In 2021, the Centrale Bank van Aruba (the CBA) selected OLYMPIC Banking System as its new core banking platform as part of its ERP (Enterprise Resource Planning) solution to run, manage, and streamline its operational processes. The system was successfully implemented and went live in May 2023. Today, the CBA is deploying new services through OLYMPIC Banking System, including the administration of treasury auctions and the processing of instant payments.
The CBA started its operations on January 1, 1986, when Aruba obtained its status as an autonomous country within the Kingdom of the Netherlands.
The CBA contributes to the financial stability and economic well-being of the Aruban community by:
- Maintaining the stability of the value of the Aruban florin vis-à-vis the U.S. dollar.
- Promoting financial soundness and integrity of the financial system.
- Fostering efficient and reliable payment systems.
The CBA aims to enhance the management of its business activities by implementing an ERP solution that aligns the use of modern technology with its strategic objectives. Aspects, such as digital collaboration, approval workflows, business intelligence, and analytics are considered as key for the future. Interoperability remains pivotal as the CBA needs its ecosystem to effectively interconnect all stakeholders. OLYMPIC Banking System serves as the core platform for its financial operations and integrates with the other information systems in use.
ERI worked closely with the CBA to gain a deep understanding of the bank’s needs and requirements enabling effective support for its digital transformation strategy.
“The entire selection process was successfully orchestrated remotely, concretely demonstrating how different corporate cultures and working styles came together between the CBA and ERI’s teams”
“We experience OLYMPIC Banking System as highly customizable which enables us to implement solutions tailored to our specific needs. By integrating OLYMPIC Banking System with our other systems, the solution enhances data accuracy and consistency which is key for future proofing our financial operations.”
About ERI
ERI is an international company specializing in the development, distribution and support of the integrated, real-time banking, securities custody and wealth management software package: OLYMPIC Banking System. Operating in many of the major financial centres, ERI is present in, Geneva, Zurich, Lugano, London, Luxembourg, Paris and Singapore.
ERI is focused on providing comprehensive, quality software with effective system implementation assistance and efficient on-going maintenance and support for clients worldwide.
More than 400 banks and financial institutions across over 60 countries in Europe, the Middle East, Africa, the Americas and Asia have already chosen OLYMPIC Banking System.
About the Centrale Bank van Aruba
The main purpose of the Centrale Bank van Aruba (CBA) is to contribute to the financial stability and economic well-being of the Aruban community. The CBA accomplishes this mission by implementing an effective monetary policy aimed towards maintaining the value of the florin, by promoting the soundness and integrity of the financial system, and by enhancing an efficient and reliable payments system. Besides these core tasks, the CBA is also the sole issuer of florin banknotes and florin coins, and acts as banker to the Government of Aruba. In addition, it regulates the flow of international payments, manages the available foreign exchange reserves of Aruba, and supervises the spending thereof. For more information on the Centrale Bank van Aruba, please visit the website www.cbaruba.org