Caribbean Development Bank

CDB embarked on a fresh journey within the Microsoft Ecosystem, marking a significant move toward continuous growth and modernization.

The Caribbean Development Bank (CDB) serves as a regional financial institution with the mission of fostering harmonious economic growth, development among Caribbean member countries, and promoting economic cooperation and integration. CDB was struggling with their outdated banking solution to manage the increasing complexity of their business. In addition to that, the COVID crisis has also brought additional pressure and demand for more flexibility and scalability.

CDB started the transition of its entire business and banking operations to the Microsoft Cloud Ecosystem. One of the biggest challenges was replacing their existing banking software with a new, more innovative and flexible solution based on Microsoft Dynamics 365.

COREFIN introduced our Lending and Banking solution, which not only replaced an Oracle-based core banking system but also facilitated the complete management of loans, grants, borrowings, and lines of credit exclusively within COREFIN and Microsoft Dataverse.
The solution was additionally to align with the bank’s specific procedures, automating repetitive tasks and enhancing transparency. COREFIN added additional value by replacing the existing client portal with a Microsoft Power Pages based new and modern version aiming to provide elevated service to their clients while minimizing manual efforts. At present, the bank boasts a state-of-the-art platform that has not only optimized processes but also effectively mitigated infrastructure costs. The platform seamlessly integrates key systems, paving the way for automated real-time data analysis, consequently driving heightened operational efficacy.

Microsoft acknowledged our remarkable achievement, which led to a thoroughly deserved success narrative documented and published by Microsoft. You can read about it here.

The results

COREFIN Lending has replaced the current core banking system to manage loans , grants, borrowings and line of credit in a new Microsoft based Ecosystem.
A traditional client portal has been upgraded to a Microsoft-based version, leading to enhanced client engagement and the provision of self-service capabilities.
Various interfaces connecting internal platforms have been established, creating a seamless and automated flow of data that contributes to transparency and a significant improvement in efficiency.
Integration with SWIFT payment platform to process all related payments in a fully automated manner.
Real- time flow of data and reporting for more informed decision.

“We managed to optimize many of our critical processes by bringing them to the application and are now able to even tap in data in real time, which is a big deal, as information flows easily for us. The end- to- end is seamlessly integrated.”