Financial Network Services wins second major bank in India

Australian banking solutions provider, Financial Network Services (FNS) and its Indian partner, Tata Consultancy Services (TCS), have won an international tender to implement the FNS BANCS® solution for the Government-owned Indian Bank -- one of Indias top 10 banks.

SYDNEY (PRWEB) July 28, 2004 -- Australian banking solutions provider, Financial Network Services (FNS) and its Indian partner, Tata Consultancy Services (TCS), have won an international tender to implement the FNS BANCS® solution for the Government-owned Indian Bank -- one of Indias top 10 banks.

In recent years, FNS has successfully taken on and beaten the titans in the global financial industry with its innovative 'BANCS' banking solution. Earlier this year successfully completed the first phase of its overhaul of the core banking system of the world's third largest bank - State Bank of India, again with partner, TCS.

FNS managing director, Tony Ward, said based on their experience in the Indian market (building on FNS's stronghold in South East Asia and experience in many other parts of the world including the Middle East, Africa and Central Europe) he expected the first two Indian Bank pilot branches to be operating in just a few months from signing of the contract.

Under the rapid implementation schedule FNS and TCS expect to have all 10 Indian Bank pilot branches operating in as little as eight months. This would represent a record for a core banking project of this scale and sophistication, Mr Ward said.

Phase one of the ensuing commercial roll-out of BANCS involves almost 500 of Indian Banks network of approximately 1500 branches over the following two year period.

The project features the latest BANCS solutions spanning Loans, Deposits, Branch Automation and Cards. The new banking solution will complement the banks centenary program target of computerising 100% of its branches by 2007.

More than just a universal banking solution embracing retail, wholesale and delivery channels, BANCS stands apart for its unrivalled customer relationship capabilities which leverage the real time transaction processing and branch automation of the BANCS solution," Mr Ward said.

Not only that, but FNS and TCS are now the leaders in banking technology in India as a result of combining our joint experience and providing a superior banking solution which fully addresses all cultural and regulatory requirements of the Indian banking environment," Mr Ward added.

About FNS

Financial Network Services Pty Ltd (FNS) is a global leader in providing flexible and modular solutions for the financial services industry. The company has installed its BANCS® solution in more than 100 sites in over 35 countries, including some of the worlds leading financial services organisations of every size and operational complexity.

Through its flagship BANCS® banking solutions, FNS has won a reputation for increasing productivity, profits and flexibility while responding rapidly to market demands for new financial products.

FNS holds a Business Application Partnership agreement with IBM and is a Microsoft Certified partner. It is also a key alliance partner with Hewlett Packard, Intel, Oracle and Sun Microsystems in various countries around the world.

Based in Sydney, Australia, FNS is a private company employing some 220 employees worldwide. The company is majority owned by its founders and staff, with a minority interest currently held by Australias largest investment bank, Macquarie Bank, through its subsidiary, Macquarie Direct Investments Limited.

FNS has an international network of offices in Sydney, Dubai, Hong Kong, Jakarta, Johannesburg, Kuala Lumpur, London, Manila, Santiago and Seoul and also operates through its strategic business partners and leading locally based systems integrators in many other countries.

Media enquiries:

David Petrikas

Ph:        +61 2 9943 2026     Mob +61 408 636 414

Email: david@prstrategy.com.au

For more information on FNS contact:

Trevor Builder Vice President, Corporate Marketing

Ph: +61 2 9310 9838      Mob: +61 412 451 219

E-mail: tbuilder@fns.com.au Website: www.fns.com.au

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