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ANZ Bank New Zealand has inked an IT contract with Knosys to deploy the latter’s software services to comply with the Reserve Bank of New Zealand (RBNZ) regulations.

The contract, which is said to be worth NZ$840,000 ($546,273), involves the migration of ANZ’s data to Knosys’ KnowledgeIQ system over the next nine months.

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ANZ Bank New Zealand is already a prominent user of the KnowledgeIQ solution with 6,000 licensed users in the country.

Knosys further intends to build on its expanded collaboration with ANZ in the future and explore new opportunities.

As a result of this contract, Knosys shares have surged more than 20%, according to sources. The company is now trading shares at A$0.75 apiece.

Knosys managing director John Thompson said: “We are pleased to be able to work with ANZ Bank New Zealand directly and look forward to assisting them in establishing a local KnowledgeIQ system within their country.”

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The project, being pushed by RBNZ under its Banking Standard 11 (BS11) regulation, requires businesses to operate independently with their own technology systems.

The objective of this regulation is to limit outsourcing within New Zealand banks, such that, when a large entity fails, it does not have a major impact on the economy.

Knosys managing director John Thompson said: “We are pleased to be able to work with ANZ Bank New Zealand directly and look forward to assisting them in establishing a local KnowledgeIQ system within their country.

“Whilst they will focus on establishing the infrastructure necessary to run the knowledge management solution, Knosys will be responsible for the design of the infrastructure and support on commissioning and deployment of the system.”