Today’s highly advanced financial services industries cannot operate without specialized software. Changing market and regulatory demands require a high level of sophistication in financial firms’ IT capabilities, and many firms in the market create the software needed to keep the financial world running. Many of these are large, multinational companies, but there are still small, family-owned companies that are punching above their weight in the market.
One such company is International Private Banking Systems (IPBS), which has been in business for 30 years. Headquartered in Nassau, Bahamas, it is a broad-spectrum solution provider of wealth management software for international financial services institutions. It is a family-owned company, headed by Founder and President Bruce G. Raine and his son, Vice-President and Director Sean B. Raine. The company’s mission is to develop wealth management and private banking solutions for the offshore market and offer world-class services and support.
“Over the past 30 years, we have dealt with an ever-changing market,” Sean says. “We’ve adapted the IPBS platform to help customers address back-office processing, compliance, KYC, FATCA, and CRS reporting requirements. We’ve continuously expanded both our client base and the jurisdictions we serve.”
Today, IPBS’ clients are mostly in the Caribbean territories of Bahamas, Barbados, Cayman Islands, Haiti, Jamaica, St Lucia, Trinidad & Tobago, and Turks & Caicos. Several of its clients are also in Brazil and the US.
IPBS’ flagship product is its banking module, which manages the traditional banking functions of a private bank. It is designed around a multi-currency general ledger accounting system, processing transactions in real time and supplying updated accounting records across the enterprise. This fully scalable product is invaluable when it comes to managing client relationships, decision-making, and execution in a challenging financial world.
Another top product is the IPBS investments module, which was developed specifically with a wide range of features that can be streamlined for portfolio management. This agile system caters to trade order administration allowing for importing documents, smart applications, or orders through the IPBS/E-trading module.
All of IPBS’ products have state-of-the-art features and robust security, providing convenience and peace of mind for client organizations and their customers.
According to Bruce, IPBS mainly caters to small and medium financial institutions in the Caribbean region. These clients are often ignored by the large financial software providers that are mostly based in Europe. By being close to their clients, IPBS can provide a high level of service. IPBS always keeps an open line of communication with its clients, and it encourages them to do the same with them, so both parties remain up-to-date on the status of a project or issue they are working on.
“As the direct owners of IPBS, both Sean and I have a vested interest in ensuring that no call goes unanswered and no client is left unsatisfied,” Bruce says. “This isn’t just a regular job for us. I believe that, because we’re a family-owned business, we care more. A lot of our clients are also family-owned, and we know them personally, that’s why we know what they’re going through. The financial services landscape has been under siege for a long time, mainly with the EU trying to shut down or eliminate offshore financial services. This has resulted in unique needs for Caribbean financial companies, which IPBS is extremely well-positioned to meet with our local expertise, strong relationships with clients, and an unwavering commitment to service.”
Name: Bruce Raine