January 20, 2021

Bancolombia turns to SunTec for enterprise pricing solution

SunTec signs Colombia’s largest bank for its Xelerate pricing & billing system

SunTec Business Solutions, a relationship-based pricing and billing software specialist, has landed Colombia’s largest bank, Bancolombia, as a taker of its flagship offering, Xelerate.

The vendor says it has partnered with TCS “for a first-of-its-kind deployment in Latam” – to implement Xelerate on a Software-as-a-Service (SaaS) basis for enterprise-wide pricing solution for Bancolombia. It will be hosted on an AWS public cloud and will be deployed in a phased approach.

“Pricing is a strategic initiative across the bank. In these disruptive times we were seeking a comprehensive customer-centric pricing solution to retain our rapidly growing customer base,” says María Cristina Arrastía Uribe, business VP at Bancolombia.

In addition to its home market, where it has the largest share by assets, the bank is also active in Panama, El Salvador, Puerto Rico, the Cayman Islands, Peru, and Guatemala.

According to SunTec, it was chosen by Bancolombia “after an extensive evaluation”. The company’s founder and CEO, Nanda Kumar K, describes the deal as “a significant victory for us as it will give a boost to our expansion in the Latam market”.

SunTec has presence in the US, UK, Germany, UAE, Singapore, Canada, Australia and India. According to the vendor, Xelerate has over 130 customers across 45+ countries.