Covansys India, NEC Corp. implement global banking system
By siliconindia   |   Thursday, 09 October 2003, 19:30 IST
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BANGALORE: Covansys Corporation (Nasdaq: CVNS), a global consulting and technology services company, today announced that its subsidiary, Covansys (India) Private Limited, along with NEC Corporation, successfully launched the Global Banking System (GBS) at the Yachiyo Bank, Tokyo utilizing BankingWeb21, the core product within NEC’s financial systems suite of solutions. In this multi-phase project, Covansys partnered with NEC to develop BankingWeb21 at Covansys’ premiere offshore facilities in Chennai, India. Covansys leveraged its industry expertise in product engineering and development to create a unique system for NEC that has strengthened their position as leaders in the competitive Japanese financial market. Covansys’ technical expertise in open systems, object-oriented technologies, Rational Unified Process and banking domain knowledge enabled the team to deliver the high quality product. Advantages of using this system include significant reductions in any start-up costs for financial institutions, and a high degree of flexibility that will allow these institutions to offer unique services and quickly introduce more products to their customers. BankingWeb21 is one of the first open system-based retail banking products designed to help the industry enhance and deploy business and statutory requirements with ease and flexibility. “Covansys has been instrumental in the development and successful launch of BankingWeb21,” said Tadayoshi Murao, executive general manager, NEC, Tokyo. “We chose to partner with Covansys for the last four years because of their proven track record, along with their global implementation capabilities, flexible, cost-effective delivery model, and broad experience in building complex enterprise applications using the latest technologies.” Murao added, “Covansys’ expertise, knowledge and commitment are testaments to its abilities and leadership qualities.” “Covansys India welcomed the opportunity to partner with NEC on this project,” said Krishnaswamy Subrahmaniam, president and CEO, Covansys India. “We were able to utilize our rich experience in this market to help NEC reap the many benefits of using offshore outsourcing. We are confident that NEC’s new BankingWeb21 system will allow them to offer their clients a unique suite of management and financial services products.” Covansys began operations in India in 1991. Today, the company has one of the largest offshore capabilities of any U.S.-based technology services provider, with over 2100 full-time employees based in India. Two of the company's three wholly owned development centers in India are SEI CMM® Level 5 certified, and all three are ISO 9001:2000 certified and assessed at Level 5 in PCMM®. In addition to providing solutions to clients in Asia Pacific, Covansys has twelve years of experience successfully managing offshore outsourcing projects for more than four dozen North American and European clients including Guardian Life Insurance Company, Henry Ford Health Systems and SIRVA.

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