IT&e Limited (ASX code: "ITE" AIM: "ITEL"), a leading provider of financial software and consulting services to the global financial markets, is pleased to announce Queensland Treasury Corporation (QTC), has selected IT&e's PTX product for development of their online Onlending and Investment Administration solution (OLIA).
The announcement is an update to the announcement lodged by IT&e on 15 December 2006, as to the signing of a Heads of Agreement with Queensland Treasury Corporation.
IT&e and QTC have today signed a license agreement for PTX to develop QTC's fully integrated, core, on-lending and investment administration platform. The decision to select PTX was made after an extensive evaluation of PTX and a detailed requirements phase. QTC identified PTX as the best fit for their requirements after a thorough evaluation of international online investment, portfolio management and Financial Market solutions. QTC will make use of PTX's functional modules including Fixed Interest, Foreign Exchange, Derivatives, Money Market and Cash class assets as the foundation of their OLIA solution.
Steven Dive, Head of IT&e's APAC Product Sales noted, "We are very pleased to partner with QTC and provide PTX as the solution for QTC's Onlending and Investment Administration Project. PTX provides QTC with a modern online platform that's robust, scaleable and functional. The selection of PTX for this project also demonstrates the technical superiority of the PTX product, which is built using Java technology and deploys an extensible and flexible integration architecture, providing secure and extensive features to users."
James Maranis, CEO of IT&e said, "We are pleased to have completed this milestone following the detailed analysis phase with Queensland Treasury Corporation, for the implementation and further development of the PTX application. The partnership and combined development effort between IT&e and QTC, will result in an integrated on-line portfolio and administration management system incorporated into PTX's infrastructure. This will create both new opportunities in the banking sector and further vertical markets to on-sell PTX."