Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

IBM looks on as Westpac's Kelly says mega outsourcing trend is shifting

Westpac CEO Gail Kelly has broadly hinted that the bank is unlikely to renew its decade-long IT outsourcing deal with IBM, as banks move away from all-in-one mega deals to more tactical best-of-breed outsourcing arrangements.

05 November 2009

News/Outsourcing

Penson buys Broadridge clearing contracts; outsources tech services

Penson Worldwide has entered into a deal to buy the clearing contracts of Broadridge Financial Solutions' Ridge business for up to $70 million and then outsource some technology and processing services to the seller.

03 November 2009

News/Outsourcing

Saxo Bank acquires stake in offshore IT house Initto

Online financial services firm Saxo Bank has acquired a 40% stake in Danish offshore software and IT service provider Initto.

02 November 2009

News/Outsourcing

Lloyds TSB, Barclays and HSBC extend UK cheque processing outsourcing deals

Lloyds TSB, Barclays and HSBC have signed five year outsourcing contract extensions worth a total of £315 million with the UK cheque and payments processing joint venture they jointly own with IT firm Unisys.

27 October 2009

News/Outsourcing

Bank of Tokyo-Mitsubishi UFJ adopts IBM desktop cloud service

Japan's Bank of Tokyo-Mitsubishi UFJ has signed for IBM's smart business desktop cloud service.

23 October 2009

News/Outsourcing

UBS agrees sale of Indian BPO unit to Cognizant

UBS has agreed to sell its Indian business processing outsourcing unit to Cognizant in a deal that also sees the Swiss bank and vendor sign a multi-year services contract. Financial terms were not disclosed.

15 October 2009

News/Outsourcing

IBM wins $157m Korea Investment & Securities outsourcing deal

Korea Investment & Securities (KIS) has inked a 10 year, $157 million, information technology outsourcing agreement with IBM.

14 October 2009

News/Outsourcing

IBM to buy Bank of America mortgage servicing unit

IBM has signed a deal to buy the core operating assets of Bank of America's mortgage servicing unit Wilshire Credit Corporation. Financial terms of the deal were not disclosed.

06 October 2009

News/Outsourcing

Zurich Financial and CSC enter talks on $2.4 billion IT services deal

Zurich Financial Services has entered into exclusive negotiations with CSC for an estimated $2.4 billion ten-year IT services deal covering Europe and North America.

24 September 2009

News/Outsourcing

Citi, UBS and Deutsche Bank fined over outsourced IPO communications

Citi, UBS and Deutsche Bank have been fined a total of $425,000 by US regulators and ordered to pay customers up to $420,000 for failing to supervise communications related to the 2006 initial public offering of Vonage Holdings.

22 September 2009

News/Outsourcing

BNP Paribas prime brokerage unit sells colocation business to Options IT

BNP Paribas' prime brokerage division has sold its hedge fund outsource technology business to vendor Options IT. Financial terms of the deal were not disclosed.

21 September 2009

News/Outsourcing

Transaction bankers embrace co-operation

The future of transaction banking lies in greater collaboration between banks and a greater adoption of outsourcing. This was the main point delivered at a keynote debate at this Sibos, the annual user conference of banking co-operative Swift.

17 September 2009

News/Outsourcing

Portuguese interbank processor selects Clear2Pay for outsourced payments

Sibs Processos, part of Portuguese interbank processor Sibs Group, will be implementing Clear2Pay's Open Payment Framework as the core technology for its payment hub project that will offer outsourced payment processing services to banks.

16 September 2009

News/Outsourcing

Logica and RTM partner to deliver hosted AML solution to Brazilian banks

Logica has announced a partnership with Rede de Telecomunicações para o Mercado (RTM), the largest financial services extranet in Brazil, to supply its payments filtering product, HotScan. Two banks have already begun using the RTM-hosted HotScan to comply with the Combating Terrorist Financing (CTF) regulation that came into effect in March 2009.

16 September 2009

News/Outsourcing

SmartStream launches new division to deliver trade processing and data utilities

SmartStream's new DClear Utilities division, launched at Sibos in Hong Kong, aims to serve financial institutions using a shared service centre model for common processing services. The DClear Reference Data Management Utility is the first such utility to be launched and the company says it has already signed an un-named US-based financial institution.

15 September 2009

News/Outsourcing

Morgan Stanley explores sale of Indian back office unit - report

US bank Morgan Stanley has moved to sell off its Indian back office operations, with Infosys and Wipro potential buyers, according to the Economic Times.

09 September 2009

News/Outsourcing

Finland's Luottokunta signs application outsourcing deal with Accenture

Finnish card payment services firm Luottokunta has inked a five year application outsourcing contract with Accenture. Financial terms were not disclosed.

01 September 2009

News/Outsourcing

Korea Exchange Bank and IBM ink strategic procurement outsourcing deal

Korea Exchange Bank (KEB) and IBM have signed a five-year strategic procurement outsourcing agreement, covering IT, marketing, services, facilities and supplies.

28 August 2009

News/Outsourcing

RSA expands Accenture application outsourcing deal

UK insurance group RSA has expanded its application outsourcing agreement with technology consultancy Accenture.

19 August 2009

News/Outsourcing

Bank of America sells B2B e-payment and invoice business to Bottomline

Bank of America is selling its business-to-business electronic payment and invoice network, PayMode to Bottomline Technologies as part of a multi-year agreement with the vendor. Financial terms were not disclosed.

06 August 2009