Bank chooses its technology core

By RICHARD BRADDELL

New Zealand Post has chosen Datacom Systems and Ultradata Australia to provide the core banking technology for its new bank.

People's Bank chief executive Sam Knowles said the technology chosen was in keeping with bank's decision to enter the settlement system in its own right, rather than rely on another bank.

Discussions with other banks including WestpacTrust ended two months ago, NZ Post deciding it was better to go it alone because of the heavy transactional nature of its business.

Datacom, which is 28 per cent owned by NZ Post, will house and manage the banking systems in secure facilities, and Ultradata will provide the software.

Mr Knowles said the project was on track, with a management team recruited "from different banks around Wellington."