New Era of Networks Inc. said it is teaming up with Tandem Computers Inc. on a real-time global payment system for financial institutions.
New Era of Networks, known as Neon, will supply its Neonet intelligent messaging hub for routing of transactions in the Tandem Payments Factory. As part of the agreement, Tandem will be a reseller of Neonet products.
Neonet is one of nine applications that are combined in the Tandem Payments Factory, a Microsoft Windows NT-based system designed for wholesale payment automation in real time with comprehensive risk management.
"Tandem's vision is to provide our customers with the premier solution for integrating the back office on both the payments side and the securities side by bringing together best-of-breed vendors," said Tandem vice president Norman Goldberg. "Neonet provides the connectivity and foundation to the Tandem Payments Factory that allows for seamless integration and excellent straight-through processing rates that save Tandem customers billions of dollars."
Separately, Neon announced it has bought Menhir Ltd. of London, a banking information systems vendor, for $2.8 million.
"Menhir's major product, Rapport, is an important integration tool for global banking," said Neon chief executive officer Rick Adam. "Rapport allows banks to consolidate client relationships across multiple product lines and divisions."