Dena Bank to implement Core Banking solutions

Dena Bank has announced that the Bank has decided to implement the Core Banking Solutions (CBS) by adopting outsourcing model with a contract period of 10 years and it has envisaged to cover 850 branches of the Bank under core Banking. Along with core Banking, Bank would also be implementing the host of third party applications / multiple Delivery Channels (Internet, Phone Banking etc.), Credit Appraisal, Integrated Treasury Management, Risk Management, Asset Liability Management, Anti Money Laundering and Cash Management etc.

The project will be implemented in phased manner. The contract envisages total supply of hardware, Software, its implementation and maintenance, upgradation, replacement, management of networking systems etc., for the entire contract period of 10 years.

The Bank in this regard has finalised & awarded the outsourcing contract for Core Banking solution to M/s Wipro Ltd, a leading Global Information technology solutions, consulting and services provider Company as prime vendor, with 'Finnacle' software solution offered by M/s Infosys Technologies Ltd, for providing comprehensive IT outsourcing services to the Bank for a period of next 10 years.

The Bank has also appointed M/s Ernst and Young, renowned consultancy Company, as the consultants for the Core Banking project.

Source : Equity Bulls

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