Smiley

Smiley states that data is the customer’s data and should be available to the customer and the bank when needed. STI has various APIs, exports and connections through OFX for access to data. What is most important is to analyze what is needed, focusing on creating efficiencies for the bank and bank customers.

Smiley states it works with fintech and banks that need access to core data to identify the requirements and either expose appropriate APIs or build what is needed at a reasonable price and in a reasonable timeframe. 

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

Smiley states the following:

• If the bank does an acquisition and the accounts being acquired are processed by the current vendor, STI believes the bank should get a discounted price on a conversion of that acquisition.
• The core contract should not prevent a financial institution from engaging with another core or business solution provider.
• The term of any future amendments should be coterminous with the original master services agreement. Changes should not be new contracts.
• All other vendor contracts should be coterminous with the MSA.
• Typically states a fee for de-conversion. These fees should be quantified and not left open ended.
• Banks should define “core files” related to a deconversion and exactly what is included in the deconversion fee (i.e. check images, online banking info, document images).
• Takes a balanced and fair position regarding limitation of liability. The quantification of liability is defined during the contract process.
• SLA are important, Smiley is confident in its services and is comfortable with these agreements.
• Believes in a partnership concept to deal with the issues.
• Generally, has a termination for convenience clause and/or a termination for sale clause which describes the termination fee.
• If the bank sells to a bank already on that system, the fees should be reduced.
• The termination fees should be correlated to lost revenue.
• Early termination typically requires some notice period.