Infy pips TCS to bag $15-m US bank order
INFOSYS Technologies has bagged an order from the Union Bank of California, US, for its core banking solution (CBS) Finacle, beating its rival Tata Consultancy Services (TCS). According to sources, Infosys and TCS were the only two shortlisted vendors for this project. What is surprising is that only these two India-based vendors were invited for the project when there are established banking products companies in the US such as Temenos, Fiserve, Metavante among others. When contacted, a spokesperson for Finacle said, "We are not able to comment on this matter." However, sources said that it was a close contest between these IT services majors who have a strong focus on providing software solutions for the financial services market. TCS' banking solution portfolio is called BaNCS. Though, there is no exact estimates on the value of this deal, it most likely could be in the range of $10-15 million. Based on assets, Union Bank of California is among the 25 largest banks in the United States. The bank has 330 branch offices in California, Washington and Oregon, two international offices and facilities in other states. The commercial bank is headquartered in San Francisco having more than 10,000 employees. It registered a revenue of $2.6 billion for 2007 and is majority owned by The Bank of Tokyo-Mitsubishi UFJ. Industry observers believe that this is a significant order not just for Infosys but also the Indian banking solutions companies as it gives a strong foothold in the US financial market. India is already home to some of the leading banking products companies like Oracle Financial Services (the erstwhile iflex), Finacle of Infosys, BaNCS of TCS, Nucleus Software, 3I Infotech and Infrasoft. These India-headquartered banking solutions companies were largely focused on the India, APAC, Africa, Middle East and European markets.
INFOSYS Technologies has bagged an order from the Union Bank of California, US, for its core banking solution (CBS) Finacle, beating its rival Tata Consultancy Services (TCS). According to sources, Infosys and TCS were the only two shortlisted vendors for this project. What is surprising is that only these two India-based vendors were invited for the project when there are established banking products companies in the US such as Temenos, Fiserve, Metavante among others. When contacted, a spokesperson for Finacle said, "We are not able to comment on this matter." However, sources said that it was a close contest between these IT services majors who have a strong focus on providing software solutions for the financial services market. TCS' banking solution portfolio is called BaNCS. Though, there is no exact estimates on the value of this deal, it most likely could be in the range of $10-15 million. Based on assets, Union Bank of California is among the 25 largest banks in the United States. The bank has 330 branch offices in California, Washington and Oregon, two international offices and facilities in other states. The commercial bank is headquartered in San Francisco having more than 10,000 employees. It registered a revenue of $2.6 billion for 2007 and is majority owned by The Bank of Tokyo-Mitsubishi UFJ. Industry observers believe that this is a significant order not just for Infosys but also the Indian banking solutions companies as it gives a strong foothold in the US financial market. India is already home to some of the leading banking products companies like Oracle Financial Services (the erstwhile iflex), Finacle of Infosys, BaNCS of TCS, Nucleus Software, 3I Infotech and Infrasoft. These India-headquartered banking solutions companies were largely focused on the India, APAC, Africa, Middle East and European markets.
PP Thimmaya BANGALORE
