IntraNet Worldwide, the industry leader in international and domestic corporate financial messaging and payment processing solutions for financial institutions, today announced a distributorship agreement with India-based Financial Software & Systems, Ltd. (FSS).
Leveraging FSS' local business acumen, domain expertise, language and cultural exposure, the partnership enables IntraNet Worldwide to offer its well-established software product line to financial institutions in India.
The agreement also expands IntraNet's Asia-Pacific presence, which already includes customers in Australia, New Zealand and Thailand.
"By asset size, 18 per cent of the world's top 100 banks are headquartered in the Asia-Pacific region and the financial services industry in this area continues to grow at an exponential rate," said Paul Morris, senior vice president of IntraNet Worldwide. "Our agreement with FSS will enable us to bring our leading financial messaging and payment processing solutions to banks in Mumbai and other regional centers including New Delhi, Calcutta, Chennai, Hyderabad and Bangalore."
The arrangement also complements existing relationships between FSS and IntraNet's two sister companies, ACI Worldwide and Insession Technologies, a key factor in IntraNet's decision to partner with FSS.
Nagaraj Mylandla, managing director at FSS, echoes these remarks, pointing out that he sees IntraNet's as a solution to expand his company's product offering into wholesale high-value payments. "We look forward to partnering with IntraNet to leverage our strong presence in the retail/consumer banking payments set, with the industry's most advanced international and domestic corporate financial messaging and payments processing solutions."
IntraNet's flagship global payment engine, iMTS is designed to meet the varied payment processing needs of the corporate/correspondent banking industries worldwide and is driving efficiency in the back office. IntraNet solutions are installed in financial business units around the world. Twenty-three of the top 100 world banks (based on asset size) and 41 of the top 100 U.S. banks leverage IntraNet's iMTS software to move money, settle multiple currencies and streamline operations.