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ICICI Infotech ties up with IMS System for NEWTON

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CIOL Bureau
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NEW DELHI: ICICI Infotech Services Ltd. has forged a strategic alliance with

IMS System Co. Ltd. (Korea) for NEWTON - a scalable core banking solution. This

alliance allows ICICI Infotech to have access to the source code and exclusive

rights for marketing and distribution in India, Sri Lanka and Bangladesh, with

non-exclusive marketing rights and cooperation in other countries.

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P Radhakrishna, joint president, ICICI Infotech, said, "ICICI Infotech

has a large array of solutions addressing different business areas of the

banking vertical. We have always felt the need for having a core banking

solution to tie the entire loop of offerings. With this partnership, we will be

able to offer an end-to-end solution to banks. Since the source code of NEWTON

is available to our team in India, we will be able to respond to our customers

in a much shorter time-frame."

"We have been working together informally for some time and have already

formed a joint team to work on localization of the product. We foresee the

potential and anticipate market opportunity at about $100 million over the next

five years," he further added.

Ha San Lee, the technical director of IMS System Co. Ltd. commented that

recent benchmark tests on Hewlett-Packard Superdome machines indicated that

NEWTON was capable of handling loads of around 40,000,000 online transactions

per day, assuming only a 6 hour online processing day at a bank. The combination

of the IMS system with ICICI Infotech's expertise in India will be further

enhanced by using the front-end system BEAM, supplied by APAK BEAM Ltd of

Cyprus, to provide a complete solution for client banks.

The two companies are also exploring other strategic options, including using

ICICI Infotech resources in India on IMS projects worldwide and promoting ICICI

Infotech products and services through IMS's strong channels in North Asia

(Korea, Japan, Taiwan, People's Republic of China).

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