NetSol reports first inBanking contract
NetSol Technologies, Inc. (NasdaqSC:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has entered into a development partnership and will be installing its inBanking product into an international bank.
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The agreement is expected to generate initial revenues of approximately $250,000.
This is the first installation of inBanking, a total solution banking system developed utilising Microsoft.Net n-tier architecture. The Treasury Head Office is expected to go live in September/October of 2005 with a possible roll out to approximately 100 domestic branches later in the year.
NetSol has agreed to keep its clients identity confidential until the system goes live. The bank has operations in eight countries and inBanking may be deployed in a number of these international branches providing inBanking with further license revenues, global exposure and enhanced credibility.