Knosys (ASX: KNO) says the project, with a contract value of $840,000, is expected to last 9 months and is driven by New Zealand banking regulations, specifically Banking Standard 11 (BS11), which requires New Zealand based banking businesses to have their own service operations and technology systems, which are independent of the operations of any foreign parent entity.
“We are pleased to be able to work with ANZ Bank New Zealand directly and look forward to assisting them in establishing a local KnowledgeIQ system within their country,” said Knosys’ Managing Director John Thompson.
“Whilst they will focus on establishing the infrastructure necessary to run the knowledge management solution, Knosys will be responsible for the design of the infrastructure and support on commissioning and deployment of the system.”
Knosys says the professional services contract is expected to continue for 9 months and will generate approximately $840,000 in project fees for the company.
As part of the project Knosys will be providing software services to assist ANZ Bank New Zealand with data migration from the Australian ANZ Group system and ingestion into the local New Zealand KIQ platform.
Knosys says ANZ Bank New Zealand is already a large user of the KnowledgeIQ solution provided at ANZ Group level, with 6,000 licensed users in New Zealand.
“These user numbers demonstrate the importance of the relationship and Knosys hopes to work more closely with the New Zealand operation to explore opportunities to expand and develop this relationship further,” Knosys said in a statement on Wednesday.