The Hindu Business Line : UCO Bank chooses H-P for core banking solution

The pilot project will take off in January 2006 and, by March 2007, the project will be rolled out in 125 bank branches across the country, Mr V. Sridar, Chairman and Managing Director of UCO Bank, told a news conference here today..

The initiative is claimed to be the first-of-its kind by any bank in eastern India.

Mr Sridar said that, under the terms of the contract, H-P would implement and manage the core banking solution (CBS) across 1,000 branches of UCO Bank in the next five years.

The CBS was based on Infosys' Finacle solution; when implemented on H-P's computing technology, it will help the customers of UCO Bank access its products and services on a 24X7 basis. The customers will have access to banking and financial services anytime, anywhere throughout the world through multiple delivery channels ranging from Internet banking, mobile banking, to SMS alerts and integration with the existing ATM switch for ATM connectivity. H-P will also implement and manage an enterprise-wide core banking architecture, which will include delivery channel integration as well.

For UCO Bank, the initiative would mean cost advantages and "significant business benefits in the competitive banking environment in India."

Mr Sridar declined to divulge the cost of implementing the project, but said that when fully implemented, the CBS would bring down the bank's transaction costs by half.

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