Software majors Infosys and Wipro, who are vying with each other for global information technology outsourcing contracts, have now joined hands to outsmart competitors and win domestic banking contracts.
The Bangalore-based firms have bagged a Rs 90 crore (Rs 900 million) core banking solution (CBS) deal from public sector Vijaya Bank, in which Wipro will work on end-to-end implementation and integration of Infosys's Finacle banking solution, besides providing telebanking and anti-money laundering solutions.
"We compete in the morning and network in the afternoon," Wipro chairman Azim Premji said of rival Infosys, with whom it has already implemented CBS with Union Bank of India and Oriental Bank of Commerce.
Vijaya Bank is the third customer for whom the two IT firms are jointly implementing a CBS in the country and expect to continue the relationship both at home and abroad.
"We are very fierce competitors and do it in a humble way; we do it in an ethical way and we are proud of it," Infosys chief mentor N R Narayana Murthy said, adding that he used Wipro's computer and lighting products at his office.
Premji, however, said there are markets like Africa where Infosys operates and where joining hands is difficult and ruled out partnerships in the business process outsourcing space between Wipro Spectramind and Progeon, the BPO unit of Infosys.
Vijaya Bank chairman and managing director M S Kapur said the CBS for 350 branches in 18 months would be extended to other branches by retaining the IT majors as implementation partners.