Hungarian mortgage banking outsourcing firm First Mortgage has deployed Sanchez's core processing system, Profile, on the Linux open source platform.
In addition to Profile, First Mortgage has also implemented Sanchez's customer servicing platform, Profile for Windows, and FMS accounting system.
First Mortgage provides outsourcing services to Hungarian online bank EuroDirekt, which is looking to take advantage of the expected increase in the country's mortgage market over the next few years.
Joseph Szamel, EuroDirekt National Savings, says the Sanchez solutions allows the the bank to move beyond account and product-centric operations and to focus on the customer.
"The Sanchez Profile platform offers an open, scalable solution that will enable us to quickly and cost-effectively assemble and distribute new products critical given the expanding Hungarian financial services market," he says.
Sanchez claims the installation represents the first commercial implementation of a Linux-based core banking system.