By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
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.