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Wednesday, May 13, 2009

Oracle Financial - Bank of London and The Middle East plc Goes Live on Oracle® FLEXCUBE Private Bank

Bank of London and The Middle East plc Goes Live on Oracle® FLEXCUBE Private Banking

News Facts

* Oracle Financial Services Software, a majority owned subsidiary of Oracle, today announced that Bank of London and The Middle East pic (BLME), the largest Islamic bank in the UK, has successfully implemented Oracle® FLEXCUBE Private Banking in less than four months.

* Oracle FLEXCUBE Private Banking will enable the bank to offer Sharia''a compliant products and services as part of its wealth management offerings. The solution is integrated with the bank''s existing Islamic banking back office application for customer and account information, along with services capability to interchange orders and transactions.

* Oracle FLEXCUBE Private Banking''s underlying technical architecture and use of open standards helps give the application the versatility to address the requirements of both conventional and Islamic banking.

* Bank of London and The Middle East pic is using the solution to get a 360-degree view of their customer''s wealth. This enables customer profiling, overall lifecycle management and will help the bank to deliver self-directed and advisor-driven solutions to its customers.

* Oracle FLEXCUBE Private Banking is allowing the bank to provide holistic wealth management and to tailor and personalize wealth management services to the specific risk profiles of its customers.

* Oracle FLEXCUBE Private Banking''s flexible architecture will help enable the bank to respond swiftly and nimbly to changing market conditions. The solution''s agile, J2EE architecture provides robust security, high performance, availability, scalability and easy extension for bank-specific customizations.

Infosys cuts variable pay of employees to save costs

Infosys Technologies had cut the variable pay of its employees for the second time during the last few months. As per the sources, 70 per cent of the variable salary is guaranteed for employees. Earlier, the same had been reduced to 80 per cent from 90 per cent.

The variable pay of the employee is determined by a combination of various factors including the company performance, performance of the business unit and the individual''s personal performance.

Moreover, Infosys has also asked the department heads to identify five per cent of workforce, whose performance has been at the bottom rung of the appraisal process in the last two years. Earlier the company asked 2100 employees to go after their performance was found to be below par.

Tata Consultancy Services Drives Transformation at Volkswagen Group UK Ltd

Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, announced that it has been selected to deliver TT transformation and support services to Volkswagen Group UK Ltd in a five year contract.

TCS will leverage its Global Network Delivery Model™ to provide onshore and offshore IT support and transformation services for the Volkswagen Group''s operations throughout the UK, and across the brands Audi, SEAT, Skoda, Volkswagen Passenger Cars and Volkswagen Commercial Vehicles, TCS will support the Volkswagen Group In its business transformation programme to meet its aim to ''sell more cars, sell more parts, drive down costs'', TCS will support all brands within the Group as they move to a consolidated, standardized business platform, enabling geographic mobility of Volkswagen Group UK employees, increased flexibility, and cost reduction. This is the first time Volkswagen has implemented an onshore-offshore model for its H" systems.

TCS has already started working with Volkswagen Group UK, and was tested within the first week on the project when a major power outage at the UK head office in Milton Keynes caused many of the Group''s systems to fall on a Friday evening. From Milton Keynes, the company controls sourcing, marketing and distribution of all vehicles and parts in the UK, therefore the health of its IT systems is critical to the company''s operations across the country. TCS, already intimately acquainted with every corner of the system and piece of equipment, mobilized a global team to work overnight onsite and from India, successfully recovering all of the Group''s rt services in time for Saturday''s trading.

"We couldn''t have better proof that we''re in safe hands with TCS/'' said Nick Gaines, Group IS director, Volkswagen Group UK. "We have been deeply impressed by the dedication and collaborative approach taken both by the local and India-based teams. This gives me great confidence In the future relationship between our businesses."

"Understandably, we''re seeing an increasing focus on consolidation and cost optimization In the current economic climate," said Duncan Aitchisan, partner & president, TPI, "Companies with global operations and disparate brands need to think about streamlining their operations, in the way Volkswagen is doing, to survive and thrive in the future."

"In this challenging environment, organizations are looking to Increase efficiency and flexibility in order to stay competitive," said A. S, Lakshminarayanan, Vice-President and Head of Europe, TCS. "By helping Volkswagen Group UK consolidate their IT systems onto a single platform, and harness the power of our Global Network Delivery Model™, we are not only streamlining their infrastructure, but also their wider businesses processes. In the current economic climate, ensuring a business is fit, well and lean, in this way, is the key to success,"

ICICI Pru Life to increase headcount in next two months

ICICI Prudential Life said that it will recruit 3,000 people in the next two months. "We are a growing organization, and we have already started hiring the next round of 3,000 people over the next two months, the process for which is in full swing," said Sujit Ganguli, senior vice president and head-marketing of the company.

The insurance company already has rationalized its branch network for optimal utilisation of resources. "We have combined some of our branches. We have not vacated from any location (cities, towns and tehsils/taluqas) where we were present and have ensured to remain in close proximity to all our customers," he said.