Deal on banking software

JAKARTA (JP): PT Multipolar Corporation, a subsidiary of the Lippo Group, has acquired country license rights of software for retail banking from Bank Vision Software Ltd. of the United States under an agreement signed here yesterday.

Multipolar's president, Winardi Setiaputra, told reporters after signing the agreement that the software uses an IBM midrange AS/400 computer to provide a fully integrated banking system that manages banking customers, deposit accounts, investment accounts and loans.

The software is used in 23 countries and supports multilingual and multi-currency use.

Winardi said Multipolar purchased the license for US$1 million to sell the product in Indonesia for 99 years.

"I think a break-even point will be reached after we get five or six customers," Winardi said.

Multipolar has been for three years a software distributor of Bank Vision, a wholly-owned subsidiary of Jack Henry & Associates that specializes in international retail banking software.

Winardi said more than 200 banks in Indonesia, with total assets of around US$64 million, need world class software and technology to enable them to compete effectively and efficiently with other regional and international banks.

He said Multipolar eventually plans to leave its local retail banking system software, called AMBS (Arto Moro Banking System). (yns)