By Staff Reporter

TISA Completes Successful Migration to New Core Banking System

14/6/2024

Port Moresby — The Teachers Savings and Loan Society (TISA) has announced the successful transition to its new core banking system, Flexcube. Group CEO Michael Koisen confirmed that the migration from Ultracs to Flexcube 14.7 was completed on Wednesday, June 5, with operations commencing on the new platform the following day.

"The migration was seamlessly executed, and we began operations on the new system on June 6," Koisen said.

Alongside the new core banking system, TISA also launched the Oracle Digital Banking Experience (OBDX) suite, which offers Internet and Mobile Banking services. Despite the high transaction volumes resulting from a three-day branch closure and additional bonus interest payments to member accounts, Koisen reported no operational issues during the migration.

"This development allows TISA to optimize its infrastructure and service delivery, enhancing banking services for our members and customers," he added. "Flexcube’s robust capabilities provide a significant upgrade for TISA, managing high transaction volumes and improving service quality and performance."

The new system automates functions and processes that were previously handled manually in operations and customer support, and the introduction of a Centralised Operations approach promises increased efficiency and faster turnaround times at branches.

Koisen noted that the migration project took one and a half years of meticulous planning and execution. "We had a robust and effective project governance and management framework. With the support of our core banking system provider Oracle Flexcube, implementation partner Profinch, testing partner Yethi, and advisors Deloitte, we successfully delivered this project."

He also acknowledged the critical contributions of TISA's Project Core team and Technology team. "They put in long hours and worked extremely hard to ensure the project was delivered successfully and on time. We thank all our members, customers, and key stakeholders for their support throughout this project."

While minor teething issues and slight customer service delays are expected after such a significant migration, Koisen expressed confidence in TISA's team. "We have invested in training our people, and our talented team has readily embraced the change. I am confident in our team’s ability to adapt quickly, and our customers will soon experience improved services."

As part of TISA’s transformation and commitment to enhancing member and customer experiences and fostering financial inclusion, the society has introduced USSD Banking and enhanced Internet Banking services post-migration. Additionally, several innovative products are set to be launched in July.

"We have refurbished our main branches in Port Moresby, Lae, Kokopo, and Mt Hagen, where banking services will commence once the banking license is granted," Koisen concluded.

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