I-OneSource, Metavante in JV

I-OneSource and Metavante Corporation, one of the top 3 US bank technology and payments processors enter into strategic partnership.

ICICI OneSource Ltd (I-OneSource), one of India's leading BPO companies on Wednesday announced that it has entered into a strategic partnership with Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation.

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Metavante picked up an 11.5% stake in I-OneSource through a combination of primary infusion and secondary purchase. Pleased over the partnership Ananda Mukerji, MD & CEO ICICI OneSource said, that Metavante's technology platform and deep client relationships would greatly enhance I-OneSource's access into the North American financial institutions market.

Metavante's banking and payments platforms will combine with I-OneSource's process management and offshoring expertise to create business transformation solutions that go beyond outsourcing agreements on generic technology platforms.

Metavante will be the exclusive distributor in the North American banking and financial services and payments markets of I-OneSource's BPO service. While I-OneSource will be Metavante's exclusive offshore delivery partner and preferred onshore delivery partner for BPO services to financial institutions.

Frank Martire, Metavante President and CEO believes that there is tremendous scope to offer full service business process outsourcing to financial institutions in North America.