Braxxon Technology and Global Trading Operations (GTO), the settlements processing outsourcing arm of Bank One, achieved an important milestones today with the joint signing of a 'Memorandum of Understanding'. The agreement enables the two organisations to offer a full range of complimentary advisory and operational services to clients in the fast growing market of back office outsourcing within the financial services sector.
The relationship is not exclusive to either party. Braxxon will continue to offer independent specialist outsourcing consultancy services as well as being a preferred consulting partner of GTO. GTO will continue to contract directly with clients in the sale and implementation of their successful outsourcing service.
This is the first time in its 12-year history that Braxxon has entered into a strategic alliance with a bank. Under the agreement the two parties will:
- Help each other to identify client opportunities
- Work together on joint marketing campaigns
- Work together on joint assignments for the benefit of mutual clients
Outsourcing of back office settlement processes to specialist third party providers is gaining momentum as the way for many banks and institutions to avoid the huge investments in technology that will be needed to stay competitive in today's markets.
Maurice Pannell, Managing Director at Braxxon and Alan Stark, Managing Director at GTO said that they believed that alliances of this nature are fundamental to success in today's rapidly changing and specialist market.