EDB delivers IT solutions and services to nine Norwegian banks
7th July 08 - 13th July 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, Sgne og Greipstad Sparebank, and Tingvoll Sparebank. 

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