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October 31, 1988

IBM DEVELOPS MAJOR BANKING PACKAGE FOR THE SPANISH MARKET

By CBR Staff Writer

The Spanish market is widely seen as almost virgin territory for advanced application of computers, and with the government determined to enhance the importance of Madrid as an international financial centre, the opportunities are seen as limitless. IBM Espana SA, along with consultants Arthur Anderson & Co and the Albacate Savings Bank in Spain, has produced Albacate, a new software package described by IBM Spain president Fernanado Asua as the most advanced integrated system available to banks and other financial institutions. Running on IBM 370 type hosts the product was developed over the last 16 months and covers a range of financial applications including client database, personal accounts, loans, and automatic payments in the CICS environment. Although originally developed for the savings bank, the product’s significance for IBM is that it was designed to run under the strategically important MVS operating system. It will now be marketed to financial institutions in Spain – and likely in Spanish speaking countries – at $600,000.

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