Bermuda-based Clarien Bank has selected VSoft’s Software as a Service (SaaS) delivery model for its OnView Back Counter Deposit solution.

The implementation of Vsoft solution will enable the lender to streamline deposit capture processes and reduce errors.

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It will also enable Clarien Bank to utilise VSoft’s data centre. This provides various financial services including software solutions to the banks and other institutions.

Clarien Bank COO Minish Parikh said: “Clarien Bank strives to be the trusted advisor of choice to our customers and provide them with world-class products and services.

“VSoft has proven to be a strategic partner in meeting these goals, and by transferring our deployment of their solution to a SaaS model, we can ensure we stay compliant with the changing regulatory environment.”

He also added that utilising the VSoft’s data centre in the mainland will bring significant cost benefits to the company. Furthermore, it will increase operational efficiency.

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Parikh opined: “This transition enables Clarien Bank to spend more time building relationships with our customers and addressing their needs.”

The implementation of VSoft’s SaaS solution provides the financial institutions with remote access. This eliminates the need to invest in the development of an indigenous architectural solution.

VSoft chairman and CEO Murthy Veeraghanta said: “The SaaS delivery model continues to draw financial institutions like Clarien Bank because it allows them to operate at the forefront of software development while eliminating the expensive cost of upkeep experienced with an on-premise solution.”

Privately-owned Clarien Bank is in Bermuda. It has more than $1bn in assets.