Banking and healthcare software supplierMisysand IndianoutsourcingfirmHCLare joining forces to attack the
banking market in emerging economies.
Their first customers are the Indian Overseas Bank and the Metro
Bank in Manila, Philippines. Both will use a new streamlined
process from HCL to upgrade their installations of the
Midas core banking suite and Opics treasury management software
respectively.
Describing the five-year deal announced today in New Delhi as
"strategic for Misys", Misys CEO, Mike Lawrie, said there were
three parts to the deal. "We will rely on HCL to maintain and
develop banking products and solutions. We will partner with them
to provide banking services capabilities to new customers, and we
will go to market together in fast-growing economies," he said.
HCL CEO, Shiv Nadar, said more than 200 million Indians are
expected to open bank accounts in the next five years. HCL would
offer to supply and manage a "complete solution" to new banks for
applications and infrastructure. This includes banking in a
software-as-a-service format to new and existing banks in
India, Malaysia and Singapore.
Lawrie said some 1,200 banks worldwide use Misys software,
including some in China and Australia. These are hot prospects for
the new upgrade and application centre that HCL will run. "This is
a critical path issue for banks, so we will include education and
training to expand the skills base," he said.
Misys already has a large software development centre in
Bangalore. Lawrie said there are no plans for HCL to take it over
at present, and that the two sides are already working
together.