UBI ties up with HP-Infosys to implement core banking solution

Kolkata, Jun 30 (UNI) United Bank of India (UBI) today tied up with Hewlett-Packard (HP) to implement and manage ''Finacle core banking solution'' developed by Infosys Technologies Limited.

''The core banking solution will help the customers deal with the bank anytime and from anywhere in the country,'' UBI Chairman and Managing Director P K Gupta told reporters.

UBI had already tied up with state-run Bharat Sanchar Nigam Limited (BSNL) for setting up a virtual perfect network (VPN) which will enable a faster network system for the Bank.

''The cost for setting up a virtual perfect network (VPN) and implementation of the core banking solution is Rs 200 crore,'' Gupta said.

''Initially core banking solution will be implemented in 600 branches, majority of which are in the eastern region,'' he said.

''In the second phase the project will be implemented in 900 branches of the Bank, having 1318 branches spread across the country,'' he said.

''The project will take five years to be fully implemented and in the next six to eight years time the Bank will be able to recover the entire and achieve higher business volumes,'' he said.

''The HP-Infosys combination has been selected by an open tender process by Ernst and Young (E&Y) the Bank's consultants for development of business,'' he said.

UBI having 1.35 crore customers is targetting Rs 55,000 crore business this year from Rs 45,200 crore achieved last year.

''UBI is the fifth customer of HP in core banking solutions segment. We are looking at more growth opportunities in the segment,'' HP's vice-president Kapil Jain said.

Infosys Technologies' regional manager sales Vikas Gupta said, ''UBI is the 15th bank in the country where the Finacle solution developed by Infosys is being implemented.'' UNI TJP JYN RD 1700