Bendigo and Adelaide Bank launches new API enabled Enterprise Collateral Management System

Bendigo and Adelaide Bank’s digital first, cloud operated, and API enabled transformation continued at pace this week, with the roll out of its new Enterprise Collateral Management System - Collaterals 360 (C360@BEN).

The interactive and user-friendly application will simplify, modernise and digitise how the Bank manages and records its collateral information - items of value used to secure a borrowing - as well as helping drive its commitment to reducing the double handling of data, removing duplications, and mitigating the risks of incorrect discharges.

For a number of years, the Bank had managed and recorded its collateral information across a number of disparate legacy core systems, which made it cumbersome to access and difficult to analyse.

However, the newly designed C360@BEN solution - which integrates with more than 15 internal and external systems - will capture, manage, store, review and track collateral data across the Bank, provide an holistic view of end to end collateral management activity, and allow all users to easily share and work with the same information. 

Bruce Speirs, Chief Operating Officer, Bendigo and Adelaide Bank, said the launch of the new C360@BEN system was the culmination of two years of work to create a new, digital repository which will eventually serve as the Bank’s “single source of truth” for managing securities.

“The establishment of our new Enterprise Collateral Management System will help enhance the Bank’s compliance with its regulatory and customer service obligations, upgrade our overall collateral management process and improve the quality, and completeness of our security documentation,” Mr Speirs said.

“The development of this new system involved the meticulous analysis and validation of more than 350,000 collateral records and 20,000 insurance records, prior to their migration to the new C360@BEN portal. It was a huge undertaking and I want to congratulate all those involved in the project for their hard work and dedication over many months.

“C360@BEN is a foundational system that will evolve over time and allow us to introduce improvements and new features on a phased basis across our various business units.

“The construction of C360@BEN further illustrates the Bank’s commitment to boosting its digital capabilities by rebuilding its technology systems to be digital first, cloud operated, and API enabled.

“The momentum behind our digital transformation, means we remain well on track to becoming a bigger, better and stronger bank,” Mr Speirs concluded.