Discount broker Sanford Securities has won an outsourcing deal with National Australia Bank, providing the bank with an online share trading platform over the next three years.
Under the agreement, Sanford will supply the bank's subsidiary National Online Trading with a total online trading software solution including technology solutions, trading operations and IT support, a NAB spokesperson told Computerworld.
Sanford said the deal has an estimated value of at least $20 million.
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 Your Prosperity's former e-broking IT solution provider HP JDV (e-commerce arm of investment and brokerage house Hartley Poynton), the NAB spokesperson said.
Your Prosperity's current share trading customers will begin using the new platform in October, and join National Online Trading's clients already using the Sanford system, Sanford chief executive Steven Goh 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 HP JDV, the NAB spokesperson said.