TmaxSoft’s database management (DBMS) solution, Tibero is now servicing MG Community Credit Cooperatives enterprise-wide imaging system.
The project involves the redevelopment of MG Community Credit Cooperatives’ legacy imaging system for bank checks, promissory notes, electronic utility bills, and check cards, and integrating it with its core banking system. This will enable easier implementation of electronic document services in the future with all data and information held in Tibero.
Carl Davies, managing director, TmaxSoft UK says of the deal, “This is a significant contract for TmaxSoft. We are expecting the rapid deployment of our DBMS solution throughout MG to create further opportunities for our broader product portfolio. MG Community Credit Cooperatives will represent an important reference site for us as we target the financial sector here in the UK.”
Established in 1963, MG Community Credit Cooperatives operates 3,227 branches in 1,413 regions in Korea. It is one of South Korea’s premier financial institutions with 105 trillion won ($88.5 billion) in assets as of December 2014.
MG Community Credit Cooperatives started the development and roll-out of the integrated imaging system early this year, and the system went live in June across at 3,227 branches. The integrated imaging system allows electronic management and storage of various documents such as personal ID, loans, and receipts in various formats. The system also strengthens the existing personal identification authentication service administered by the Ministry of Security and Public Administration in Korea, and customer identification services. Improving business efficiency as well as heightening security measures, Tibero will prevent financial fraud such as creating borrowed-name bank accounts.
The system integrates with external institutions including the Ministry of Government Administration and Home Affairs and Korea Financial Telecommunications & Clearings Institute, as well as various internal systems including the integrated information system’s terminal and identification scanner. As such, reliability, compatibility, and performance of the database are key requirements for this project.