Economy, Business And Markets

ISC in Deals With IBM, Infosys

ISC in Deals With IBM, InfosysISC in Deals With IBM, Infosys

The Informatics Services Corporation has signed agreements with IBM and Infosys, two major tech giants, to acquire services for Iran’s banking system, said Aboutaleb Najafi, the ISC managing director.

“ISC’s vision for the next economic development plan (2016-21) is to expand cooperation with the banking sector, especially in communication technology,” the company’s website quoted him as saying on Monday.

IBM, as the leader in the payments and transaction banking industry, provides banks with various banking services including core banking, smart banking as well as payment technologies and platforms. The company also offers customizable costumer management system.

Infosys banking solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide.

Addressing the constraints in using international credit cards in the country, Najafi said “American companies, including VISA and MasterCard, are barred from doing business with Iranian entities; however, their affiliates in third countries are free to do business with Iran.”

“Reckless and hasty decisions should be avoided because it could turn the banking opportunities in post-sanctions years into threats,” he warned.

He said the banking industry has been evolving in recent years. “Iranian banks need to allocate more resources for innovation and e-banking services if they want to keep pace with international trends.”

Informatics Services Corporation, founded in 1993, supplies banks and financial institutions with automation systems and applications.