Discount broker Sanford Securities has won a $20 million outsourcing deal with National Australia Bank, providing the bank with an online share trading platform for the next three years.
Under the agreement, Sanford will supply the bank's subsidiary, National Online Trading and NAB sub-division My Prosperity, with a total online trading software solution and IT support, an NAB IT spokesperson told Computerworld.
National Online Trading incorporates NAB's e-broking operation Your Prosperity - an online broking and funds management business NAB inherited through its MLC acquisition in March 2000.
The NAB contract is an extension of Sanford's partnership with National Online Trading, which began in December 1999 with Sanford providing an Internet broking platform.
Sanford has also replaced My Prosperity's former IT solution providers JD Edwards and Hewlett-Packard, the NAB spokesperson said.
Your Prosperity's current share trading customers will start using the new platform in October, and join National Online Trading's clients already using the Sanford system, Sanford officials said.
The unit's combined enterprise customer base totals 40,000 registered clients.
In a closed tender, Sanford won the deal against stiff competition from another "well known" Australian fund manager, the NAB spokesperson said.