BANKING software major i-flex has bagged a deal valued at $90 million from National Australia Bank(NAB) , one of it's largest wins ever and a first for it's main banking solution in the Antipodean nation.
The five year contract is part of a larger deal awarded to ORACLE,which owns a majority stake in i-flex.
NAB has selected ORACLE to supply software as a part of a five year plan to replace it's banking IT systems.The first phase of the initiative includes the setting up of a technology platform for a low cost direct banking system.
Sources said that besides it's core banking solution,i-flex will provide support activities such as professional and application management services.i-flex recently announced it's decision to change it's name as ORACLE FINANCIAL SERVICES.India is home to three major banking solutions business,which include i-flex,FINACLE of INFOSYS and TCS' BaNCS.
Besides the large ones, the prominent players in the space include NUCLEUSSOFTWARE,3IINFOTECH and INFRASOFT TECHNOLOGIES.The India-Headquarted firms battle it out among them selves and with other global banking solutions majors like MISYS and METAVANTE.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment