Wilmington Trust Core Banking Platform Procurement

Summary - Selection of core banking and payments platforms for US Bank entering UK market.

Situation - Wilmington Trust, a subsidiary of US-based M&T Bank, was seeking to enter the UK capital markets sector and required a UK banking licence.  Being new to the UK jurisdiction, they needed assistance in procuring core banking and payments platforms that were compliant with UK and EU regulations

Task - CBS was engaged to lead the procurement of suitable solutions that would support market launch and future growth of both the UK and EU businesses.  

Activity - We deployed a small, expert team (one part-time Director and 2 full-time Analysts) to work alongside the newly appointed UK team and US stakeholders to:

• Gather high-level requirements and research the market for suitable solutions
• Engage potential solution providers to raise interest in the opportunity
• Produce an RFP and scoring framework for both core banking and payments solutions
• Agree the list of suppliers to be invited to respond to the RFP
• Co-ordinate and calibrate the Trust’s review and scoring of proposals
• Down-select to two providers each for core banking and payments
• Assist commercial negotiations, leading to final selection of preferred vendors

Result - CBS was subsequently engaged to support the implementation of the solutions. Comprehensive knowledge transfer to the bank’s internal staff as they came on board, allowing CBS to step back and hand over responsibility to test and run the new solutions