Fortune Informatics in alliance with BillJunction Payments

By siliconindia   |   Wednesday, 11 June 2003, 19:30 IST   |    8 Comments
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MUMBAI: Following a successful launch of their latest software product ReportSuite 3.00 at CeBIT and institution of ReportSuite Academies at Brussels, Cypress and Dubai, Fortune Informatics Limited, a Hyderabad based software products company has entered into a strategic alliance with BillJunction Payments Ltd., a network company of ICICI Venture and Electronic Bill Presentment and Payment solutions and service provider, to implement ReportSuite across BillJunction’s customer base in India. C.K. Shastri, Managing Director, Fortune Informatics Limited, said, “This relationship is significant for us. Not only does it add a leader in its business, to our list of prestigious clients, but also establishes Fortune Informatics Limited as a vendor of choice in providing out-of-box solutions to complex business issues. It will increase the reach of ReportSuite into the fast growing Electronic Bill / Statement Presentment (ESP) market in India.” Commenting on the partnership, Bikramjit Sen, CEO, Billjunction Payments Ltd said, “We view this partnership as a significant contributor to our future growth objectives by enhancing the value it provides to our existing client base and prospects as the ReportSuite 3.00 structures itself has another modality for bill/statement output and presentment management. We foresee a significant growth in our bottom and top line through this relationship.” ReportSuite is a report management and generation tool, which helps companies to integrate multiple data structures to generate output of any event or transaction without disturbing the core systems. “ReportSuite solutions will enhance the value proposition for the existing and prospective customers of both Fortune Informatics and Billjunction because of the synergy in our mutual business offering,” added Shastri According to ResearchandMarkets.Com, the global ESP market space will grow from less than a half billion dollars in processing revenues in 2002 to over $18 billion by 2007. The penetration of electronic statements is expected to reach 80% by 2007 and by comparison, the bill presentment market will have a 70% cumulative penetration by 2005 while the bill payment market will have a share of 80% by the same period.

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