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Follow UsBANGALORE: Fortune Informatics, a Hyderabad-based software products company, has entered into a strategic alliance with BillJunction Payments, a network company of ICICI Venture and a solutions and service provider of electronic bill presentment and payment, to implement ReportSuite across its customer base in India.
C K Shastri, managing director, Fortune Informatics, said, "This relationship is significant for us. Not only does it add a leader in its business, to our list of prestigious clients, but also establishes Fortune Informatics as a vendor of choice in providing out-of-box solutions to complex business issues. It will increase the reach of ReportSuite into the fast growing electronic bill/statement presentment (ESP) market in India."
Commenting on the partnership, Bikramjit Sen, CEO, Billjunction Payments said, "We view this partnership as a significant contributor to our future growth objectives by enhancing the value it provides to our existing client base and prospects as the ReportSuite 3.00 structures itself has another modality for bill/statement output and presentment management. We foresee a significant growth in our bottom and topline through this relationship."
ReportSuite is a report management and generation tool, which helps companies integrate multiple data structures to generate output of any event or transaction without disturbing the core systems. It also has the capability of directing the output to various channels as per the requirements of the customer. Thus, the user can have the option of printing the output on pre-printed stationery (bill or invoice) while simultaneously generating full-fledged look-alike soft copy of the same record to be mailed, faxed or hosted on Web.
"ReportSuite solutions will enhance the value proposition for the existing and prospective customers of both Fortune Informatics and Billjunction because of the synergy in our mutual business offering," added Shastri.
According to ResearchandMarkets.Com, the global ESP market space will grow from less than a half billion dollars in processing revenues in 2002 to over $18 billion by 2007. The penetration of electronic statements is expected to reach 80 per cent by 2007 and, by comparison, the bill presentment market will have a 70 per cent cumulative penetration by 2005 while the bill payment market will have a share of 80 per cent by the same period.