The Roll out of the ULTRACS3 System in 2010
The partnership with Ultra data as our key technology partner has enabled Fesalos and its User societies to achieve the objectives of the Information System (IS) Technology change project. The Roll out Implementation of the Ultracs3 system in 2010 had enabled user Societies to remain at the forefront of technology in the financial market. The Ultracs3 Retail Banking MIS can provide an array of choices and options to their customers, and provides a competitive edge in an ever changing world of technology, while assisting with the impacts of regulatory change.  At the time of the ‘Roll Out’ ‘Implementation’ of the Ultracs3 Retail banking system exercise the following ten (10) societies covered were: Air Niugini S&L, Central Bank Officers S&L, PTP S&L, Finance & Private Sector S&L, Nambawan S&L, PNG Power S&L, Alekano S&L, Niu Ailan S&L, National Development Bank S&L and National Farmers S&L. To this date, we have eight (8) Societies which are effectively using the ULTRACS3 Retail banking system hosted by the Fesalos MIS Bureau:

  • Air Niugini S&L
  • Central Bank Officers S&L
  • PTP S&L
  • Finance & Private Sector Staff S&L
  • PNG Power Staff S&L
  • Alekano S&L
  • Niu Ailan S&L
  • National Development Bank S&L

Benefits of using the Ultracs3 System   
The Ultracs3 Solution is built on a service-oriented architecture and is integrated across all business processes and channels. The system can be tailored for each individual society taking market needs into consideration to provide the following key elements for Savings & Loan societies in PNG:

  • CUSTOMER INFORMATION
  • LOAN ADMINISTRATION
  • MICRO FINANCING
  • LOAN PORTFOLIO MANAGEMENT
  • SAVING MOBILIZATION & ADMINISTRATION
  • INTEGRATED GENERAL LEDGER
  • BRANCH SYSTEMS with TELLER SERVICES
  • FINANCIAL and REGULATORY REPORTING
  • MANAGEMENT REPORTING
  • TELLER SERVICES

Ultracs3 Retail Banking System can also provide a fully integrated, secure and convenient solution for other customer access and services such as:

  • SMS query
  • Internet Banking for Online Savings Web Lending
  • Mobile- phone Banking
  • ATM
  • Branch and branch-less banking
  • Call Centre
  • Agency

‘GO LIVE’ with Ultracs3 Retail Banking System

The successful completion of the ‘Roll Out’ Implementation exercise essentially provided these user societies with a modernized software which they used effectively to conduct their society’s financial transaction processes using the Ultracs3 Banking system in contrast to the previous FACT or any other core systems these societies have been using for the last decade. It is also fair to mention that Fact System has served the S&L movement well.

From our Bureau perspective; the Go Live of one user society adds to a modest list of societies that have successfully gone live with Ultracs3; however, from an S&L Industry perspective this is a huge milestone achievement for Fesalos and its member societies in the regulated Banking & Finance Sector. This milestone achievement is attributed to the cooperative and supportive effort of the Board, Management and staff of each of the nine client user societies.

FESALOS remains committed to assisting S&L Societies with technology innovation and training to better serve the vast majority of its members.