Cordiant & Neptune To Enhance UBS Applications
By CXOtoday Staff
Mumbai, Dec 14, 2006

Cordiant Technologies, the offshore product development partner for Independent Software Vendors (ISVs) worldwide, has entered into an agreement with Neptune Software Plc. The latter is a provider of universal banking solutions.

The aim is to advance Neptune's comprehensive Universal Banking System (UBS) application code-named 'Supernova'.

"The partnership with Cordiant will help Neptune join a new development subsidiary. Cordiant will be able to facilitate offshore development, quality assurance, and firm product development testing cycles whereas Neptune will be able to augment its software development and provide infrastructure for rapid and cost-effective development of software products," said Dennis Paul, president & CEO, Cordiant Technologies.

The agreement is initially for a period of three years, which can further be extended. As per the agreement, Cordiant will put its development team in Chennai within 60 days, which will augment the development efforts of Neptune's UBS application, through a seamless transfer of Product Domain Knowledge.

Supernova is an integrated database-independent banking solution based on Industry Standard Java and J2EE technology with an in-built workflow engine, externalized business rules and event-driven kernel, banks do not have to re-align their operations to the way systems work.

It includes a gamut of banking services like current accounts, savings, loans, mortgages, treasury, trade finance, clearing, budgeting, document management, portfolio management, multiple service channels, customer relationship management, and electronic banking.

It has many advantages like universal banking support, user defined business rules, rule based product/event model, workflow automation, risk management/Basel II accord, banking intelligence, location transparency, scalable performance/cost, and global/enterprise system.

"We are delighted to have reached an agreement with Cordiant to advance what we believe is a new world-class Universal Banking System in London, Lagos, and Chennai, " said Harold Dempster, director, Neptune Software.

"Supernova will be licensed as a complete banking system. Banks and other developers have the option to customize it with the existing framework upon which the banking system has been developed," added Dennis.

The enhanced version of Supernova under this joint venture will be unveiled in 2007.