LITTLE ROCK and WHITE PLAINS, N.Y. Alltel Corp. and International Business Machines Corp. said Tuesday that they have formed a joint venture company to provide core banking software to financial institutions in Europe.
IBM has taken a minority equity stake in Alltel Corebanking Solutions, which will be based in London and be known as Alltel Corebanking Solutions. Alltel is to be responsible for marketing, developing, and maintaining the product, and IBM will oversee sales and implementations. Initial target markets are Germany and France.
The Corebank software is intended to deliver customer information in real time to personnel so they can change products and market them quickly. It also feeds into other systems, such as marketing databases and other analytical tools.