Intellicore Systems, Inc. (INTELLICORE) is a spin-off company of Prince Technologies Corporation (PRINCETECH) that is focused in the ANTI MONEY LAUNDERING space. Princetech has been focused in the Customized Software Development, Education (School Management System) and Enterprise Resource Planning (ERP) space since the year 2002. It currently has the biggest market share in the School Management System industry with a customer base of more than thirty (30) State Universities and Colleges (SUCs), and private universities spanning across Luzon and Mindanao. Its flagship product, Princetech School Management System (PRISMS) meets the strictest requirements of the Philippines’ academic institutions.
With its extensive experience in Customized Software Development and managing projects spanning the Education and ERP spaces, PRINCETECH started to search for more opportunities in other industries. From its network of colleagues and contacts in the Banking and Finance industry, it was made aware of the fact that no Filipino software company was in ownership of the intellectual property rights of an all-important regulatory requirement of the Bangko Sentral ng Pilipinas (BSP) and the Anti Money Laundering Council (AMLC), the Anti Money Laundering application. Except for some Filipino-owned companies that remarketed simplified and barely-compliant Anti Money Laundering systems, there was no Filipino-owned technology company that owned or marketed this all-important regulatory application. All Anti Money Laundering applications were being developed in either India, Singapore, or the United States and were being remarketed by local Resellers in the Philippines. Hence, INTELLICORE was conceptualized and incorporated in 2014 to address this specific market segment— the Anti Money Laundering system. INTELLICORE is the first 100% Filipino-owned company that has sole ownership and intellectual property rights on the fully web-based iCore 360 AML solution.
INTELLICORE is initially focused exclusively on the Anti Money Laundering solution. Although the company has future plans of developing and marketing other Banking applications, it will focus on the AML space in the next 2 to 3 years.
INTELLICORE is committed on utilizing Open Source platforms to lower the Total Cost of Ownership of its Bank clients. Customers are provided with the option to either utilize software tools and platforms that they currently own or are experienced with, or are asked to utilize Open Source platforms that are as powerful and are free of cost.
The company is focused and committed on developing 100% web-based applications that are feature-rich, user-friendly, and user-customizable.
Bottomline is,a Filipino-owned company which has sole ownership and exclusivity on the intellectual property rights of the source codes of the best-of-breed Anti Money Laundering solution gives it competitive advantages such as:
- Fast and reliable local technical support services are easily made available to its customers and clients.
- Committed to deliver Customization orders fast and at reasonable rates due to the availability of source codes and Consulting resources locally
The Value Proposition of the iCore 360 AML
- The iCore 360 was developed utilizing Open Source platforms and will continue to be committed on utilizing these same platforms and software tools to lower the Total Cost of Ownership of its Bank clients.
- Customized Reports, Features Enhancements, and Product Modifications/Customizations will be delivered much faster and at more reasonable rates due to the availability of the product source codes and Consulting and Implementation resources locally. INTELLICORE is a 100% Filipino-owned company and is the sole owner of the iCore 360 intellectual property and product source codes. It has instant access to these source codes for the delivery of ordered customizations, modifications, customized internal and external reports, ad hoc reports creation, and other source code-related requirements.
INTELLICORE’s Consulting and Implementation teams are also based locally and can be assigned at the customer’s site for the duration of the entire project if and when needed.
- The iCore 360 is based on a Perpetual Licensing Agreement. This means that the Bank purchases the software once and owns it in perpetuity, as compared to other AML applications in which you will need to pay subscription or rental fees on a monthly basis. With these other AML applications, once you miss out on paying the monthly subscription fee, the service gets terminated.
- The iCore 360 licensing is Unlimited and Enterprise-wide. Once the parent or holding company purchases the product, ALL of the other affiliate companies of that parent or holding company can avail of the iCore 360 Licenses at a Free-of-Charge. The affiliate companies will need to pay for the Consulting and Implementation services component only of the product.
- INTELLICORE will offer a special discount of fifty percent (50%) from its prevailing published rates on the customization and modification of regulatory reports if these are dictated by the Bangko Sentral ng Pilipinas (BSP) or by the Anti-Money Laundering Council (AMLC). The BSP or the AMLC usually comes out with new report formats, the inclusion of additional fields, the enhancement of risk reporting scenarios, or other scenarios at least twice a year or more. Customers usually spend an additional US$ 20,000.00 to US$ 40,000.00 annually with other AML vendors for these modifications.
- Annual Software Maintenance Agreement is fixed at a percentage (%) of the iCore 360 License component only. Other AML vendors charge a percentage (%) of the MA based on the Total Contract Price (Licenses + Implementation component) as compared to basing the rate on the iCore 360 License component only.