11/7/2002 - Sun Microsystems announced that it is expanding its initiatives in financial services. In the past, Sun's focus on Securities and Capitals market has led to considerable success by helping Wall Street build today's robust infrastructure for financial institutions. After significant success in Retail Banking, Sun has broadened its footprint into Core Banking Systems.
ICICI (the largest bank in India), The Landrum Company (a six-bank Missouri-based holding company), Hanvit Bank (the largest private bank of South Korea), eBank Systems, Financial Data Solutions, Kern Schools Federal Credit Union and BF Goodrich Credit Union are among the many retail banks worldwide seeing benefits by running their core banking systems on Sun.
"The [Sun-Kirchman] project was a complete success by any measure," said Jim Stock, Chief Information Officer and Senior Vice President, The Landrum Company. "Because the new system runs so much faster than the mainframe, and because we no longer have to handle up to 25 tapes per day, we've speeded up our end-of-day updates by 30 percent. That saves a lot of labor costs...Furthermore, since we're now UNIX-based and well trained in supporting the network, we anticipate being able to deal with system issues ourselves that required us to pay our former hardware vendor substantial fees in the past."
"Within the last year, over a dozen major core processing software vendors have ported their systems to the Sun platform," David Littlewood, Director Worldwide Financial Services at Sun, told reporters at BAI's annual Retail Banking Delivery Show in Atlanta. "This is what I call a very rich soil on which to grow. In addition to the new Reference Banking Reference Architecture, the amount of traction I have seen even in recent months is incredibly gratifying."
Sun and Infosys, one of India's largest data service providers, expect to introduce a Retail Banking Reference Architecture for developing and implementing web-based, end-to-end banking solutions. The architecture can speed and simplify the deployment of new revenue-generating banking services, such as online, real-time access and management of personal banking accounts, loans and/or lines-of-credit.
Sun also announced an enhanced version of Mainframe Rehosting Software, which can help companies like Landrum move away from the mainframe. The enhanced offerings will provide enterprises even deeper cost savings, tighter security and greater functionality when migrating legacy applications from a mainframe to Sun servers running the robust SolarisTM Operating Environment.
Sun also announced Sun's Continuous Operations solution, the industry's first pre-tested solution for real-time data continuance at long distances in case of a disaster. The solution is targeted to the financial services market, among others. Sun Services provides focused consulting expertise based on best practices for customers in the Retail Banking industry.
"We are making great strides to proving ourselves a robust and scalable platform for the $81B Retail Banking industry, from the midmarket banks to the largest money centers in the world," continued Littlewood.
TowerGroup predicts that banks will allocate over one-fourth of their technology budgets—approximately $37.5 billion on a global basis—on core banking software, hardware, and services. Core Banking software provides all of the functionality needed to originate, service and monitor both deposit and lending products and services at a retail bank.
About Sun Microsystems
Since its inception in 1982, a singular vision — "The Network Is The ComputerTM" — has propelled Sun Microsystems, Inc. (Nasdaq: SUNW) to its position as a leading provider of industrial-strength hardware, software and services that make the Net work. Sun can be found in more than 100 countries.
Sun, Sun Microsystems, Sun Fire, Sun ONE, iForce, the Sun logo, Solaris and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All SPARC trademarks are used under license and are trademarks or registered trademarks of SPARC International, Inc. in the United States and other countries. Products bearing SPARC trademarks are based upon an architecture developed by Sun Microsystems, Inc.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: