Published Date: February 25, 2004
HP to implement and manage Core Banking Solution for Bank of India
Mumbai, Feb. 25, 2004 – HP (NYSE:HPQ) HP (NYSE:HPQ) today announced that Bank of India has selected HP as its preferred supplier of Informational Technology infrastructure and applications for a 10-year outsourcing contract valued over $150mn. This contract is a first of its kind encompassing IT enabled transformation in a fully outsourced model. This initiative will enable BoI not only to achieve cost advantage but also derive significant business benefits in the competitive banking environment in India.
Under the terms of the contract, HP will implement and manage a Core Banking Solution (CBS) across 750 branches of Bank of India (BoI). The CBS solution is based on Infosys FINACLE application. ‘Finacle’ core banking has the largest installed base in India and also a growing base of BFSI customers across continents. Finacle is a centralized and integrated corporate, retail and trade finance solution that is designed to create a flexible, scalable and robust technology platform for the bank. The solution is multi-currency, multi-platform and workflow enabled.
Under this contract, HP will also implement and manage a Data warehousing and Document Imaging solution and provide integrated channel management including Tele Banking, Internet Banking and ATM. The contract also envisages building and managing a Datacenter, Disaster Recovery site, Help-desk and Call centre. HP will also manage IT infrastructure and networks across 750 branches of the bank; supply and maintain technology products including servers, desktops and peripherals across the branches – and provide asset refresh & obsolescence protection for IT assets.
Bank of India chose HP as its partner in IT enabled transformation after an extensive and exhaustive shortlist which included major vendors in India and abroad.
“We have plans to transform ourselves into a highly customer focused bank in the country. We want to align our IT strategy with business strategies which will help us serve our customers better”, said Mr. M. Venugopalan, Chairman & Managing Director, Bank of India. “We were looking for a partner with the right domain knowledge and expertise in integrating and managing large projects. We chose HP due to their experience in both outsourcing and systems integration. Furthermore, HP will help us evolve an adaptive infrastructure, ensuring the most cost-effective utilization of IT”.
HP offered a complete portfolio of services backed with a proven track record of providing large outsourcing services to clients both in India like Hindustan Lever, Ashok Leyland, Tata Steel to a name a few and also to global majors including Proctor & Gamble, Bank of Ireland, Ericsson.
“This prestigious contract proves our capability in end to end services that help banking institutions deliver a higher level of customer service, thereby enabling them to stay ahead of competition. Our services includes customer support services in implementing & supporting an Adaptive IT infrastructure, Consulting & Integration Services in implementing the entire application stack including Corebanking & Dataware housing and the full spectrum of outsourcing services in managing the entire infrastructure & applications. Our services simplify the management of IT and facilitate the ongoing alignment of IT with Bank of India’s overall business strategy to keep in pace with the dynamic banking environment”, said Mr. Balu Doraisamy, President, HP India Pvt. Ltd. “By partnering with HP, institutions can hand over complete ownership of a project leaving HP to substantially reduce business risk and increase efficiency”.
‘We are delighted to partner Bank of India along with HP, in this strategic IT transformation initiative, the first of its kind in India. Finacle has today proven its mettle as an engine of business transformation. This capability coupled with an impeccable delivery track record has enabled Finacle emerge a clear winner here and elsewhere in India as well as globally. We believe that two key facets of this win – the combined Infosys-HP solution stack and the outsourcing business model around this solution stack – will provide tremendous value to our mutual clients and open new business opportunities for both organizations. This also aligns well with our shared vision and values of making enterprises agile’, said N. R. Narayanmurthy, Chairman and Chief Mentor, Infosys Technologies.
The Bank envisages about 43 million customer accounts and 6 million transactions per day by the end of the tenth year.
HP is working with its partners Infosys, who will provide the core banking platform, Finacle and Oracle for database, OFSA & data warehouse solutions.
HP has a proven track record in the core banking space having worked with leading financial institutions and has created a substantial footprint across continents with for its’ platform, services and solutions.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the fiscal year ending on Oct. 31, 2003, HP revenue totaled $73.1 billion. More information about HP is available at https://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the possibility that the proposed contract may not be entered into on the terms or within the timeframe currently contemplated or at all; that the market for the sale of certain products and services may not develop as expected; that development and performance of these products and services may not proceed as planned; any statements of belief; any statements of assumptions underlying any of the foregoing; and other risks that are described from time to time in HP’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2003, and reports filed after the form 10-K. HP assumes no obligation and does not intend to update these forward-looking statements.
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 21,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com or www.finacle.com.