Hewlett-Packard has announced a 10-year outsourcing contract from the Bank of India in Mumbai.
The $150m contract is the largest won by HP Services for financial services in the Asia-Pacific region, according to Natarajan Sundaram, country head for marketing and strategy at HP Services India.
The contract includes IT-enabled transformation in a fully outsourced model. HP will implement and manage a core banking system across 750 Bank of India branches, a majority government-owned bank.
HP will use software from Infosys Technologies, called Finacle, which is a centralised and integrated corporate, retail and trade finance solution that is multi-currency, multi-platform and workflow enabled.
"This is the first time we at HP are looking at the outsourcing of the core banking function in the Asia-Pacific region," said Sundaram. Several multinational companies competed for the contract, including IBM.
Under the contract, HP will implement and manage a data warehousing and document imaging solution, and provide integrated channel management, including telebanking, internet banking and automated teller machines.
HP is also working with Oracle for database and data warehouse solutions.
John Ribeiro writes for IDG News Service