within timeframes.”
Amrit Biswas, VP of Profinch, remarked, “The success of this project is a testament to the collaborative efforts and unwavering dedication of all parties involved. We are proud to have been a part of TISA’s transformational journey and are confident that the new system will significantly enhance their service capabilities and member satisfaction.”
As part of TISA’s transformation and commitment to elevating member and customer experience and fostering financial inclusion, TISA has introduced USSD Banking and enhanced Internet Banking services post-migration. Additionally, several more innovative products are set to be introduced to the market in July. TISA has also refurbished its main branches in Port Moresby, Lae, Kokopo, and Mt Hagen, where banking services will commence once the banking license is granted.
Profinch is proud to have played a key role in this transformation journey and congratulates TISA on this significant achievement. We look forward to continued collaboration and innovation to further enhance banking experiences for TISA’s members and customers.
Client Testimonial
What our customer TISA has to say about us