9/12/2003 - Sun Microsystems, Inc. and Infosys continue to demonstrate momentum in mid-market retail banking with more than 15 customers implementing solutions based on the Retail Banking Reference Architecture announced last year. This proven methodology helps enable financial institutions to increase operational efficiencies, lower costs and deliver new services to customers, which then helps drive incremental revenue opportunities. National Commercial Bank (NCB) Jamaica Limited reinvented its business, leveraging this Reference Architecture and replacing its mainframe system, and quickly realized a return on its investment.
The NCB Banking Group, with US$2.2 billion in assets as of June 30, 2003, worked with Sun and Infosys to bring a solution into production in six months that other vendors had predicted would take five years. Implementing this banking solution enabled NCB to reduce its customer wait time in line for a simple transaction from forty-five minutes to 8 minutes in many cases, and the bank was able to reduce end-of-day teller reconciliation time from 45 minutes to an average of 15 minutes.
"The Retail Banking Reference Architecture from Infosys and Sun was clearly the best solution for us to address the changing needs of our customers," said Herb I. Phillipps Jr., Member of the Board and Director - Transformation Initiative, National Commercial Bank, Jamaica. "Not only did it provide us with a powerful, scalable, and flexible technology platform, but it helped transform NCB into an agile and customer-focused bank. We saw tangible results in weeks, not years."
Continued Phillipps, "Our success goes beyond banking. It's about nation building, creating wealth for Jamaicans. By putting customer service on top of the list we believe we've made an important step in bringing to the Jamaican public, a first-world banking platform."
Sun's Reference Architecture methodology makes it easier for banks to respond to customer demand for 24 x 7 web-enabled banking, Straight Through Processing (STP) and a unified channel access to manage their personal financial information.
Built and tested in iForce Centers, Reference Architectures are repeatable methodologies based on implementations in live customer sites worldwide that are designed to reduce risk, complexity, time and cost associated with building and running network computing solutions. The Retail Banking Reference Architecture leverages a proven, tested combination of Sun Fire servers, Sun StorEdge arrays, Sun ONE platform, and the Finacle Core Banking, Finacle eChannels, Finacle eCorporate and Finacle Treasury applications from Infosys. In addition to NCB, the Retail Banking Reference Architecture from Sun and Infosys have successfully been deployed by banks all over the world. ABN Amro Bank, India; Bank of Ceylon, Srilanka; Canara Bank, India; City Bank, Bangladesh; First Atlantic Bank , Nigeria; ICICI Bank, India; IDBI Bank, India; Jammu and Kashmir Bank, India; Kakawa Discount Bank, Nigeria; Karnataka Bank, India; Lion Bank, Nigeria; National Bank of Abu Dhabi; Oceanic Bank, Nigeria; Oriental Bank of Commerce India; Punjab National Bank, India; Sampath Bank, Srilanka; and Union Bank of India. Sixty percent of Infosys's Finacle Core Banking implementations run on Sun.
Mid-Market Focus Pays Dividends
Sun Microsystems offers the technologies, the experience and the relationships to help financial services institutions develop, deploy, manage and support their critical business systems in less time and with less risk. Over the past five years, Sun technology has won acceptance as a platform of choice for core-banking systems. Sun's strategy to team with its iForce[SM] partners to address the challenges of the mid-market banking industry continues to pay off. Sun working with our iForce partners is rapidly growing it's presence, with over 500 financial institutions expected to chose Sun for their core systems this year alone. This growth means that customers can be assured that the best and latest applications will be available on the Sun platform allowing them to quickly add new services and develop new revenue streams. Our open, end-to-end architecture isolates customers from unexpected and costly migrations that are common with older architectures.
"To be successful, banks need to concentrate on building flexible IT architectures that allow them to retain customers, build new revenue streams and lower costs," said Ravi Pendekanti, senior director of Reference Architectures and Customer Ready Systems programs at Sun. "Open, network computing systems and pre-tested methodologies such as Sun's Reference Architectures help banks to effectively address these critical success factors, and quickly implement new banking solutions on time, on budget and without disruption to their business operations."
About Infosys Technologies, Ltd.
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 15,000 employees in over 30 offices worldwide. More information can be found online at www.infosys.com.
About Sun Microsystems, Inc.
Since its inception in 1982, a singular vision -- "The Network Is The Computer" -- 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 and on the World Wide Web at http://sun.com
Sun, Sun Microsystems, the Sun logo, iForce, Sun Fire, Sun StorEdge and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
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