technology Update for 2004

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Core Banking System

Malaysia’s Affin Merchant Bank (AMB) will implement CCK Financial Solutions’ Guava Suite for the bank’s banking and treasury management system. AMB will be using Guava Suite to handle its primary banking system needs, including corporate banking, treasury, custodian and syndication departments for both the bank’s conventional and Islamic banking divisions.

Free Asian Banker's Core banking survey: Cost influences choice

IT Outsourcing Deal:
Lloyds TSB has signed a major IT outsourcing deal with Fujitsu. The move comes a month after Lloyds TSB signed a £500 million ($935.989 million) seven-year deal with IBM to outsource its voice and data network. Fujitsu has undertaken that the outsourced work will stay in Bristol, allowing transferred staff to keep their jobs.

Payment System:
China Finance, a provider of surety and loan guarantees to small and medium enterprises in China has signed a surety guarantee contract with Shenzhen ChaseTop Technology to guarantee its successful reverse merger to become a US public company. ChaseTop provides online payment platform for e-business transactions.

Retail Distribution:

• India’s Yes Bank has signed a strategic cooperation memorandum with CashTech Solutions to develop customized financial supply chain solutions in select knowledge intensive business sectors. These solutions could be deployed via alternate channels across all customer segments of the bank.
  

• Abu Dhabi Commercial Bank has selected ACI Worldwide’s BASE24-es to consolidate its ATM and point of sale transaction authorization onto a single platform. The system will aid the bank’s compliance with Europay Mastercard Visa mandates calling for the introduction of chip cards to reduce card fraud.