by Georgina Swan

CBA signs outsourcing deal with HCL Technologies for payments system

Apr 21, 2011
Financial Services IndustryManaged IT ServicesOutsourcing

A deal between global outsourcing company, HCL Technologies, and the Commonwealth Bank of Australia (CBA) has helped the IT services company towards a 33.5 per cent year-on-year increase in global revenues for the third quarter of 2010-2011.

The Australia and New Zealand region delivered a “solid financial performance”, posting double digit year-on-year growth following a deal to implement a payments solution that “rationalises and bring all the bank’s entities along with acquired banks onto a common infrastructure”.

The earnings report does not specifically name the financial institution, referring instead to a “leading Australian bank”. CBA, however, has been a customer of the outsourcer for several years. In 2007, the bank signed on with HCL as part of a multi-sourcing strategy for the provision of application services.

HCL global revenues rose to $US915 million, while net income rose 16.5 per cent sequentially. The region that combines Asia-Pacific, Middle East, South Asia, Australia, New Zealand and Africa posted revenue growth of 21.7 per cent quarter-on-quarter and 80.8 per cent year-on-year.

“Our investments in infrastructure, people and new business propositions like enterprise mobility services along with continued focus on delivering value to our customers has ensured an unparalleled growth momentum,” said HCL’s Asia, Africa and Middle East president, Virender Aggarwal, in a statement.