Lynx joins Indue to give customers new competitive edge

Wholesale banking services provider Indue’s acquisition of software developer Lynx Financial Systems in January 2008 has established a strong platform for growth with exciting plans for a new range of emerging banking products such as Prepaid products for credit unions and building societies.

Sydney-based Lynx Financial Systems has been delivering world-class retail banking software solutions to financial institutions ranging from full core software systems to bureau support and Internet services for more than 3 decades.

Indue Chief Executive Officer and Lynx Director Manuel Garcia said the Lynx offering was a complementary fit with Indue’s range of white-labelled financial services, including the provision of credit and debit cards, gift cards, ATM acquiring services, BPAY, direct entry, chequing, securitisation and risk services.

“Indue is an industry innovator and the ability to offer an end-to-end manufacturing capability to our customers for the first time will allow that innovation to continue at pace,” Mr Garcia said.

“We are extremely optimistic about the value that can be derived from this partnership and we are looking forward to leveraging our combined capabilities to deliver market differentiating products and services to our customers.”

Mr Garcia said the ability to offer the key customer advantages of cost effectiveness and speed to market were central to the Indue and Lynx partnership.

”The partnership offers customers greater certainty on the time it takes to manufacture products and corresponding cost efficiencies,” he said.

Lynx’s Chief Executive Officer Geoff MacCue said Lynx’s business model provides savings to clients because of its attitude to development costs.

Mr MacCue said customers will pay for customer specific development costs, but that development which is common to all will be recovered from the many users of the product. This will keep costs down and improve the economics for our customers.

Lynx’s core banking application, which will be used in the next generation of Indue products, has a proven track record for reliability.

Warwick Credit Union Chief Executive Officer John Brown said his credit union had been a Lynx customer for more than 25 years, which is testament to the product’s reliability.

“We have had a great relationship with both Lynx and Indue for many years and with them coming together the result will be the development of outstanding bureau services and core banking systems,” he said.

“I see a real advantage with improved communication between Indue and Lynx leading to a better understanding of customer needs.”

Another of Lynx’s major customers First Choice Credit Union’s General Manager Paul Dawson said he was impressed with Lynx’s core banking system and its strong customer focus.

Lynx’s personnel average 11 years of service with the company and Mr Dawson valued the opportunity to develop relationships with long-standing Lynx team members who understood his business and were responsive to its needs.

“We know the Lynx people very well and we can always rely on them for reliable and responsive service and advice,” he said.

“Indue has a very good name in the industry and Lynx has an excellent product so the partnership has the potential to provide a major boost for Lynx’s continued growth within the industry,” Mr Dawson said.

Queensland Country Credit Union Deputy Chief Executive Officer Aileen Cull is another customer who has welcomed the Indue and Lynx partnership.

“Indue and Lynx have a deep and thorough knowledge of the credit union industry and there is a natural fit with these two organisations having complementary areas of expertise," she said.

Indue’s Manuel Garcia concluded: “We have some very big plans for expansion and we have adopted quite an aggressive strategy for growth using the combined resources of both companies.  Our focus is now on creating the seamless delivery of products to our customers.”