- Siemens' partnership with Financial Objects key to securing contract
6th September, 2004 - Siemens Business Services in conjunction with Financial Objects plc has been selected by Derbyshire Building Society to replace its mainframe application with 'activebank',. The contract is initially worth around Â£3m, with opportunities for both partners to supply further products and professional services over the course of the contract.
Siemens and Financial Objects have formed a joint project delivery team to design, develop, and implement the activebank solution. In particular, Siemens will provide senior business analysts and programme management expertise to support the overall transformation programme at Derbyshire Building Society.
activebank will enable Derbyshire Building Society to handle all the core business functions for transaction processing and management of accounts and products. It comprises a set of scalable, robust and functionally rich banking applications deployed on industry standard, internet-enabled server technologies using the Microsoft .NET technology platform. The solution provides inherent support for all existing and emerging channels.
Phil Preece, Solutions Business Manager at Siemens Business Services, commented, "Our reputation for de-risking major IT implementations and our partnership with Financial Objects were key factors in securing this major contract. We see the deal as early proof that our strategy within the Solutions Business Unit to focus on the need for replacement of core systems within the financial services sector is in line with market demand."
John Gaunt, IT Director at Derbyshire Building Society, said, "This project is of fundamental importance to Derbyshire Building Society. As well as finding the right software solution, we had to identify an implementation partner with a solid track record in this type of critical work and one in whom we could have absolute confidence. Siemens Business Services and the activebank software provide the optimum solution."
Siemens commercial relationships are based on sharing in both the risks and the rewards from delivering a customer's objective.
Peter Watts, Director - ActiveBank Division, Financial Objects plc commented, "Having set up the joint partnership with Siemens earlier this year and having worked hard to develop the market in the UK, securing this piece of business vindicates the approach of specialist software providers working alongside major systems integrators, such as Siemens. We look forward, with Siemens, to successfully delivering this solution to the Derbyshire and offering it to other UK financial institutions."