JMR Infotech has won first taker for its services in US as Silicon Valley Bank (SVB), commercial banking operation of the SVB Financial Group, selected the India‐based banking software services and solutions provider for FLEXCUBE support.
Online PR News – 25-June-2012 – Bangalore, India – The deal addresses Silicon Valley Bank’s need to have a more scalable core banking infrastructure
India, Bangalore – 28 May, 2012
JMR Infotech, formerly TRASSET Services Group, on 28th May 2012 announced that it has won first taker for its services in US as Silicon Valley Bank (SVB), commercial banking operation of the SVB Financial Group, selected the India‐based banking software services and solutions provider for FLEXCUBE support. The deal comes in the wake of SVB’s decision to move its entire core banking operations to Oracle FLEXCUBE.
Business operations of SVB are currently being run on a few modules from a legacy core banking system and the bank had implemented FLEXCUBE as well to manage its Customer Information File, Current/Savings Account, Limits, Commercial Loans, Fund Transfer and Electronic Messaging requirements. Driven by the need to have more scalable core banking infrastructure that enable the bank to better comply with regulatory requirements and meet projected growth rate, SVB has decided to move its entire core banking operations to FLEXCUBE and JMR Infotech’s services will be instrumental to bridge the gap between core banking system vendor and the bank for efficient project execution.
Under the contract, JMR Infotech—an Oracle partner for FLEXCUBE services covering entire gamut of services such as Implementation, Onsite Application Management and Support, Reporting and Interfaces—will work as an Extended Arm of the bank to analyse its business requirements, carry out Feasibility Analysis, support User Acceptance Test and Cutover activities, apart from co‐ordinating between the bank and the core banking vendor whenever required. By deploying the services of JMR Infotech, SVB will be able to revamp the way it carried out its business.
“We are delighted to sign this FLEXCUBE functional consultancy deal with SVB. Strategically, this will be an important engagement for us to breakthrough the US/Latin America markets and demonstrate our expertise in FLEXCUBE oriented services and solutions. Through our unique ‘Extended Arm’ engagement model, we will strive to bring‐in maximum business benefits to SVB by providing support to tune its core banking operations to meet the regulatory requirements and support operational growth. We are looking at converting this opportunity as a long term business relationship with SVB, taking care of all their FLEXCUBE requirements in the future,” says Rajesh Jayapal, Delivery Director, JMR Infotech.
SVB is the California bank subsidiary and the commercial banking operation of SVB Financial Group. SVB provides solution oriented services like credit and global treasury management at every stage of business growth, investment services and advisory, specialised banking services for start‐ups and venture capital firms and funds. SVB is the market share leader with nearly 30 years experience serving the technology industry and it provides innovative approaches and customised solutions for companies of all sizes and growth stages. Headquartered in Santa Clara, California, the bank has 26 US offices and international operations in China, India, Israel and the U.K.
About JMR Infotech
JMR Infotech, formerly TRASSET Services Group, is a fast growing IT company with more than 250 dynamic and highly skilled people globally in the group. The company has developed deep expertise in the financial market, backed by industry proven best practices in banking, understanding client's business realities and have the solutions to advance their business goals, which enable JMR Infotech’s clients to grow their business organically, manage costs and manage risk. JMR Infotech’s success depends on its ability to offer specialised BFSI domain expertise with exclusive focus on this industry.
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