Wipro Infotech, the India and West Asia IT business of Wipro Ltd, on Monday said it has won a turnkey project from the Financial Intelligence Unit (FIU), ministry of finance. The company said the value of the deal stood at just under Rs 100 crore.
As part of the project, Wipro will implement Financial Intelligence Network (FINnet) for FIU. The scope of services include development of the portal, datawarehousing, analytical application and ERP implementation, at the data centre and disaster recovery site.
The project is scheduled to be completed in 24 months in different phases with a further service period of 36 months. Ranbir Singh, head of the government vertical of Wipro Infotech told FE, ?This is a major deal for us. This will help us win more such deals in the future.?
FINnet will enhance the efficiency and effectiveness in the FIU-IND?s core function of collection, analysis and dissemination of financial information. ?IT enablement of key processes would ensure substantially higher productivity, faster turn-around-time and effective monitoring in all areas of FIU-IND?s work,? Singh said.
The project assumes significance in the light of growing economic crimes within the country and the government?s efforts to arrest it. With this project, the government intends to use technology for bringing efficiency into analysis of data.
Wipro said it understood the unique requirements of the government sector, having been part of several big projects in the government space over the past two decades. ?We are confident that this implementation will bring in more effective governance from both the economic and security point of view,? Singh added.
Arun Goyal, director, FIU India, said, ?Wipro has been selected through an open and stringent bidding process. We are keen on timely implementation of the project as it will significantly enhance FIU-IND?s capabilities to collect financial information from various reporting entities, analyse it and disseminate actionable information to various law enforcement and intelligence agencies.?
Financial Intelligence Unit — India (FIU-IND) was set by the government in November 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions. FIU-IND is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies in pursuing the global efforts against money laundering and related crimes. FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the finance minister.