Copernicus Solar3 Live At Major Bank
Copernicus have announced the second live installation of its third generation of browser-based asset finance software, Solar3.
Solar3 was first released in April 2010 and the project with the client, described as "a major international bank", began in September 2010.
Allen Jones, Copernicus's founder and managing director, said "This was a hugely complex project to take over from a 20 year old legacy system and replace numerous interfaces to other systems including GL, BACS and the Bank's MIS systems. Solar3's inherent flexibility and financial product driven architecture made the process as straightforward as it could possibly have been. The installation went in on time and on budget and has operated smoothly for the past month".
Solar3 is IAS compliant and processes multicurrency, multilingual and multijurisdictional contracts. It is single source code system with localisation, including accounting treatments, achieved by user-defined parameters.
At least three more Copernicus clients are expected to go live with Solar3 during 2011.
The bank went live with the platform on 1 May, to be used for management of tax based and open-ended variable rate asset finance contracts.
Copernicus were unable to disclose the name of the bank, saying only that it has been a client since 1988.