Kx Systems kdb+ technology selected by Guosen Securities
10th Jan 11 - 16th Jan 11

Kx Systems kdb+ database has been chosen by Guosen Securities Co. Ltd., a leading securities firm in order to power its algorithmic trading platform for its investment banking unit as a part of its services provided to clients. This solution will enable the security firm to access huge amount of data with minimal latency.

Moreover the solution will also help the firm in attaining flexibility for huge volume, data intensive analytics and application as it has a common format for both historic and real time data. The General Manager of Guosen Securities stated that this deal will provide a strategic competitive advantage over others and help in balancing its speed and flexibility.

Washington Trust Bank implemented mFoundry's mobile banking solution
27th Dec 10 - 02nd Jan 11

MFoundry's mobile banking solution has been chosen by Washington Trust Bank a largest commercial bank in the Pacific Northwest. MFoundry is a leading provider of mobile banking solutions to financial firms. This solution will help bank customers to do their transactions and to search bank branches and ATM locations.

The CIO of Washington Trust Bank stated that this solution will provide various options to the customers. Moreover this solution will enable customers to access their account online through mobile web browser.

Gulf International Bank implemented Marathon Evolution solution from ASC
13th Dec 10 - 19th Dec 10

The Gulf International Bank (GIB) a leading merchant bank of Bahrain has implemented a communication recording solution named as Marathon Evolution from of Solutions. The solution deployed will help GIB to verify the transaction by recording the communication between two traders. This Solution has been designed by ASC to meet the regulatory requirements.

The Head of Communication at GIB stated that it's a fully protected, cost effective and automotive solution which will help the organization. The Director of International sales of GIB stated that this reliable conversation recording solution is highly useful for the bank as it meets the international banking standards and reduces manpower functions.

Vasco's authentication solution signed by Skandinaviska Enskilda Banken
06th Dec 10 - 12th Dec 10

SEB, a leading Swedish Bank has selected Vasco Data Security's DigiPass 920 solution. The solution will provide authentication service to the banks retail as well corporate customers. The solution provides high authenticity between the bank and customers. The bank already uses DigiPass 260 and with its 920 solution in place it provides a comprehensive service to customers.

The head of Identification Solution at SEB stated that the solution from Vasco provides ensures secure online transaction and is also quite user friendly. The COO of Vasco Data Security stated that the solution provided by its company creates new opportunities for SEB.

SunGard's Investran Data Exchange solution chosen by Paul Capital
29th Nov 10 - 05th Dec 10

SunGard's Investran Data Exchange solution has been selected by Paul Capital in order to streamline its investors reporting process. The solution to be deployed by the investment management firm will enable document management, investor reporting and workflow resolutions. Investran, a web-portal will help investors to manage their accounts online and get real time report exported in the form of Excel spreadsheet.

The Controller at Paul Capital stated that the solution was chosen as it increases operational efficiency of the firm and offers a dependable and secure online network. Moreover it satisfies investor’s online reporting requirements and is also a user friendly solution.

Fis's item processing solution chosen by PrivateBancorp
08th Nov 10 - 14th Nov 10

PrivateBancorp has decided to outsource a part of its item processing operations to Fis. The solution from Fis will manage item processing and branch capture solution more efficiently as compared to the current product of the financial institution.

In addition to this Fis will also control the banks balancing function and centralized keying which will help the firm to properly manage its processes internally. The Chief Information Officer of PrivateBancorp stated that new solution deployed at the firm will help to serve its customer with new products with no compromise on quality of work.

Australia and New Zealand Banking Group Ltd. will opt for Logica All Payments Solution
25th Oct 10 - 31st Oct 10

Australia and New Zealand Banking Group Ltd. (ANZ) has opted for Logica All Payments Solution (LAPS) to offer centralized hub for low value payments. The solution will support customer servicing for banks through automated, real-time and streamlined payment processes. The solution will thus, increase bank’s productivity; reduce operational cost as well as settlement risks.

The solution is planned to be deployed in New Zealand next year and later in Australia and South East Asia. In addition, it will also enable the bank to benefit from SWIFT-based low value settlement infrastructure.

American Savings Bank selects Fiserv Inc. for complete bank technology transformation
18th Oct 10 - 24th Oct 10

American Savings Bank, a USD 4.9 billion institution has chosen Fiserv Inc. for its enterprise-wide banking solution based on the Signature(TM) bank platform. The deal focused on the enhancement of bank's business processes. AperioTM from Fiserve enabled the bank to achieve process improvements in front and back office processes. Online banking enhancements through the technology were beneficial for 600,000 customers of American Savings Bank.

American Savings Bank's existing systems were replaced with more than 28 integrated products from Fiserv within the aggressive implementation timeline of less than 14 months. The technological implementation enabled the bank to achieve strategic objectives through operational time reduction, improved customer management and cost savings in cash management operations.

Accenture's underwriting solution has been selected by Zurich Financial Services Group
11th Oct 10 - 17th Oct 10

The Zurich Financial Services Group has selected Accenture in order to provide underwriting solutions for Property and Casualty Insurance. The solution from Accenture will maintain large variety of business services which includes new business submission, clearing and quotation of Property & Casualty operations.

The Chief Information officer at Zurich Financial Service Group stated that the Accenture underwriting solution will integrate well with the banks current system. Moreover it will make the underwriting process simpler and improve the decision making.

Singapore Mercantile Exchange selects Orc software
20th Sept 10 - 26th Sept 10

The Orc Software has been selected by Singapore Mercantile Exchange (SMX) in order to offer electronic platform for multi-currency and multi-asset trading, clearing, settlement and delivery. The Orc solution will enable SMX to trade across border in future, options, and other derivatives across multiple asset classes.

The SMX official stated that going live on Orc Software will enable advance trading for its customer base as Orc is the most appreciated technology vendor in the market.

ABN AMRO extends its deals with IBM, TCS, and Infosys
13th Sept 10 - 19th Sept 10

ABN AMRO will extend its outsourcing deals with IBM, Tata Consultancy Services (TCS) and Infosys Technologies. IBM will continue to maintain the Dutch Bank's global IT infrastructure whereas the maintenance of software applications will be carried out by Tata Consultancy Service and Infosys Technologies.

IBM will also manage ABN AMRO's communication network, as well as the bank's desktop and servers.

FRSGlobal banking oversight and research solution project will be employed by Central Bank of Oman
6th Sept 10 - 12th Sept 10

The Central Bank of Oman (CBO) has chosen FRSGlobal, the leader in risk and regulatory compliance in order to simplify and manage authorized financial institutions in Oman. FRSGlobal Technologies new Banking Oversight and Research Solutions (BORS) will be implemented by the financial institution by 2011.

The Executive Vice President of CBO stated that electronic banking will over-take manual banking making supervision on banking transactions more crucial. Steve Husk, the CEO of FSRGlobal stated that its expertise and experience in risk management has allowed it to acquire this deal. They also look to capture the rest of Middle East market.

Associated Banc-Corp implements SS&C's trading portal for foreign exchange
30th Aug 10 - 5th Sept 10

Associated Banc-Corp has completed implementation of SS&C Technologies' web based foreign exchange platform. The platform provides transaction processing, settlement, as well as data entry solutions to individual customers as well as bank branches around the country. The bank will no longer need to be contacted by phone as transactions can be made completely online, freeing up time and resources for customers as well as the bank.

The director of capital Markets, Donald Loyd, raved about the platform stating that, "SS&C will set the stage for each individual client to gain greater insight into information, which will improve their effectiveness and allow us to provide greater value to our clients."

SunGard's front Arena implemented by Theoria Capital Management
23rd Aug 10 - 29th Aug 10

SunGard's Front Arena system has been employed at Theoria Capital Management, a Singapore based fund Management Company. The financial service provider will help in risk management and will support trading across the financial firm's hedge fund operations.

Theoria Capital mainly focuses on Japanese investment, utilizing SunGard to supervise, gauge and examine risk across multiple investment strategies which includes arbitrage, directional, market neutral, and event driven investing. Real time profit & loss functionality of Front Arena aids Theoria Capital in price management which helps traders to make appropriate transactions. Minoru Umezaki, the president of Theoria Capital Management, stated that SunGard is an apt financial service provider inclusive of multiple tools and services which help in the betterment of business.

Barclays Bank contracts NCR Corporation for ATM services
16th Aug 10 - 22nd Aug 10

Barclays Bank has entered into a two year contract with National Cash Register Company in order to maintain and manage its 550 remote and host operated ATM's. NCR Corporation will provide services which comprises of helpdesk services, incident management, and first and second line maintenance. Loomis, in partnership with NCR, will facilitate cash refill services to the ATM's. NCR will provide the services from its Glasgow center.

FICO's risk management service to be used by Hyundai Card Company
9th Aug10 - 15th Aug 10

Hyundai Card Company of Korea announced that they will use FICO transaction score model on the FICOTM Falcon Fraud Manager 6 scoring engine. The card company will be able to make precise and timely customer management decisions. FICO's transaction score depicts a customer's card usage pattern which helps in judging the purchase behavior of customers.

FICO's transaction score will provide Hyundai greater flexibility in order to implement additional transaction-based models in the future. The Vice President and Chief Risk Officer of Hyundai stated that this integration will help to grow their business by maintaining the best and most loyal customers.

Top Image System banking platform chosen by a leading bank
2nd Aug 10 - 8th Aug 10

Top Image Systems, a leader in Enterprise Content Management (ECM), declared its' receiving of an agreement with the one of the world's leading international banks which will implement the TIS platform in more than 1500 branches across Asia, Africa, Europe and America.

The TIS platform is beneficial to banks, customers and business partners as it facilitates cooperation at any given place and time, quickly and with higher accuracy. TIS is a single portal through which data is processed, understood, categorized, and delivered to businesses for further processing. The CEO stated that the company's major focus on the banking sector, accompanied by its latest technology, has fetched it several banking institution deals.  

FIS to provide IBS services to Sterling Savings Bank
26th July 10 - 1st Aug 10

Sterling Saving Bank signed the world's largest providers of banking and payment technology FIS for banking services including an addition set of banking products. Sterling Saving Bank currently uses FIS ePayment and image products and has decided to employ Integrated Banking Services (IBS) and various other products.

FIS is said to be a highly flexible vendor with updated technology, robust functionality, multiple platform integrations and requiring less maintenance from the buyer’s side. These functionalities of FIS will help Sterling Savings Bank to cope up with the market demand and serve its customers efficiently.  

NYSE Euronext launches NYSE Euronext London aiming International Customers
19th July 10 - 25th July 10

NYSE Euronext extended its domain by implementing NYSE Euronext in London with an objective of gaining international issuers willing to list in London. This strategic move will boost its prominence in the European market.

The president of NYSE Euronext acknowledged that it has the potential and visibility to make it in the European trading. He further said that Paris would remain the largest markets in Europe for major management oriented processes. NYSE Euronext London offers great potential for the investors as they can have an access to large equity market in Europe with higher trading volume.  

LCH Clearnet and LME unite for OTC gold post-trade services
5th July 10 - 11th July 10

LCH.Clearnet Limited (LCH.Clearnet), global leader in clearing, is to commence defrayal for the over-the-counter (OTC) wholesale London gold market in collaboration with the London Metal Exchange (LME). The service will allow bilateral OTC trades to continue to be discussed and carried out as per recent market practices. Contracts to be cleared will be secured via LME's trade capture system, LMEsmart, with matched bilateral trades submitted to LCH.Clearnet for clearing.

Market contributors will be able to profit from margin offsets with other metal contracts listed on the LME, improved collateral management, increased liquidity, and lower operational costs. Introducing clearing to the wholesale London gold market will offer the potential to minimize systemic risk and create straight-through processing efficiencies for market participants. 

Heartland Community Bank endorses Jack Henry SilverLake Platform
28th June 10 - 4th July 10

In an announcement by Jack Henry & Associates, a foremost supplier of integrated technology solutions and data processing services for financial institutions, Heartland Bank has endorsed SilverLake core processing system to give enterprise-wide automation.

Heartland Bank will execute SilverLake through Jack Henry Banking's outsourced offering. A collection of Jack Henry Banking's complementary solution including Streamline Platform Automation, Electronic Statements and many others will be added by Heartland Bank in addition to SilverLake. 

Riley Paterson goes live with Paladyne Portfolio Master
21st June 10 - 27th June 10

Riley Paterson Investment Management goes live with Paladyne Portfolio Master from Paladyne Systems, a leading provider of IT solutions. The investment management company implements the solution for its complete front to back office operation.

The company uses the solution for order management, portfolio management, compliance management, profit loss analysis and net asset value reporting. The deal would help Riley Paterson to meet its trade capture, reconciliation and reporting requirements with a cost effective solution. 

HSBC opts for Price-it Online from Pricing Partners
14th June 10 - 20th June 10

HSBC opts for Price-it online, a solution for derivative valuation from Pricing Partners, an industry expert in valuation of derivatives and structured products. The solution from Pricing Partners would help HSBC in offering independent derivative and product revaluation to its customers.

The implementation of the pricing platform by HSBC would it in obtaining worldwide acclamation. 

Nomura Wealth Management Division goes live with Avaloq Banking System
7th June 10 - 13th June 10

Nomura Wealth Management division Non-Japan Asia, a unit of Nomura implements Avaloq Banking System solution from SOFGEN Holdings Limited, a global provider of IT solutions.

Nomura outsourced a part of the software development operations to the SOFGEN Avaloq Development Centre (ADC) based in Manila. The outsourcing of the product development activities helped Nomura to cut down the total cost of ownership while aligning with quality requirements. 

Fifth Third Bank strikes deal with Open Solution
31st May 10 - 6th June 10

Fifth Third Bank, strikes a deal with Open Solutions, an integrated technology provider to financial firms to enable its US clients use the Fifth Third network. The network help banks and credit unions to trade check images at less cost and also to develop funds availability.

Banks can use the Fifth Third network to settle check transactions by exchanging image cash letters within the network. The deal would enable Open Solution's clients to access the Bank's connections and benefit from the available technology.  

Nottingham Building Society adopts the IBM business analytics solution
24th May 10 - 30th May 10

Nottingham Building Society chose the business analytics software from IBM to evaluate data related to its finance, transactions, and operations, and mortgage applications data. The IBM software generates primary mortgage application reports. The application system processes applications of around 500 million pound sterling every year.

The IBM analytics solution has helped Nottingham Building Society to simplify the application process by identifying the bottlenecks and reduce the time of processing. The solution has enabled the building society to reduce its carbon footprint and provide better customer service through reduced paper waste.

The software also enhances the degree of automation in the organization's operations. The use of analytic dashboard requires officials to devote less time to administrative tasks thereby saving time and increasing convenience and efficiency.  

Adepa Asset Management signs an agreement for SaaS system with StatPro
17th May 10 - 23rd May 10

The Adepa Asset Management has signed an agreement with StatPro Group Plc., for availing its new SaaS system, Seven, for performance and risk solutions. The New solution will combine zero IT footprint with full data management system and upgrade automatically.

The solution is featured with speed, high scalability and reliability along with the low cost and faces low maintenance for the clients. The asset manager is benefiting from compliance risk and data management components that help to meet the requirement of Ucits IV.  

Techcombank adopts order management system from Bloomberg
10th May 10 - 16th May 10

The Techcombank becomes the first bank of Vietnam to implement the electronic trade order management system by adopting Bloomberg's Trade Order Management System (TOMS) for various trade and order management needs. TOMS is a complete, multi-instrumental trade order management system that combines front-end position and risk management and electronic ticketing with back office integration of trade data

The newly adopted system will help the bank to have a single order management platform across all dealing desk and to have a complete view of risk across different products and eliminate the need of integrate disparate system. 

Federal Home Loan Bank selects front-to–back office systems from Calypso Technology
3rd May 10 - 9th May 10

The Federal Home Loan Bank has selected the front-to-back office system from Calypso Technologies to support front office trade origination, valuation, accounting and back office processing activities.

The new system will replace the banks internally and externally developed application and provide the key element of straight through processing. It would help the bank in processing its transaction with minimum manual intervention. The solution will support banks transaction for structure trades, member advance and mortgage based security investment and would also perform the associated back office processing. 

Dongbu Insurance leverages IBM technology for its IT Infrastructure
26th Apr 10 - 2nd May 10

Dongbu Insurance has signed a seven year, USD 60 million IT infrastructure deal with IBM. In this deal, IBM will provide technical support to the insurer in establishing integrated IT infrastructure. This deal will enable the insurer to have a system to support their customer-oriented sales strategies and differentiate themselves from competitors.

The z10 Enterprise class and Business Class mainframe server will be used as a support. The insurer will use four IBM system including z/OS, Linux Operating System, IBM DB2, and websphere application server.

SunGard provides its GL technology for Sucden Financial's e-trading platform
19th Apr 10 - 25th Apr 10

Sucden Financial has opted for the GL technology from SunGard for its STORM e-trading platform, which would support the access to wide range of trading exchanges and platforms for multi-asset trading facilities. The GL technology would provide the best combination of access to different markets with refined functionalities and low latency quote data and order routing.

It would help Sucden's clients to have a fast, scalable, single point access to global markets. The institutional and corporate clients will be able to directly trade equities, options, commodity, and financial futures on global markets.

Liquidnet signs Solace Systems for its messaging platform
12th Apr 10 - 18th Apr 10

Liquidnet Holding Inc. has selected the Unified Messaging platform from Solace Systems for its liquidity matching services. The messaging middleware from Solace Systems is featured with faster services, predictable performance, ease of use and high availability of architecture.

This deal will help the firm to accelerate and simplify their middleware for enhancing trading services to the member firms. This deal will accelerate reliable and guaranteed messaging around the world and strengthen their position in trading services.

TriZetto gets extension in Regence's contract for providing hosting services
5th Apr 10 - 11th Apr 10

Regence Group has extended its contract with TriZetto, which will provide its hosting services and application management till 2016. In addition, TriZetto will provide a wide range of other solutions and services including enterprise administration platform, pricing and modeling applications, web solutions, and health management system.

These solutions support Regence's enrollment, premium billing, claim adjustment, customer services, health management, claims pricing and contract modeling. TriZetto is providing an attentive, flexible and cost effective hosting service which will help the group to concentrate on its core competencies.

BNY Mellon Asset Servicing to integrate its security lending system through SunGard's Global One solution
29th Mar 10 - 4th Apr 10

BNY Mellon Asset Servicing has implemented SunGard's Global One solution. This deal is taken as a step to integrate all the information across different business locations which use different platforms. It would help the firm to reduce the overall cost and increase efficiency and improve control and transparency across securities lending business.

BNY Mellon will leverage Global One's fair allocation algorithm, availability management, and collateral management capabilities to record and manage international and US positions. The success of Global one in supporting BNY Mellon Asset servicing is because of SunGard's ability in efficiently understanding the business needs and goals of its client.

Privatebank IHAG extends the installation of Aim Software's solution
22nd Mar 10 - 28th Mar 10

The Privatebank IHAG has extended its installation by using GAIN Ambit Apsys interface of AIM software which supports the daily update of static data. This new interface enables the bank to increase the degree of automation.

The extension was taken as a response of growing need of automatic update of static data. The new full fledges GAIN Ambit Apsys interface would help to feed daily updates of static data into banking system without manual interaction. The new interface was made live in January 2010.

Bank of Italy assigns EUR 23 million contract to SIA-SSB
15th Mar 10 - 21st Mar 10

The Bank of Italy has assigned a 5 years, EUR 23 million (USD 31.64 million converted on 03/12/10) contract to SIA-SSB for managing its interbank computerized archive of bad cheques and payment card. The archive contains personal details of subjects who have drawn cheques without authorization of funds and are no longer allowed to use cards because of non-payment.

SIA-SSB would be responsible for managing the entire IT systems at Centrale di Allarme Interbancaria (CAI), headquarters of the bank. It would also manage the interconnection with remote sites located at notifying bodies and provide link to network infrastructure participating in sitrad, the system for electronic data transmission and disaster recovery procedure.

India's Punjab and Sind bank signed a $21 million ten years IT integration project with Wipro
8th Mar 10 - 14th Mar 10

Wipro has signed a USD 21 million deal with Punjab and Sind Bank (PSB) under which it will be responsible for integration, provisioning and management of the core banking platform and enterprise application of the PSB branches across the country. Wipro would also provide solutions for commissioning and management of banks data center, disaster recovery center, services and support operations.

The bank is on the process of leveraging the technological advantage to achieve business transformation. Further the bank will re-engineer their IT processes and applications to provide superior quality service and products for better customer satisfaction.

Luzerner Kantonalbank goes live with GFI's FENICS Professional
1st Mar 10 - 7th Mar 10

Luzerner Kantonalbank has implemented GFI Group's FENICS Professional, which enables it to have access to FENICS Structuring and FENICS Enterprise. This system will be used for FX options price discovery, portfolio management and straight through processing of the back office system to manage enterprise-wide risk.

This system is a powerful and reliable tool that supports the bank in portfolio management. This deal will help the bank in the development of its expanding FX option business into the future.

Bank of America Merrill Lynch selects IdenTrust's eBam technology
22nd Feb 10 - 28th Feb 10

Bank of America Merrill Lynch has selected IdenTrust's electronic bank account management (eBam) technology for its corporate customers. With this system, the bank clients will be able to open and close accounts, as well as modify mandates, online, improving efficiency and cutting costs.

The bank may also join the IdenTrust Trust Network, which will allow it to issue interoperable digital identities that can be used worldwide. This system will ensure a simplified and transparent workflow and allow customers to make changes in their accounts in an accelerated manner.

Nordea Bank extends its deal with SunGard for capital markets solutions
15th Feb 10 - 21st Feb 10

Nordea Bank has extended its deal with SunGard to use capital markets solutions for risk, trading and securities finance. This deal will help the bank in reducing market and operational risk, building up new product lines, streamlining business activities, and capitalizing on business opportunities.

Under the deal, Nordea's securities finance solution will migrate to SunGard's Apex, a consolidated securities finance solution, to support the bank's repo trading operations as well as equity and fixed income securities lending. The bank will be able to consolidate their trading and risk management systems and achieve an effective technology infrastructure.

HSBC taps 3i Infotech for its cash management and payments division
8th Feb 10 - 14th Feb 10

HSBC Bank Plc has signed a deal with 3i Infotech to implement its Reporting to Clients for its cash management and payments division. HSBC's third-party fund management system, Client Money manager (CMM) will be used in combination with Reporting to Clients.

This solution will help the bank to create reports in a streamlined and consistent fashion, thereby reducing lead times, enhancing the reporting process and improving customer satisfaction. HSBC's CMM improves the production and presentation of its statements and other reports.

Mizuho Bank of Japan goes live with GFI's FX system
18th Jan 10 - 24th Jan 10

Mizuho Bank of Japan has implemented GFI Group's FX system, Fenics Professional. It is a pricing tool for FX options market with functionality for pricing, structured pricing functionality, market data and calculation of non-linear risks.

It's strength is leveraged to support dealers' portfolio management. New functionalities have been added in this product including sales term sheets, tools to distribute retail structures directly to sales and branch networks, and ability to spread prices by counterparty.

EMCF to act as central counterparty clearing provider to The Order Machine
11th Jan 10 - 17th Jan 10

The Order Machine (TOM) has selected European Multilateral Clearing Facility (EMCF) as a Central Counterparty Clearing (CCP) provider for its alternative trading platform. EMCF will provide support to the multiple market participants' activities on the TOM platform.

This deal has come after TOM's application for license from the Dutch Financial Markets Authority (AFM) to launch services as an MTF. After the MTF permit grant, banks and/or liquidity providers can also join the TOM platform.

Aditya Birla Financial Services Group selects Teradata's product
4th Jan 10 - 10th Jan 10

Aditya Birla Financial Services Group has tapped Teradata for its Data Warehouse Appliance to support business intelligence and customer relationship management initiative. This product will enable the group to gather insights for all marketing, sales, and customer service-related business units within the group.

Teradata's product gives a comprehensive understanding of the customers across the financial services businesses. This will help the client to provide relevant, timely and better service to its customer base.

Bonaire Software Solutions to support Standard Life Investments for its operational processes
14th Dec 09 - 20th Dec 09

Standard Life Investments, in order to improve its process and procedures, has selected Bonarie's REVPORTTM software. This software would not only reduce the operational cost for the company, but also enhance the revenue modeling, forecasting and analysis for future and current scenarios.

Moreover, software can also centralize the revenue data which can proportionally improve management information and assist in decision taking. It will automate the calculation of fees for the client billing and invoicing process.    

Atrium Network provides connectivity services to Fortis Bank Global Clearing
7th Dec 09 - 13th Dec 09

Fortis Bank Global Clearing has selected "Exchange Ring" from Atrium Network for low latency connectivity to multiple MTFs, including both CHI –X and Nasdaq OMX. This will help the client to handle the pressure to minimize risk and capitalize on trading opportunities presented by the new MTFs.

Because of frequent fluctuations in market and increasing uncertainities in economies; Fortis Bank Global Clearing has taken support of Exchange Ring to achieve competitive advantage. Also by using Exchange Ring, Fortis Bank will be able to reduce risk and achieve lowest possible latency.    

Zurich Financial signs IT services deal with CSC
30th Nov 09 - 6th Dec 09

Zurich Financial Services Group has signed a ten-and-a-half year IT services deal with CSC valuing USD 2.9 billion. According to the deal, the vendor will provide data center and information technology infrastructure managed services to the group.

The vendor's services will convert the existing data center environment of Zurich into a fully modernized, flexible and highly virtualized operation. The master service agreement includes the services of global data center centralization and server virtualization.   

State Bank of Bussey selects Fiserv Precision platform
16th Nov 09 - 22nd Nov 09

State Bank of Bussey has chosen the Precision bank platform from Fiserv to provide an enterprise-wide technology solution. The bank will also use other solutions of Fiserv such as COLD Storage, Letter Writer for Precision, Accounts Payable to rationalize the bank's operations, add value and improve customer service.

The tight amalgamation and usability provided by Fiserv solutions is proving precious to State Bank of Bussey. Fiserv's solutions will help the bank with compliance, technology, support, and other future requirements.   

Cardtronics selects Fiserv's eiManager for ATM network
9th Nov 09 - 15th Nov 09

Cardtronics has tapped Fiserv for its solution eiManager to enhance critical device management for its self service devices. eiManager is an event-driven problem management system useful for managing critical self-service device information. With eiManager, Cardtronics can increase device availability, reduce costs, control spend as well as gain enterprise-wide reporting capabilities.

Cardtronics will be able to manage the service function of their ATM network, from automated fault detection and service provider dispatch to tracking and escalation.  

AmInvestment Bank's funds management unit taps SunGard to address client requirements
2nd Nov 09 - 8th Nov 09

The Funds Management Division (FMD) of AmInvestment Bank Group has tapped SunGard's APT for providing support to its multi-asset risk modeling, fund risk analysis and fund services reporting activities. With this solution, it can address changing client requirements and meet increasingly demanding regulatory mandates.

While managing regulatory and client requirement, this solution helps FMD to view performance from the perspectives of risk adjusted returns and relevant risk. This solution also addresses the FMD's requirement for greater sophistication in areas of risk analysis, performance attribution and actual fund management.  

Schroder Investment Management deploys SimCorp Dimension in APAC region
26th Oct 09 - 1st Nov 09

Schroder Investment Management has deployed SimCorp Dimension for valuation and settlement functions across four countries within Asia-Pacific region. This system can process more than 20,000 transactions per month, covering over 800 portfolios in Japan, Singapore, Indonesia and Hong Kong.

This system was implemented with a motive to support business alterations with fewer disturbances. With this system, Schroder extended it capability in Singapore and in the next phase, it will move to Australia.  

IBM wins $157m Korea Investment & Securities outsourcing deal
19th Oct 09 - 25th Oct 09

IBM and Korea Investment and Securities have signed a 10-year information and technology outsourcing agreement, which is worth USD 157 million. Big Blue will design, build and install an IT infrastructure system for KIS.

IBM will aid KIS to operate the IT infrastructure, in addition to managing and maintaining it. This new infrastructure will support account and financing, channel management, external interface, and data analytics and call centers areas of KIS. 

HSBC U.K. implements Experian strategic management software
12th Oct 09 - 18th Oct 09

HSBC UK has implemented Experian's Strategy Management software to enhance its customer management services. Experian's solution will strengthen the bank's account processing for loans, cards and mortgages along with an improvement in customer services.

The software has the ability to analyze relevant data from varied sources and make appropriate lending decisions for its customers. After the acceptance of the applicant, it ensures customer management for risk and promotion as well as debt management activities such as collections and recovery. 

EBS selects Check Point's solution for securing its data
5th Oct 09 - 11th Oct 09

EBS Building Society has chosen Check Point's Check Point Media Encryption solution for securing its laptops, PCs and removable devices. This solution will help EBS to protect its confidential member data from theft, leakage or inadvertent loss.

EBS was facing problem of unauthorized copying of enterprise data to personal storage devices and removable media. This solution will help EBS to meet compliance objectives and run complete audits of usage of all devices. 

Zurich Financial Services signs 10-year IT services deal with CSC
28th Sept 09 - 4th Oct 09

Zurich Financial Services has entered into a ten-year, USD 2.4 billion IT services deal with CSC covering North America and Europe. The contract is a master service agreement, including incorporation of data center centralization and server virtualization programs.

The deal includes a six-month exclusive negotiation period and the vendor is expected to provide the full scope of services over the ten years.  

ING Direct UK renews outsourcing agreement with FIS
21st Sept 09 - 27th Sept 09

Fidelity National Information Services (FIS) has renewed its three-year outsourcing agreement with ING Direct UK. According to this deal, FIS will provide maintenance, support, and application development services for the FIS Profile core banking suite.

This will help the bank in reducing costs, flexibility in resourcing, as well as scale its capacity for new projects and migration of accounts. This will enhance the innovativeness in the products and services that the bank provides to its customers. 

Bank of the West selects SS&C Technologies' capital markets solution
14th Sept 09 - 20th Sept 09

Bank of the West has selected SS&C Technologies' full-service capital markets ASP solution called Lightning to support the expansion of its capital markets business. The platform will support the management of the bank's front, middle and back office operations, thereby simplifying transaction processing.

The platform will assist the bank in fixed income trading, sales and safekeeping services. This will help the bank in increasing their product suites, particularly in fixed income and funding. 

OTP Bank selects Norkom's AML technology
7th Sept 09 - 13th Sept 09

OTP Bank has selected Norkom's Anti-Money Laundering (AML) and Watch List Management (WLM) solutions, to help it comply with the 3rd EU Money Laundering Directive. During the first phase, the solution will be implemented in four banking operations, improving its efforts against financial crime and ensuring compliance with national and international regulations.

With this solution, time-costly false positives will reduce and the investigative resources that deliver greatest value will be targeted. As a result, the bank will be protected against financial and reputational risks related to money laundering and criminal activities. 

Mauritius Commercial Bank deploys Level Four's ATM testing technology
24th Aug 09 - 30th Aug 09

Mauritius Commercial Bank has implemented Level Four's ATM Developer automated testing solution for automation of its ATM testing process. This leads to speedy deployment of new ATM software and services and reduction of internal resource required.

ATM developer allows the bank to test new ATM functionalities/screens by simulation of scenarios. These tests can be performed anytime without the requirement of physical presence in the ATM labs. This software will bring business benefits to the bank by supporting their new products and services launch.

Standard Bank of South Africa selects Rockall Technologies' collateral management solution
17th Aug 09 - 23rd Aug 09

Standard Bank of South Africa (SBSA) has selected systematic tracking of collateral management solution (STOC) from Rockall Technologies, a provider of software solutions to the finance sector, for managing its collateral and loans. The software solution will be initially rolled out at the bank's corporate operations (CIB) in South Africa, followed by CIB International and subsequently in the rest of Africa. The solution will offer automation for evaluating, tracking and managing the bank's collateral. It will enable the bank to deliver efficient services to its customers and at the same time minimize the associated risks.

Raiffeisen International Bank selects Swissrisk FinTrace for investigation process automation
3rd Aug 09 - 9th Aug 09

Raiffeisen International Bank-Holding AG, a subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB) has selected Swissrisk Financial Systems to automate the investigation process for its financial transactions. Swissrisk's FinTRACE will be deployed at 15 network banks across Central and Eastern Europe with an aim to replace the manual investigation of financial transactions.

According to the General Manager of CRISP (Centralised Raiffeisen International Services & Payments SRL), the bank selected the solution because of its flexibility, functionality, and the capability to connect with SWIFT

Raiffeisenbank implements Misys' Midas Plus for its core banking needs
27th Jul 09 - 2nd Aug 09

Russia-based Raiffeisenbank has implemented Misys Midas Plus 1.4, a core banking solution from Misys, a global application software and services company. The solution is scalable and supports the wide-ranging business areas of the bank.

According to the COO of Raiffeisenbank, the bank was in an urgent need of a solution that would contribute towards its future growth. Misys Midas Plus 1.4 proved to be an ideal core banking solution for Raiffeisenbank.

Delhi Stock Exchange signs 10 year IT infrastructure agreement with IBM
20th Jul 09 - 26th Jul 09

Delhi Stock Exchange (DSE) has entered into a USD 2.26 million (converted on 07/17/09) 10 year IT agreement with IBM, to re-launch it stock trading in conformity with Securities and Exchange Board of India's (SEBI) business continuity guidelines. Under the agreement, IBM will offer services as building, remote hosting and managing the disaster recovery infrastructure. In addition, it will provide round the clock hardware and network monitoring from its center.

This move enables DSE to trim its capital expenditure and pay only for the actual usage. According to a senior official at DSE, IBM's opax model of managed services aligns well with the DSE's strategic purpose.

AG Insurance opts for Pricing Partners' Price-it online for independent valuation
13th Jul 09 - 19th Jul 09

AG Insurance (earlier known as Fortis Insurance Belgium) has selected Price-it® online, a software solution from Pricing Partners. It facilitates the insurance firm to independently valuate its equity, funds and interest rate structured products.

Additionally, it provides real time independent valuation for a wide range of derivative products. According to the Senior Financial Consultant of Finance & Structured products at AG Insurance, they selected the solution because of its accuracy, extensive coverage, and quality of support.

JP Morgan Chase and Bravura sign a five-year contract
5th Jul 09 - 12th Jul 09

US-based JP Morgan Chase Bank signed a five year contract for software license and managed services with Bravura Solutions. The bank will use Bravura's Rufus transfer agency platform to provide business propositions to the funds industry.

The project is expected to start in August 2009 and will continue until 2011. It will extend the existing relationship between both the parties and contribute significantly to FY2010 and FY2011 revenues.

HDFC Bank deploys RSA Identity Protection and Verification Suite
29th Jun 09 - 5th Jul 09

HDFC Bank has deployed RSA's solutions - RSA Adaptive Authentication, RSA FraudAction service and participation in the RSA eFraudNetwork to attain a comprehensive fraud prevention platform.

According to the Chief Information Security Officer of HDFC Bank, these solutions enable the bank to provide real time enriching customer experiences without compromising with their security, at a time when phishing, pharming and Trojan attacks are increasing.

IBM extends IT services agreement with ACE Group
22nd Jun 09 - 28th Jun 09

IBM has signed a USD 97 million IT services agreement with the ACE Group to support ACE's infrastructure and application management environments in North America. The services agreement begun on May 1, 2009 and extends till December 31, 2016.

As part of the agreement, IBM will provide disaster recovery, mainframe, mid-range server, network, and storage services. In addition, a portion of ACE's portfolio will receive mobile device support, help desk, application management, and workstation services. This will allow ACE to focus on their core business and clients, thereby reducing overall IT operation costs and improving productivity.

Citibank UAE chooses Etisalat's managed WAN service
15th Jun 09 - 21st Jun 09

Citibank has selected Etisalat's Managed WAN services for connectivity, routers and onsite support. Etisalat's WAN service will provide centralized internet access across the bank's head office, branches and financial centers in UAE.

An IPN-VPN solution replaces the bank's existing network on leased line, thereby enhancing network connectivity. This solution enables the bank to reduce the total cost of ownership and supports its extensive operations.

Central Bank of Egypt rolls out Swift connectivity solution from BankServ
8th Jun 09 - 14th Jun 09

The Central Bank of Egypt (CBE) has implemented BankServ Swift connectivity technology for its Real-Time Gross Settlement (RTGS) system. The solution enhances the electronic transfer and settlement of large-value funds in real-time rather than settling at the end of the day.

The bank will use BankServ's TurboSwift product to manage international payments throughout its network. The bank's connectivity to the SWIFT network improves security, enhances multi-bank communication, consolidates systems and reduces costs.

Raiffeisen Bank deploys GFI Fenics FX
1st Jun 09 - 7th Jun 09

Raiffeisen Bank Polska SA has implemented GFI Group's FENICS® FX, a pricing and risk management system. The platform's STP module for straight through processing provides trade details, rate and revaluation information between this platform and other systems.

The bank's sales team can design, price and distribute sophisticated structures easily because of the platform's structuring module. FENICS FX ensures accurate position valuations and removal of operational risk, thereby streamlining workflows.  

Nordea bank selects SunGard's Adaptiv Analytics
25th May 09 - 31st May 09

Nordea Bank has signed a deal with SunGard, wherein the bank will use Adaptiv Analytics as a calculation engine to perform under highly volatile conditions. The solution helps in measurement and management of counterparty credit exposure in capital market products.

The solution helps the bank take informed trading decisions, manage increased workload and accommodate the addition of new products.  

JP Morgan Asset Management implements FundNets
18th May 09 - 24th May 09

JP Morgan Asset Management UK has implemented FundWorks content management technology. FundNets will replace JP Morgan's existing solution and provide hosting and publishing mechanisms for UK asset management business' websites and micro sites.

FundNets is available as a hybrid/hosted managed service, which allows JP Morgan to manage their websites directly. They can also use FundWorks' support center, which creates a web presence for JP Morgan and its clients.  

Bank of Marin implements Metavante's RemitPoint solution
11th May 09 - 17th May 09

Bank of Marin Bancorp has adopted Metavante's RemitPoint solution, which allows the banks to leverage image-based remittance processing service. The solution helps in advanced wholesale and retail receivables management, while outsourcing back-end operations and transaction processing.

In addition, RemitPoint solution provides web output services, keying and image transmission, thus reducing operating costs, improving efficiency and increasing revenues. Besides this, the bank uses Metavante's services such as ATM support, core processing, risk and compliance, electronic payments, and wealth management.   

Aviva opts for Lombardi’s BPM suite
4th May 09 - 10th May 09

Aviva Plc has signed an agreement with Lombardi, which entails the vendor to provide software solutions to facilitate business process management. Under the agreement, Aviva will use Lombardi Blueprint™ and Lombardi Teamworks to improve business processes in Europe, Asia-Pacific and North America.

Lombardi Blueprint is a software tool used for software-as-a-service (SaaS) process documentation and collaboration. Lombardi Teamworks will allow the insurance firm to design, execute and enhance business processes across its operations.   

Swedbank signs extension deal with SunGard
27th Apr 09 - 3rd May 09

Swedbank has selected SunGard's cross-asset trading solution for smart order routing. The bank currently uses SunGard's Front Arena for trading and execution capabilities.

Smart order routing engine will help the Swedbank in providing best execution for customers and managing client operations. It helps in accessing liquidity across multiple markets and dark pools. In addition, the smart order routing functionality provides transparency in trading across different markets and enables effective execution of orders, thus reducing operational risk.   

National Bank Financial Group signs USD 372 million seven-year extension deal with IBM
20th Apr 09 - 26th Apr 09

Canada's National Bank Financial Group has signed a seven-year extension deal with IBM, which entails the vendor to manage the bank's IT processes. The extension deal worth CAD 450 million (USD 372 million converted on 04/17/09) follows a contract signed in 2001.

Under the agreement, IBM will provide planning support, operation and maintenance of the company's information system and applications. Accounting or information related operations need mainframe usage for which IBM will provide central processing unit and software resources.   

Mitsui Sumitomo Insurance signs IT deal with IBM Japan
13th Apr 09 - 19th Apr 09

Mitsui Sumitomo Insurance has signed an IT deal with IBM Japan, which entails the vendor to manage the operation and maintenance of IBM mainframe systems. The financial terms and conditions of the five-year extension contract remained undisclosed.

IBM will provide support in operating and managing data processing activities and improving process automation and system efficiency. Additionally, IBM will improve the quality of IT systems and provide latest technologies.   

Commonwealth Bank of Australia deploys Progress Apama software
6th Apr 09 - 12th Apr 09

Commonwealth Bank of Australia (CBA) has deployed Progress Apama software from Progress Software Corporation to achieve efficiency in equities execution and trading division. This software has integrated well with CBA's internal systems and the Australian Stock Exchange (ASX).

With this software, CBA traders can apply unique and proprietary algorithms according to their needs to automate select transactions. The software allows the bank to expand coverage and enhances order processing efficiency. Additionally, the software is highly flexible and possesses sophisticated functionality.  

Standard Chartered Bank of China deploys AML solutions from Norkom Technologies
30th Mar 09 - 5th Apr 09

Norkom Technologies will implement its Anti-Money Laundering (AML) solution at Standard Chartered (China) Limited, to help the bank's businesses comply with Chinese and international regulations. Complying with all local regulations will enhance its monitoring capabilities and help them in achieving a secure and stable financial market environment.

Norkom Technologies has established a transaction monitoring unit, increased dedicated professionals, revised due diligence procedures, implemented customer database periodic matching technology, etc. With these solutions, the bank will be able to monitor and scrutinize accounts and transactions. It can also identify whether there is an involvement of a suspicious "high risk" individual, organization, or country in these transactions. 

Waterfield Bank to deploy Metavante's integrated banking technology
23rd Mar 09 - 29th Mar 09

Waterfield Bank has signed an agreement with Metavante Corporation to provide Integrated Banking Services (IBS) core banking technology and other services. The deal will allow the bank to quicken the loan production process and provide value to its customers.

The platform will enable the bank to implement solutions for ATM support, card processing, customer relationship management, electronic banking, electronic payments, electronic fund transfer, imaging services and participate in the New York Cash Exchange (NYCE) network. Furthermore, Metavante's Brokered Funds Accounting (BFA) solution, implemented on this platform, will help in the supervision of reservable and investable funds. Waterfield Mortgage, a Waterfield Bank subsidiary, will use Metavante's web-based mortgage Loan Origination Studio (LOS) and internet direct solutions to restructure its entire loan origination platform. 

SunGard's asset management and trust accounting solution deployed at PrivateWealth Group
16th Mar 09 - 22nd Mar 09

PrivateWealth Group, a part of The PrivateBank, has implemented SunGard's AddVantage asset management and trust accounting solution. The financial institution has adopted the solution within two banking operations. The solutions integrated custody interface provides a new custodian to the group.

This software solution enhances the bank's client reporting, management reporting and investment management and assessment functionality. It enables the bank to enjoy the benefits of cost efficiency and rationalized processes. Additionally, the bank benefits from an efficient straight-through processing environment through integration with SunGard Transaction Network (STN) trading connectivity services. 

ECB slashes interest rates to an historic low of 1.5 percent
9th Mar 09 - 15th Mar 09

The European Central Bank (ECB) has slashed interest rates by half a point to 1.5 percent. The decline in interest rates follows a collapse in industrial production over the last five months.  
Read More...

U.S. government promises USD 30 billion additional aid to AIG
2nd Mar 09 - 8th Mar 09

The U.S. government committed another round of fresh capital worth USD 30 billion to the American International Group Inc (AIG) on 1st March 2009. According to undisclosed sources, the package is more flexible in terms of government investment in its preferred shares. Moreover, the interest rate on the government credit line is lower as well.  
Read More...

Obama announces USD 275 billion plan to tackle housing crisis
23rd Feb 09 - 1st Mar 09

US president Barack Obama unveiled a USD 275 billion plan to help the families facing financial disaster rebuild their homes. The aid will enable homeowners to refinance their mortgages and ward off foreclosures. The reduced foreclosure rate will raise the housing prices, preventing further damage from the credit crisis. 
Read More...

Barack Obama signs USD 787 billion stimulus package into law
16th Feb 09 - 22nd Feb 09

BUS President Barack Obama has signed one of the largest economic rescue programs, a USD 787 billion stimulus package into law on February 17th, 2009. The new plan focuses greater investment on healthcare, infrastructure, energy, education and job creation as a step towards economic recovery.
Read More...

World Bank plans to inject more cash in developing nations' banks
9th Feb 09 - 15th Feb 09

International Finance Corp (IFC), the World Bank's private-sector division, plans to inject funds into the banks of developing countries to introduce liquidity amid global economic crisis. The bank recapitalization fund is projected to increase to USD 5 billion from USD 2 billion in 2008.
Read More...

Financial crisis hits the global conquest plans of European banks
2nd Feb 09 - 8th Feb 09

Few years ago, European Banks were all prepared to compete with American giants through economies of scale by venturing into global markets. However, the economic downturn has prioritized retrenchment and concentration on basic business in home markets, limiting cross-border expansion for European Banks.
Read More...

BNP Paribas signs USD 410 million IT extension deal with IBM
26th Jan 09 - 1st Feb 09

IBM has signed a six year EUR 318 million (approximately USD 410 million converted on 01/22/09) agreement with Banca Nazionale del Lavoro (BNL), a subsidiary of BNP Paribas in Italy, to provide IT services. IBM will deliver services through BNP Paribas Partners for Innovation (BP2I), a joint venture between IBM and BNP Paribas.
Read More...

SunTrust Bank to adopt NorthStar compliance technology
19th Jan 09 - 25th Jan 09

SunTrust Bank will implement NorthStar Systems' compliance technology for effective management of investment policy compliance risk. This technology will be useful for wealth managers to scrutinize the financial needs and preferences of their clients.

Norkom Technologies to provide AML software to Banco Santander
12th Jan 09 - 18th Jan 09

Banco Santander's Anti-money laundering (AML) units will adopt Norkom Technologies' AML solution to mitigate fraudulent activities. Initially, the bank's operations in Spain will deploy the software solution followed by more implementations in Europe and Latin America.

Under the agreement, the bank will also implement watch list management software across the company's operations. The application will allow the bank to analyze customer accounts and track, manage and report any suspicious activity.

According to Norkom, the solution will support compliance with various national and international regulations including the 3rd EU Money Laundering Directive. The solution will warn the bank automatically if an individual attempts to commit fraud by tallying the individual or entity with the watch list issued by regulators. With this deal, Norkom has added the largest bank of Europe among its strong client base, which includes six of the ten leading banks across the globe.

The General Manager of Norkom Europe, commented, "We are delighted to welcome Banco Santander into our expanding family of tier one clients. This is a significant deal for Norkom not only because it marks our strategic entry into Spain but also because it enables us to count six of the world’s top ten banks as clients".

Kotak Mahindra Bank awards a USD 5 million IT Infrastructure Services contract to IBM
5th Jan 09 - 11th Jan 09

IBM has signed USD 5 million deal with Kotak Mahindra Bank Limited to provide IT services which involves building of green data center and converged IP network infrastructure for the bank. The move will result in cost savings worth more than USD 1.2 milllion for the bank in the next five years.

The shared services technology will enable the bank to implement environmentally friendly processes and optimized IT services. The deal will allow the bank to consolidate its position as one of the topmost Indian banking and financial services provider. 

IBM bags USD 295.8 million deal from Friends Provident
15th Dec 08 - 21st Dec 08

Friends Provident has awarded a 10 year USD 295.8 million deal to IBM, which entails the vendor to deliver IT infrastructure services. The contract enables Friends Provident to achieve annual cost savings worth USD 8.8 million.

IBM will assist Friends Provident in lowering costs by improving standardization, deploying various resources, utilizing shared infrastructure and offshore expertise. Additionally, the contract involves complete technology infrastructure including software, hardware and services.  

Focus Solutions Group bags USD 1.1 million extension contract with HSBC bank
8th Dec 08 - 14th Dec 08

Focus Solutions Group plc has signed a USD 1.1 million extension deal with HSBC that entails the vendor to continue providing consultancy services to support the bank's wealth management strategy. The bank announced an agreement worth GBP 4.9 million (USD 7.2 million converted on 12/05/08) with Focus Solutions Group on 24 September 2008.

Focus Solutions Group is currently involved in the development and deployment of the Phase One of this system that supports the bank's distribution channels for life, pensions and investment products. The software implementation is expected to complete by the end of 2008.  

IMC bags USD 2.5 million deal from BankWest
1st Dec 08 - 7th Dec 08

BankWest has signed a two-year USD 2.5 million agreement with IMC, a local IT firm, to provide network-monitoring services for over 1500 devices. Under the agreement, the bank will outsource monitoring of routers, switches, WAN accelerators, firewalls and content switches.

IMC's Sydney data centre will manage network monitoring on virtualized servers. A senior official at BankWest stated that they outsourced network monitoring because they wanted to leverage the resources and expertise of an external organization during a time of business growth and infrastructure changes.  

USAA outsources print and mail communications to Bowne and Co.
17th Nov 08 - 23rd Nov 08

Bowne and Co. has signed a five year USD 60 million agreement with USAA to provide print and mail communications services to its 6.7 million members. USAA is a financial services organization that serves the U.S. military.

The Chief Executive Officer of Bowne and Co. stated that they will capture more such deals as organizations aim to lower operational costs and focus on core processes. Additionally, he expects their compliance service offerings to grow as financial instruments increasingly become subject to regulations.  

Sumitomo Mitsui Banking Corporation selects Centrix Software's application publishing technology
10th Nov 08 - 16th Nov 08

Sumitomo Mitsui Banking Corporation (SMBC) has selected Centrix Software to provide application publishing technology to support its European and Americas divisions. The bank will be able to offer its users an access to all applications and services using a standard browser.

According to Centrix Software, its WorkSpace 3.0 application aggregation and publishing platform will provide a single access to applications, services, and content for the bank's corporate IT users. In addition, the software solution will allow the bank to improve the usage of its existing virtualized computing infrastructure and develop a digital workplace for corporate users. 

Barclay chooses Secure Messaging Services from Kana Software
3rd Nov 08 - 9th Nov 08

Barclyas has decided to implement Kana Software's Secure Messaging Services to promote its personalized services and marketing campaigns. The solution ensures secure environment and communication through online channels.

Kana solutions package also includes e-mail management, secure web portals and private communications without encryption applications. It provides full visibility of customer communications to front desk officers. This safe and secure customer communication ensures increasing online sales and customer satisfaction. 

The Bank of New York Mellon provides support services for the USD 700 billion bailout plan
20th Oct 08 - 26th Oct 08

The U.S. Department of the Treasury has chosen the Bank of New York Mellon to deliver services to support its Troubled Asset Relief Program introduced under the USD 700 billion bailout plan.

Under the agreement, the Bank of New York Mellon will provide portfolio accounting, pricing and asset valuation, and other services. Additionally, vendor will act as an auction manager and host reverse auctions for the troubled assets 

Co-operators General Insurance Company extends IT outsourcing deal with CGI Group
13th Oct 08 - 19th Oct 08

Co-operators General Insurance Company has expanded its contract with CGI Group, a provider of IT services. The extension agreement has a deal value of USD 110 million and duration of seven years.

Both companies share successful relationship since 1997. Under the agreement, CGI Group will deliver data center services including help desk support and application hosting services for the insurance group's software applications. 

Focus Solutions Group bags USD 9 million deal from HSBC Bank
29th Sept 08 - 5th Oct 08

Focus Solutions Group plc has won a contract worth GBP 4.9 million (USD 9 million converted on 09/25/08) from HSBC Bank plc. The contract entails the vendor to develop and supply the second major phase of a multi-channel point of sale system to aid the bank's wealth management strategy.

HSBC awarded the deal to Focus Solutions after it successfully completed a significant consultancy project earlier in 2008. A senior official at Focus Solutions stated that the agreement will underpin their market expectations and offer a strong endorsement for their marketing and sales to the bancassurance sector. 

Broadridge Financial Solutions wins three year outsourcing deal from Neuberger Berman
22nd Sept 08 - 28th Sept 08

Neuberger Berman, LLC has signed a three-year deal with Broadridge Financial Solutions, Inc. to deliver clearing services. The financial terms and conditions of the transaction remained undisclosed.

The asset management firm will start using Broadridge's Ridge Clearing services from the later part of September 2008. According to Broadridge, Neuberger Berman's business fits the low risk processing model of its Ridge Clearing business.

Troux Technologies bags USD 2.5 million deal from a North American insurance firm
15th Sept 08 - 21st Sept 08

Troux Technologies has inked a USD 2.5 million contract with a leading U.S. based insurance firm to provide IT planning and control solutions. The software applications will help the insurance company improve business agility and time to market.

According to Troux, the solution will allow the insurance firm to design a common framework for road mapping by upgrading its IT infrastructure.
 

Banco do Brasil awards USD 90.9 million deal to Software AG
8th Sept 08 - 14th Sept 08

Software AG has won a USD 90.9 million deal from Banco do Brasil to provide licensing and maintenance services. The deal signed with Banco do Brasil, the largest bank in Brazil, has duration of four and half years.

Software AG group anticipates 2008 global revenue growth in the range of 24 percent to 27 percent at constant currency rates despite slowdown in the global economy. 
 

IBM India secures USD 450 million contract from Max New York Life
1st Sept 08 - 7th Sept 08

IBM India has inked a 10-year USD 450 million contract with Max New York Life (MNYL) to provide end-to-end infrastructure services. MNYL, a private insurance firm, is a joint venture between New York Life and Max India Limited.

MNYL expects to broaden its reach and expand to semi urban and rural areas by signing this agreement. IBM claims to introduce technology process that will allow MNYL to offer life insurance policies with minimum documentation requirements.  

Datacom bags four year agreement from Insurance Australia Group
25th Aug 08 - 31st Aug 08

Datacom has inked a four-year deal with Insurance Australia Group (IAG) to deliver IT systems and network infrastructure management services. The financial terms and conditions of the contract remained undisclosed.

Under the agreement, the main servers of IAG will be migrated to Datacom's datacenter that will open in April 2009. Insurance Australia Group signed a five-year USD 50 million IT agreement with Gen-I in 2003 that has been replaced by the current agreement. 

LV= outsources data management to Target Group
18th Aug 08 - 24th Aug 08

LV=, an investment and insurance group, has signed a three year deal with Target Group which entails the vendor to manage LV='s information systems. Under the agreement, Target Group will manage LV='s processing, account management, arrears management, and securitization infrastructure.

The agreement builds on both companies' relationship since 1990. A senior official at LV= stated that Target offers them "focused delivery proposition" which demonstrates Tower Group's understanding of their business environment.  

Sun Life Financial of Canada (U.K.) outsources investment administration services to State Street Corporation
11th Aug 08 - 17th Aug 08

Sun Life Financial of Canada (U.K.) has selected State Street Corporation to deliver investment administration services for assets worth USD 15 billion. The financial terms and conditions of the agreement were not disclosed.

The vendor will provide services including fund accounting and unit pricing, regulatory reporting, global custody, compliance monitoring, performance measurement, derivatives pricing and processing and collateral management services. The CEO of Sun Life Financial of Canada (UK) stated that they chose State Street's solution as they offer wide range of services designed for the insurance market.    

Absa Bank outsources network management to Telkom
04th Aug 08 - 10th Aug 08

Absa Bank has signed a five year USD 236.5 million agreement with Telekom which entails the vendor to provide and manage a wide area network. The network will connect 2548 sites across South Africa.

According to Telekom, the virtual private network will enable the bank to exchange data between branches, ATMs and IT data centers. A senior official at Absa Bank stated that the network will allow them to expand branches, add real time connectivity and offer redundancy if disaster occurs.   

EON Bank Group chooses SAS Malaysia's banking intelligence applications
28th Jul 08 - 03rd Aug 08

EON Bank Group (EON) has selected SAS Malaysia to provide banking intelligence solutions for improving its business. The banking group will be investing about RM 25 million (USD 7.7 million converted on 07/28/08) over a period of five years under its recently launched initiative "Project Quantum Leap".

The banking intelligence solutions will allow EON to make its data more structured, controlled and consistent. Additionally, the financial firm will be able to enhance customer relationship management, business performance management, risk management, compliance and systems performance.   

Zuger Kantonalbank extends IT outsourcing contract with CSC
21st Jul 08 - 27th Jul 08

Zuger Kantonalbank has renewed its IT outsourcing deal with CSC under which the vendor will continue to provide SAP-based applications services which includes development, maintenance and support. The seven year deal worth USD 33 million is an extension of an eight year agreement inked in 2002.

Under the agreement, the vendor will continue to deliver ongoing services, manage the bank's SAP banking platform and provide new functionalities. A senior official at Zuger Kantonalbank remarked that CSC's assistance will allow them to continue reducing operational costs and enhance customer service.  

IBM bags USD 60 million deal from Thanachart Bank
14th Jul 08 - 20th Jul 08

IBM has signed a seven year USD 60 million agreement with Thanachart Bank Public Company Limited (TBANK) to deliver IT services. IBM will provide services such as data center, disaster recovery, server and network management and IT security services.

Under the agreement, the vendor will deliver services to Thanachart Group subsidiaries which include Thanachart Securities Public Co. Ltd., Thanachart Fund Management Co. Ltd., Thanachart Life Assurance Co. Ltd. and Thanachart Insurance Co. Ltd.  

EDB delivers IT solutions and services to nine Norwegian banks
7th Jul 08 - 13th Jul 08

Nine Savings banks in the Norwegian region have chosen EDB to deliver IT solutions and operating services for their banking processes. The NOK 170 million (USD 33.5 million converted on 07/04/08) extension agreement will now last till 2014.

As a result of this agreement, EDB has consolidated its position and competitiveness in the Norwegian financial community. The nine banks involved in the contract are Haugesund Sparebank, eEtne Sparebank, Flekkefjord Sparebank, Lillesands Sparebank, Luster Sparebank, Sauda Sparebank, Skudenes & Aakra Sparebank, Søgne og Greipstad Sparebank, and Tingvoll Sparebank. 

Capita Group bags USD 370 million contract from Marsh
30th June 08 - 6th Jul 08

Capita Group Plc has won a 10 year USD 370.2 million contract from Marsh Ltd, an insurance broker and risk advisor. The agreement entails the vendor to deliver support and processing services for Marsh's broking operations.

The vendor will offer a complete transformation program to deliver improved services to Marsha and its clients and bring down operational costs. Under the contract, approximately 600 Marsh's will migrate to Capita.

ANZ and BMO to Extend Use of CGI's Proponix® Trade Finance, Signs US$80 Million, 7 Year Contracts with CGI
23rd June 08 - 29th June 08

CGI Group Inc. has inked seven year USD 80 million deals with Australia and New Zealand Banking Group Limited (ANZ) and BMO Financial Group. Under the agreement, the financial services firms will continue using CGI's Proponix global trade platform

ANZ and BMO have used the software solution for their trading business since the last five years. A senior official at BMO Financial Group stated that their alliance with CGI helps them to provide advanced financial supply chain capabilities to their clients.hames River Capital has awarded a contract to Northern Trust to provide a new daily risk monitoring service. It will provide services like performance and risk analytics alongside

Thames River Capital selects Northern Trust for risk and portfolio management
9th June 08 - 15th June 08

Thames River Capital has awarded a contract to Northern Trust to provide a new daily risk monitoring service. It will provide services like performance and risk analytics alongside custody and fund administration for assets worth around USD 13 billion. It will help Thames' clients identify the possible risk avenues in their portfolios and the degree of impact changes in external factors may have on inherent risk in their portfolios.

As Jeremy Charles, COO of Thames River Capital, has commented, that Northern Trust was an idea choice as a potential solution provider as they had all their fund data in its accounting and custody systems. It helps solve the problem of data management across applications.

Xploite's Anix wins 5 year contract worth USD 7.3 million from a European bank to provide infrastructure management
2nd June 08 - 8th June 08

Xploite Plc has been selected by a leading European Bank to provide infrastructure & network management services. The deal is believed to be worth USD 7.3 million (calculated as per rates on June 04'08) and for a duration for 5 years.

Xploite will deliver the project using Sun and IBM technologies. Xploite will be providing services like storage area network, data recovery management, systems management, and a virtualized test environment.

WestLB Mellon Asset Management chooses BNY Mellon Asset Servicing for its fund services  
26th May 08 - 1st June 08

WestLB Mellon Asset Management (WMAM) has selected BNY Mellon Asset Servicing to deliver Luxemberg fund services. The appointment has been made to provide range of these services to its Longitude SICAV. The services will include fund accounting, trustee, custody, transfer agency, paying agency, domiciliation, listing, and share class hedging services.
 
 Jaime Gil-Delgado, chairman - WestLB Mellon Longitude Fund, commented that they appointed BNY Mellon because of it has a strong global network as well as local capabilities in Luxemberg. He also stated that the company understands their business model and their integrated solutions need.

Cable&Wireless inks USD 584 million deal with Aviva  
19th May 08 - 25th May 08

Cable&Wireless Europe, Asia & US (EAU) has announced that it has inked a new six year USD 584.2 million deal with Aviva, the fifth largest insurance group in the world. Cable&Wireless will deliver a complete communications suite which includes 72 separate services involving voice telephony, data, local and wide area networks (IP-VPN and MPLS).

Under the agreement, the vendor will deliver services to Aviva's 35,000 employees located in U.K. and India. The contract is an extension of their successful 12 year relationship.

CGI Group bags 10 year USD 115 million deal from Magnolia Insurance Agency  
12th May 08 - 18th May 08

CGI Group has signed a 10 year USD 115 million agreement with Magnolia Insurance Agency to deliver back office services. The service offerings will include policy administration, billing and accounting, claims administration, statistical reporting, and statutory accounting.

Magnolia Insurance Agency provides insurance services in areas such as auto insurance, home insurance, business insurance, and life insurance. The CEO at Magnolia Insurance Agency stated that they will team up with the vendor to leverage its technology to reduce costs and enhance communications with their agents and policy holders.

Computer Sciences Corp. bags USD 399 million deal from Zurich Financial Services
05th May 08 - 11th May 08

Computer Sciences Corp. (CSC) has announced that it has inked a six year USD 399 million contract with Zurich Financial Services Group to deliver IT services. The agreement also includes an option for two year extension.

The contract entails the vendor to deliver electronic workplace desktop services to Zurich's operations in the U.S., Canada, the U.K., Switzerland, Germany, Italy and Spain. Both companies began their relationship in 2004 when Zurich awarded a seven year global IT applications deal to CSC. 

Commonwealth Bank of Australia signs SAP for core banking technology
28th April 08 - 04th May 08

Commonwealth Bank of Australia (CBA) is shifting its core banking processes to the SAP for Banking solution in a four year deal worth AUD 580 million (USD 543.2 million converted on 04/29/08). Accenture will supervise the deployment of SAP for Banking and the replacement of legacy systems operational since more than 45 years.

According to CBA, the agreement will provide a better customer service platform and facilitate IT systems, infrastructure and business services. Additionally, the project will help the bank gain operational benefits and cost savings.

JPMorgan plans USD 30 million banking technology investment
21st April 08 - 27th April 08

JP Morgan has announced that it will invest USD 30 million to deploy a centralized operating platform from Temenos for the growth of the bank's global treasury management and liquidity services businesses. The software solution will provide uniformity for the bank's products and enable it to deliver services consistently.
 
Additionally, JP Morgan will be able to leverage the vendor's robust infrastructure to offer improved data and real-time reporting to its clients. Apart from this commitment, JP Morgan will also make added technology investments for international growth.

IBC Bank licenses Harland Financial Solutions' performance management solution
14th April 08 - 20th April 08

IBC Bank has chosen Harland Financial Solutions' Performance Manager to facilitate teller scheduling, branch cash management and measurement of teller performance. The bank will be able to enhance efficiency and improve customer experience using the solution.

IBC Bank is located in Texas and manages assets worth USD 11.2 billion. The Executive Vice President at IBC Bank stated that after their rigorous evaluation process they selected Performance Manager as it was the most seamless solution. 

AMP Capital Investors selects Eagle data management system
07th April 08 - 13th April 08

AMP Capital Investors has Aus Dollars 111 billion as AuM. It has implemented Eagle's data management solution. As per AMP Capital Investors, the deployment will help its data integrity process and provide clean and consistent information for better investment decisions.
 

Eagle also helped in the project to transition current data of AMP Capital Investors to the new platform.
 

Prudential Financial awards e-signature deal to Tata Consultancy Services
31st March 08 - 06th April 08

Prudential Financial (PFI) has chosen Tata Consultancy Services' (TCS) FormSignerTM PRO as its electronic signature platform. Prudential Financial is a leading financial services provider in the U.S. The financial terms and conditions of the agreement were not disclosed.

A senior official at TCS stated that e-signing that does not need hardware such as signature pads is gaining significance. Electronic signing results in cost savings and provides convenience to the users.
 

BNY Mellon Asset Servicing wins Back Office Outsourcing deal from NorthPointe Capital 
24th March 08 - 30th March 08

BNY Mellon Asset Servicing has signed an agreement with NorthPointe Capital to deliver back office services. BNY Mellon will deliver services such as account administration, transaction processing, account reconciliation, performance measurement, client reporting and client billing.

The Director of operations at NorthPointe Capital stated that they chose the vendor because of its reputation as a back office outsourcing services provider. The outsourcing relationship will help them enhance their data quality and client services.
 

Integra Bank awards five year USD 3.2 million network services deal to AT&T 
17th March 08 - 23rd March 08

Integra Bank has signed a five year USD 3.2 million outsourcing agreement with AT&T which entails the vendor to offer network services. AT&T will combine as well as upgrade Integra's existing Frame Relay services to a Virtual Private Network (VPN) solution.

 Integra Bank is one of the topmost providers of financial services across Indiana, Kentucky, Illinois and Ohio. The Senior Vice President of Integra Bank stated that AT&T possessed the right skills and global scale to complete the complex up gradation project. The enhanced network services will make daily activities for the bank's employees and customers faster and more efficient.
 

Oriental Group adopts Metavante's core banking applications 
10th March 08 - 16th March 08

Oriental Group, a part of Oriental Financial Group, has extended the use of Metavante's offering by adopting its outsourced core banking solution. Oriental Financial Group is a financial holding company that manages assets worth more than USD 6 billion.

Oriental Group has signed a multiple services contract with the vendor under which it is deploying the vendor's banking and payments applications using Metavante's Integrated Banking Services (IBS). In addition, IBS includes customer relationship management and check imaging services.
 

T-Systems wins USD 236.1 million contract form Old Mutual Group 
03rd March 08 - 09th March 08

Old Mutual Group has awarded a five year USD 236.1 million outsourcing agreement to T-Systems to deliver IT services to its subsidiaries Old Mutual and Mutual & Federal Insurance Company. The vendor will provide 70 percent of its IT services to Old Mutual and rest of it to Mutual & Federal Insurance firm.

Old Mutual Group will roll out procurement and IT Infrastructure maintenance services from T-Systems. Additionally, the vendor will provide data center management, disaster recovery, service desk, and management tools.

Xenos Group bags USD 1.3 million deal from a U.K. insurance firm 
25th Feb 08 - 02nd March 08

Xenos Group has signed a deal worth over GBP 650,000 (USD 1.3 million converted on 02/21/08) with an insurance firm based in the U.K. to provide its Integrated Document Solution (IDS). The application includes Xenos terminalONE data translation and transportation solution combined with Document Sciences' xPression solution for document development and customer correspondence.

IDS is expected to be deployed in the second quarter of 2008. The software solution will replace costly technology currently being utilized by the insurance firm. It will allow the insurance firm to create, format, produce and print important documents including statements, policy schedules, insurance certificates and customer correspondence.

WM-data bags five year USD 19.5 million deal from Bankgirocentralen BGC AB 
18th Feb 08 - 24th Feb 08

Bankgirocentralen BGC AB has awarded a five year USD 19.5 million agreement to WM-data, a part of LogicaCMG Group. The deal entails the vendor to provide development and management services for BGC's IT systems.
Under the contract, 50 employees from BGC will be shifted to WM-data. The contract follows a major deal signed by LogicaCMG Group with VocaLink in 2007. The Managing Director at BGC stated that deal will give them flexibility and lower down operational costs.

Firstsource Solutions inks five year USD 80 million deal with Barclays 
11th Feb 08 - 17th Feb 08

Barclays PLC has awarded a five year USD 80 million contract to Firstsource Solutions to deliver customer care and collection support service for its cardholders in the U.S. The vendor will handle Barclay's outfit located in Colorado Springs. The agreement will enhance flexibility, efficiency and customer satisfaction for the financial institution. Firstsource Solutions sees the deal as a major achievement in the financial services sector. The contract will aid the growth strategy of both companies in the U.S.

New India TCS' UK subsidiary bags 10 year USD 200 million contract from Sun Life Financial 
04th Feb 08 - 10th Feb 08

Tata Consultancy Services' (TCS) UK subsidiary Diligenta has signed a 10 year USD 200 million deal with Sun Life Financial, a leading financial organization based in Canada. The agreement entails the vendor to provide business processing outsourcing (BPO) services for the financial firm's U.K. operations.
Sun Life Financial and Diligenta have partnered with successful with each other since October 2007. Diligenta plans to begin delivering services from May 2008. The agreement has consolidated TCS' Diligenta strategy established to capitalize on the growing BPO sector and explore new opportunities in the area.

New India Assurance awards USD 40 million deal to TCS 
28th Jan 08 - 03rd Feb 08

Tata Consulting Services (TCS) has signed a USD 40 million agreement with New India Assurance to deploy and maintain TCS BaNCS Insurance platform. The platform will be implemented throughout New India's 1,100 branches in India. New India Assurance is a non-life insurance firm having about 15 million clients. The insurance platform also integrates enterprise solutions for human resources, business intelligence and customer relationship management (CRM).

Skandia awards USD 200 million IT infrastructure deal to HCL Technologies 
21st Jan 08 - 27th Jan 08

HCL Technologies has signed a five year USD 200 million IT infrastructure deal with Skandia, a saving and investments solutions provider. HCL teams in the U.K. and India will manage the operations. Under the agreement, HCL will provide hardware, infrastructure, applications maintenance, and development services. CIO at Skandia stated that the move will help them to adapt with changing business requirements and allow them to eliminate the staff shortage problem. He further added that the initiative has allowed them to reduce its IT staff from 350 to 120.

Atos Origin signs five year USD 97.8 million deal with BP²I 
14th Jan 08 - 20th Jan 08

BP²I (a combined entity formed by BNP Paribas and IBM) has awarded a five year USD 97.8 million deal to Atos Origin to deliver IT services. The vendor will provide desktop services for the bank's U.K. based corporate and investment banking processes and retail banking business in France. The software application will allow the bank lower costs, enhance efficiency and heighten service quality. A senior official at BP²I stated that they have chosen AtosOrigin because of its reputation as a financial service provider, delivery track record and desktop managing experience.

NICE Systems and its subsidiary win multimillion contracts from two leading U.S. banks 
07th Jan 08 - 13th Jan 08

NICE Systems has signed multimillion dollar agreements with two leading U.S. banks to provide NICE Perform for compliance processes. NICE Systems is a leading provider of compliance, fraud, and customer retention applications to financial organizations. The solution will enable the banks to improve service quality and enhance operational efficiency. One of the banks will leverage Actimize's (a NICE subsidiary) enterprise fraud solution to monitor several financial transactions daily.

Autonomy Corporation wins USD 70 million contract 
31st Dec 07 - 06th Jan 08

Autonomy Corporation has signed a USD 70 million deal with an unnamed global bank to deliver compliance and regulatory solutions. Autonomy is a leading provider of infrastructure solutions to financial organizations. Under the agreement, the bank will implement Autonomy's archiving solution throughout its branches across the world.

IBM Inks 42.3 Million IT Services Pact With Cajasol 
17th Dec 07 - 23rd Dec 07

IBM said Dec. 17 it has signed a ?42.3 million IT outsourcing agreement with Cajasol, the Spanish bank formed by the merger of Caja San Fernando and El Monte. The agreement includes the provision of IBM software, hardware and services to establish a consolidated IT platform at the bank. Under terms of the deal, IBM will modernize Cajasol's corporate server platform and upgrade the software products in the bank's mainframe and distributed environments, as well as incorporate new applications. It will also provide consultancy services and on-going maintenance, backup, and disaster recovery services.

Augustus Asset Managers Taps Savvis in $7 Million Deal 
10th Dec 07 - 16th Dec 07

Augustus Asset Managers Ltd. has signed a four-year, $7 million outsourcing agreement with Savvis Inc. to support business continuity of its critical IT infrastructure. Under terms of the deal announced Dec. 10, Savvis would provide a managed network, consultancy and security services for Augustus and will host all of its business applications including its trading, CRM, email, risk, order management, and finance systems.

Prudential UK Signs With Capita in $1.49 Billion Outsourcing Deal 
03rd Dec 07 - 09th Dec 07

The Capita Group said Nov. 28 that it has entered into a $1.49 billion, 15-year contract with Prudential UK to administer its 7 million mature life and pensions policies including group and individual pensions, investment bonds and life and endowment policies. Capita will provide customer servicing, policy administration, new business processing, claims activity and related IT support to Prudential UK.

United India Insurance, HP Sign $25.2 Million Contract 
26th Nov 07 - 02nd Dec 07

Hewlett Packard said Nov. 26 it has signed a seven year $25.2 million agreement with United India Insurance to offer its core insurance software application. HP will implement Sirius 4 Insurance (S4I) a centralized core insurance application with a UK insurance solutions vendor Software Solutions Provider (SSP) and e-document company Newgen. The scope of the system integration contract includes supply, customization, implementation, and maintenance of core and other application software, hardware, and system software.

Rockefeller Brothers Outsources Investment 
12th Nov 07 - 18th Nov 07

Rockefeller Brothers Fund said Nov. 12 it will outsource the investment of its entire $969 million in assets to Investure. As part of the agreement, Investure will work with the RBF's investment committee in further developing investment objectives and guidelines and determining asset allocations.

Royal & SunAlliance Outsources Printing Ops to T-Systems 
05th Nov 07 - 11th Nov 07

T-Systems said Nov. 5 that it has signed a deal with Royal & SunAlliance, one of the UK's largest insurers, to outsource its IT and printing operations. The deal has a value of 92 million and an initial term of 10 years. As part of the deal, T-Systems will take over two print facilities in Liverpool and Bristol, and 63 employees will be transferred to the service provider.

GenPact Reportedly Buys Citigroups Captive BPO for $630 Million 
29th Oct 07 - 04th Nov 07

After many a false alarm and multiple rounds of negotiations, the sale of Citigroups captive BPO operations has reportedly been concluded with Genpact winning the final bid in a closely run race with Firstsource Solutions. The deal was concluded for $630 million with a 90 percent stake in the 10,000-strong operation, according to a report Oct. 25 in The Economic Times India. This is much less than the earlier anticipated value of around $900 million. Although a source within the firm confirmed the deal, no official announcement has yet been released.

Cohen Financial Taps Enterprise! Loan Management System 
22nd Oct 07 - 28th Oct 07

Midland Loan Services, Inc., a PNC Real Estate Finance Company, said Oct. 17 that Cohen Financial has outsourced the technology platform for its entire $5.2 billion portfolio of over 800 commercial mortgage loans to Midland's Enterprise! loan management system. More than $525 billion in assets are currently serviced on Enterprise!. In addition to providing Cohen Financial with the Enterprise! technology platform, Midland will perform a number of back-office servicing activities, including payment processing, bank account reconciliations, real estate tax escrow, and UCC administration. Cohen Financial will retain responsibility for customer service, loan, insurance and credit administration, asset management and special servicing activities.

Capita Group Inks 270 Million Outsourcing Deal With Co-operative Insurance
15th Oct 07 - 21st Oct 07

Capita Group said Oct. 15 it has signed a 10-year, 270 million contract with Co-operative Insurance (CIS) to deliver business processing activities to support the continued growth of CIS's Financial Services operations. Under terms of the deal, Capita would provide customer services, policy administration, new business and claims activities and the associated technology for around 4.5 million policies across CIS's life and pensions and unit trust operations. The company would also provide a platform to strengthen CIS's new product development. Capita said that more than 800 staff would transfer to Capita under TUPE terms on Nov. 19.  

AT&T Wins Network Services Contract with Fairwinds Credit Union
08th Oct 07 - 14th Oct 07

AT&T Inc. announced Oct. 3 a new contract to provide network services to Fairwinds Credit Union. Under the terms of the three-year contract, AT&T will serve as the primary network and data services provider and will equip the headquarters and all satellite locations with AT&T's IP-enabled VPN services. The AT&T VPN solution will also provide backup features so that Fairwinds Credit Union can share information efficiently across the network and remain operational when one or more of its sites has a disaster that affects business.  

Huber Capital Management Outsources Back Office to BNY Mellon
01st Oct 07 - 07th Oct 07

BNY Mellon Asset Servicing said Sept. 26 that it will provide U.S. and global back-office support for Huber Capital Management. The deal includes a wide range of value-added support services such as transaction processing, portfolio accounting, reconciliations, performance measurement, client reporting, and client billing.