Raiffeisen International is to outsource development and support of its core banking technology to Misys and Indian outsourcer HCL Technology.
The agreement with the Austrian bank comes weeks after Misys extended its year-long strategic partnership with HCL to cover European markets.
The ring-fenced outsourced team of developers will be run from the bank's headquarters in Vienna, and use a mixture of European resources from Misys and offshore resource from HCL in India to maintain the bank's existing Midas Plus installation.
Misys says the agreement will improve quality, reduce turnaround times and enhance productivity; ensuring that all the Midas network branches maximise the benefits of the package and are able to respond quickly to changing business requirements.
Mike Wood, CIO and senior vice president IT, Raiffeisen International, explains: "We have benefited from both Misys and HCL's expertise in the past and the combined development team from the two companies will enable us to continue to build our business further while managing the level and costs of resourcing our development needs much more efficiently."
Bart Narter, SVP of research and consulting firm Celent, comments: "The financial crisis means that banks around the world must get more from their software providers and are demanding full solutions from a single contact. The ease with which HCL and Misys can shift resources among locations in Europe and India and beyond gives the partnership an advantage worthy of increasing attention by banks everywhere."