PSI Data Systems bullish on Financial Supply Chain Management
Partners with Bolero to set up an ODC in India
Bangalore, March 22, 2006
PSI Data Systems Data Systems Limited (BSE – PSID), a leading IT solutions provider today announced a partnership with Bolero, a leading financial supply chain (FSC) management application software provider to set up an Offshore Development Centre (ODC) in India. As a part of the agreement, PSI Data Systems will extend application development, maintenance and field support services to Bolero.
The ODC will support a powerful electronic compliance and matching solution from Bolero that delivers online reconciliation of trade data. This solution incorporates aspects of existing paper based settlement methods but, through automation, eliminates expensive and time-consuming manual activities that characterize current settlement services. Bolero is an open platform designed to enable paperless trading between buyers, sellers, logistics, banks, agencies and regulatory authorities anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Using the offshore development model will enable Bolero to provide a flexible resource allocation with access to a large pool of resources, flexible pricing structure, shared risks, faster time to market, predictable quality, and at an overall reduced cost. The ODC will also help Bolero maintain its financial supply chain suite of products and carry out enhancements on an ongoing basis and when required take up customer specific implementation consultancy activities.
Speaking on the occasion, Mr. Sampath Iyengar, CEO, PSI Data Systems said, “We are pleased about our alliance with Bolero. Bolero’s objective of setting up a dedicated offshore software development centre to develop and maintain its specific FSC applications aligns very well with PSI Data Systems’ strategic focus in providing corporate banking solutions and services. The FSC provides new paradigms of doing business between counter-parties buying and selling goods and services”.
On a similar note, Mr. Arthur Vonchek, CEO, Bolero International said, “PSI Data Systems has deep domain knowledge in trade services technology and in-depth experience in executing large projects in the trade finance domain. We trust PSI Data Systems’ expertise and this partnership is a reflection of the commencement of a fruitful relationship”.
About PSI Data Systems
PSI Data Systems Limited is the Information Technology business of the Aditya Birla group, one of India's largest business conglomerates. PSI Data Systems is a best-in-class IT solutions company serving Banking, Financial Services and the High Tech markets, globally. PSI Data Systems operates offices in the USA, Europe, Japan and delivery centers in India. For more information visit the PSI Data Systems company website http://www.psidata.com
About Bolero
Bolero is a global initiative backed by the world's banks and logistics companies to move trade onto the Internet. SWIFT, a financial industry owned entity that offers a standardized messaging platform that is widely used by banks and financial institutions across the world was a founding partner of Bolero. The Bolero System provides secure electronic transmission of business data and documents along the entire trade chain from front end order processing and management to backend trade document exchange. Supported by a growing number of the world's major banks, companies and their trade partners are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency. The company's website can be found at http://www.bolero.net
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