India's ICICI Infotech has signed a distribution agreement with IMS System Co. for its Newton core banking software.
Under the agreement, ICICI Infotech will become the exclusive distributor for Newton in India and Sri Lanka with non-exclusive rights and cooperation in other countries.
P. Radhakrishna, joint president of ICICI Infotech, says: "We identified core banking as a strategic gap in our solutions portfolio. This agreement with IMS enables us to offer a proven, modern, massively scalable, 24/7 core banking system to our customers".
According to Ian Thompson, marketing director at IMS, recent benchmarks have shown the Newton processing transactions at a rate of 38 million transactions per day (TPD).
Radhakrishna continues: "We wanted a system that offered scalability but also ran on Unix boxes with standard Oracle and Tuxedo. We saw Newton running at sites with millions of transactions, in a distributed regional network, with central network monitoring, all transactions nationwide processing in real time, and end of day processing taking less than an hour."
The deal is an extension of an informal partnership spanning recent months. The two companies are also exploring other joint initiatives including using ICICI Infotech resources in India on IMS projects worldwide and promoting ICICI Infotech products and services through IMS's channels in North Asia (Korea, Japan, Taiwan, People's Republic of China).