iGATE in a $20 m deal with ING Vysya Bank

BANGALORE: iGATE Global Solutions, the integrated tech and ops company announced an IT outsourcing deal with ING Vysya Bank, a part of the multinational financial services provider, ING Global.

The contract, which follows close on the heels of the $1.69m acquisition of the IdeaSpace business, was signed by Mr. Tiger Ramesh, Head - BPO/BSP, iGATE Global Solutions and Mr. Jean Louis Lemaire, Sr EVP & Head of Operations and Technology, ING Vysya Bank in Bangalore today.

Through this relationship, iGATE Global Solutions will assist in driving the IT/IS strategy for ING Vysya Bank. iGATE Global plays a key role in the entire value chain - from hardware identification to procurement, to defining and implementing the technology strategy for the bank. iGATE Global will also take responsibility for all Data Center Operations, Systems and Network Management, and local or remote support at ING Vysya locations. This contract is worth around $20 million over 5 years.

Speaking through video conference from California, Phaneesh Murthy, CEO, iGATE Global Solutions said, "at the time of the IdeaSpace acquisition, we spoke about wanting to grow the association with ING Vysya Bank. It is extremely significant that ING Vysya has entrusted us with the entire technology function of the Bank and we are confident of delivering on their expectations. Going forward, this model gives us an opportunity to provide back-office services to them in line with our integrated technology and operations strategy. "

On its decision to partner with iGATE Global, Mr. Bart Hellemans, CEO & Managing Director, ING Vysya said, "ING Vysya Bank is at the forefront of innovation in the Indian banking space, with a continual launch of new and differentiated products. To support these products at the high levels of service our customers are used to, we need an extremely sophisticated back-end system. Through their global experience and domain expertise iGATE will ensure that our technology systems are a key differentiator for us. "

iGATE Global brings together the best technology and domain expertise in the banking space to offer the full spectrum of services including Process Consulting IT Strategy, Managed Operations and Back-office solutions, and Transaction processing. ING Vysya Bank will benefit from iGATE Global’s expertise in automating core banking operations, and implementing innovative multi-channel customer touchpoints including online alerts, electronic bill payment and presentment (EBPP). iGATE Global also offers a unique business services provisioning (BSP) model for specific banking processes.

Commenting on the deal with ING Vysya Bank, Mr. Tiger Ramesh, Head - BPO/BSP, iGATE Global Solutions said, "This is a true IT outsourcing deal in that ING Vysya Bank is entrusting their IT/IS function to iGATE Global. ING Vysya Bank is in a growth phase and through this partnership we expect that technology will be a key differentiator in driving and sustaining this growth. The entire relationship is structured around mutually agreed service level agreements ensuring extremely high levels of performance transparency.’’