One of the top providers of universal banking software solutions for financial services institutions worldwide, System Access Limited is working with Satyam Computer Services to supply, implement, and maintain System Access' SYMBOLS Core Banking Solution (CBS) in one of India's largest banks, the Punjab and Sind Bank (PSB), for the next 10 years.

The value of this 10-year deal is pegged at US$30 million and is the fruition of work facilitated by the IDA in bringing together System Access and Satyam in July 2004. "This significant win by System Access and Satyam is a testament to the effectiveness and value of such global partnerships," said Mr P. Ramakrishna, Director, Industry Development, IDA Singapore, who added that IDA remains committed to helping Singapore Infocomm companies form strategic and mutually beneficial partnerships with Infocomm multinational corporations from around the region.

With 813 branches and 76 extensions spread all over India, PSB hopes to leverage on technology to improve customer service, manage risks, reduce cost of operations, and maximise profitability.

This is where the partnership with Satyam benefited System Access. Satyam is a leading global consulting and information technology services company and System Access will be leveraging their IT resource pool and service delivery experience to fulfill PSB's needs.

In the meantime, System Access Chairman and CEO Mr Leslie Loh is looking forward to more results from its' Satyam partnership. "One of System Access' strategies for growth is to build-up a strategic outsourcing services and global distribution partnership ecosystem. Our partnership with Satyam has been very beneficial, culminating in this SYMBOLS core banking implementation at Punjab and Sind Bank. We expect more banks in the future to benefit from the combined strengths of our partnership's resources," he said.