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BMA Bankrite

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

BMA states that its core supports the following:

  • General ledger. BMA supports daily, monthly, quarterly and year-end processing. The GL system seamlessly imports journal entries from loans, deposits, accounts payable, fixed assets and budgets.
  • Teller systems. BankRite teller system is simple to learn. Banks can display and print check images or access all customer information files all with a single sign-on. BMA supports branch capture or teller capture options.
  • Lending. BMA’s loan solutions make it simple to manage loans in one easy-to-use platform. Stress testing, flexible loan statements, alert settings, profitability graphing, credit reports, OFAC check and document preparation are all available.
  • Deposits. BMA offers all types of depository accounts such as checking, savings, CDs, demand deposits, money market, sweeps and
    high-interest checking. Document imaging and auto-account opening are available.
  • Digital banking. Mobile and desktop banking options are available from BMAs preferred list of strategic partners, or banks can choose to bring their own. BMA 100% supports banks’ right to choose.
  • Interactive Voice Response. Reduce the time associated with handling phone calls. BMA’s IVR helps to reduce costs and improve efficiency with a safe and secure IVR system.
  • IT as a Service. Immediate benefits can be gained by outsourcing IT service through BMA. If a bank wants to control IT costs, reduce labor and increase efficiency BMA can augment a bank’s current IT group or totally replace them so the bank can stay focused on banking.
  • Custom software. BMA is expert in designing, creating, deploying and maintaining customized software. Custom software can provide efficiency to help the bank grow. BMA developers are highly experienced and can build solutions that fit the bank’s unique needs.
  • Cloud services. Banks can access fast and secure software services with a web browser. Security assessments, configuration and compliance as well as system administration are provided by BMA through its managed cloud service.

Firm's Response to Core Committee's Key Areas of Focus

  • BMA states they believe that all data is either the member banks’ or the end clients’, not BMA’s.
  • BMA fully supports FDX data sharing standards, which it anticipates will be available in early 2021. 
  • BMA states they are currently building its open API portfolio and has committed a seven-figure budget to this project.
  • BMA is committed to doing whatever it can to support member banks and a fully open banking system.
  • Overall approach is that banks should be able to interface with best-inbreed or preferred providers.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

BMA states the following:

  • Does not have any exclusivity language in its standard contract.
  • Only has one contract; as such it is coterminous.
  • De-conversion fees are a fixed dollar amount, as specified in the agreement.
  • Limitations on Liability are usually not explicitly stated.
  • SLAs are whatever is negotiated, usually based on the desires of the member bank.
  • Early termination penalties are negotiated, sometimes as short as sixty days.

Quick Facts

Quick Facts
Headquarters LocationSalt Lake City, Utah
Year Established1959
Ownership ModelPrivately owned by Central Bank, Utah
Regionally Focused or NationalRegional (willing to operate in any state, but current client base is primarily located in the West) 
Number of Cores Offered1
Name of Core SolutionBankRite
Number of US Banks on the Core18
FunctionalityFull core offering including GL, teller, lending, deposits, digital and ancillary products
Target Bank Asset SizeLess than $1 billion or niche application
Business StrategyBMA states that they are primarily working with de novo operations and specialty lenders