Punjab and Sind Bank signs with Satyam for Symbols core banking platform
05 October 2006 | 2258 views | 0
Source: System Access
SESDAQ-listed System Access Limited ("System Access"), one of the top providers of universal banking software solutions for financial services institutions worldwide, is pleased to announce that Punjab and Sind Bank (PSB) in India has signed a 10-year contract with Satyam Computer Services (NYSE: SAY) for the supply, implementation, and maintenance of System Access' SYMBOLS Core Banking Solution (CBS).
Satyam Computer Services is a leading global consulting and information technology services company while Punjab and Sind Bank is a large public-sector bank with a vast network of 813 branches and 76 extension counters (as of 31.03.2006) spread all over India.
PSB wants to leverage on state-of-art technology to achieve excellence in customer service, manage risks, reduce cost of operations, and maximize profitability. System Access, with its award-winning SYMBOLS CBS product and vast international experience implementing large core banking solutions, together with Satyam's large I.T. resource pool and expert service delivery experience, complement each other to add value and contribute towards the attainment of PSB's mission. Furthermore, SYMBOLS CBS, a customer-centric, seamlessly integrated, and highly scaleable solution will help streamline the operational challenges posed by PSB's wide branch network and very large customer–base that is spread across India.
This US$30 million project win is a significant milestone for the global partnership forged between System Access and Satyam. This partnership was facilitated by the Infocomm Development Authority (IDA) of Singapore in July 2004. Since then, System Access and Satyam have been actively pursuing projects together.
"This significant win by System Access and Satyam is a testament to the effectiveness and value of such global partnerships," said Mr P. Ramakrishna, Director, Industry Development, IDA Singapore. "As Singapore's leading agency spearheading the development and growth of Singapore's infocomm industry, IDA is committed to helping our Singapore infocomm companies form strategic and mutually beneficial partnerships with infocomm multinational corporations from around the region. In fact, one of the key deliverables of our new Intelligent Nation 2015 masterplan, or iN2015, is to encourage and help our local companies venture overseas."
"One of System Access' strategies for growth is to build-up a strategic outsourcing services and global distribution partnership ecosystem. Our partnership with Satyam has been very beneficial, culminating in this SYMBOLS core banking implementation at Punjab and Sind Bank. We expect more banks in the future to benefit from the combined strengths of our partnership's resources," said Leslie Loh, System Access Chairman and CEO.
"We look forward to leveraging on SYMBOLS, together with our experience and service delivery capabilities to help PSB increase its operational efficiency, reduce risk, and enhance its customer service," said Virender Aggarwal, director and senior vice president, APAC and MEIA, of Satyam.