Ramco wins multi-million managed services deal from British MNC Bank

Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services.

Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 countries on a unified platform.

It will cover 8500+ employees across Asia covering Vietnam, Brunei, Bangladesh, Sri Lanka & Nepal; and the Middle East covering Iraq, Bahrain, Oman, Qatar, Saudi Arabia, Egypt, Lebanon, Jordan and UAE in Phase 1. The scope includes providing Payroll, Taxes, Time & Attendance, Leave Management, Loans and Reimbursements and Self Service.

Unlike traditional companies that used to provide payroll software and then leave the implementation and upkeep to IT services companies like Infosys and TCS, cloud-based players like Ramco Systems do both, and are therefore called managed service providers.

Ramco offers the solution without the option of bundled services as well, but in this case, the customer has opted for both.

The deal represents a major step-up for the cloud solutions company as financial services companies choose their suppliers carefully, and a win from a major multinational bank could improve Ramco’s prospects for the future.

Ramco group was founded in 1894 by PAC Ramasamy Raja in Chennai, and is one of India’s biggest cement makers.

The emergence of cloud-based players is the primary reason for the sluggishness in the growth of IT services companies, who are themselves trying to get into the field.

“From Chatbots for employee self-service to Robotic Process Automation which drives productivity and performance improvement; the Payroll market has witnessed multiple innovations being rolled out,” said Virender Aggarwal, CEO, Ramco Systems.

“Global organizations with a dispersed workforce across geographies find the combination of Platform with Services a unique differentiator as it ensures their investments are secured for both current as well as future needs.”

The solution offers chatbots, simplified user experience and an intelligent engine which identifies and resolves errors, the company said. It is used by 450 customers worldwide.