Bank of New York partnership nets contracts in excess of £1 million for iE
11th January 2001 - Intelligent Environments Group plc ("iE" or "the Company"), the leading provider of software to financial services companies which enables their customers to apply for and manage their financial products online, today announces 3 contracts in the "wealth management" sector, with a combined value in excess of £1 million, through its relationship with The Bank of New York.
The Bank of New York ("BNY"), the leading securities servicing and fund administration house, has licensed iE's software to provide Internet application and servicing capabilities for its retail funds clients.
BNY is a market-leading provider of administration and back office systems to Fund Managers. RUFUS, BNY's retail funds administration system is used to administer over 20 per cent of the UK market. Utilising iE's NetFinance software, BNY's clients will be able to provide straight through processing dealing and enquiry capabilities via the Internet to their investors.
This partnership with BNY has helped in securing 2 further contracts with their clients in December 2000. It is expected that the partnership will result in additional contracts with BNY's retail funds clients in 2001.
iE is well positioned to offer e-business solutions to the "wealth management" market, because a critical issue will be access to multiple back office systems for many product lines, an area of high competence for the Company. iE's NetFinance software offers an aggregated, single view of the customer with execution, self-service and advisory capabilities. iE will focus on delivering solutions to this market through funds administration partners, implementation consultancies and direct to companies in the marketplace.
The Company invoiced 75% of the contract values in the financial year ended 31 December 2000.
Commenting on today's announcement, Roger Willcocks, Chief Executive of iE, said: "I am delighted with our continuing progress in offering comprehensive e-business solutions to the savings and investment industry. iE has been working with The Bank of New York for close to 10 years and we are pleased to be an important partner in extending e-business capabilities to its clients. These three valuable contracts reinforce the quality of our iE NetFinance product and create the opportunity for further sales in the fast growing wealth management space."
Rebecca Gunn, Byline Group
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