InfrasoftTech is the proud recipient of CIO Choice 2014 award in the Large Enterprises Vendors Category for their Hosted Core Banking Solutions. This award is timely recognition of InfrasoftTech’s efforts to extend the benefits of hosted platform by providing gamut of payment services such as ATM sharing, Rupay Card, RTGS, NEFT, etc. launched under the aegis of National Payments Corporation of India.
Since 1995, InfrasoftTech has worked with all categories of co-operative, micro-banks, community banks in India as well as internationally. With this experience, we realized that these banks though profitable and contributing to the business at regional & local level, have not gained skills to independently manage IT environment. Such skills are prerequisite for any enterprise for implementing IT automation.
With advancement in cloud computing technologies, it became economically viable to move one’s infrastructure on a hosted platform.
Both these factors led InfrasoftTech to launch their core banking software – OMNIEnterprise CBS, on hosted platform. InfrasoftTech partnered with datacenter service providers and formulated a packaged offering that comprised of the Software, Infrastructure and Connectivity.
It got immediate breakthrough in the Indian co-operative segment and few microfinance institutions outside India. The offering since then has received increasing acceptance on the back of compelling proposition for the banks. Some of these factors are :
InfrasoftTech’s Presence in Hosted CBS segment
It has gained tremendous popularity amongst co-operative banks with branch strength of 1 to 50. The solution was rolled out in the state of Maharashtra and has since spread across length and breadth of India with client sites in Rajasthan, Gujarat, Karnataka and Kerala.
InfrasoftTech has acquired 40 clients in the short span of 4 years. The solution was rolled out in the state of Maharashtra and has since spread across length and breadth of India with client sites in Rajasthan, Gujarat, Karnataka and Kerala.
The hosted solution has three major components –
1) CBS Solution
2) Datacenter and DR infrastructure and
One of the key benefits has been faster time to market. Since critical components of the project – 1) Software 2) Infrastructure and 3 Connectivity are managed by the vendor, coordination time and dependency on multiple vendors is reduced. It has helped to compress the roll-out time dramatically. As against a timeframe of 6 to 8 months required for an on-premise implementation, the hosted model can go live within 4 – 6 months depending on the size of the project.
InfrasoftTech has partnered with leading Datacenter providers and Telecom providers to service the client banks. Some of the leading names are IBM, Trimax, Dimension Data and ESDS for DC & DR and BSNL for connectivity.
The solution offers the SME / Co-operative banks access to high quality, scalable infrastructure that greatly reduces frequent downtime since such infrastructure has built-in redundancy and ensures high level of technical support. Since deployment of the solution, banks have experienced that the work stoppages on account of infrastructure related issues have reduced by 95%.
Purely from the perspective of business visibility in terms of performance, growth and risk, the solution has greatly enhanced the capability to monitor and take preemptive action at all levels
It has been an all-round positive experience for the stakeholders at the bank. The IT team has higher bandwidth to manage & enhance licensing, compliance and TATs, the business team has improved response time to market & regulatory changes and the management team has real-time view of the health of the organization. It is now possible to develop & roll out a new financial product within matter of days as against weeks taken earlier.
Speaking on the occasion, Mr. Tripathi said, “Recognition of such a stature is an assurance that we are heading the right way. InfrasoftTech OMNIEnterprise™ hosted Core Banking Solutions serves the larger objective of providing world-class technologies to small banks without the associated hassles of CAPEX, Infrastructure & IT Manpower. We believe we are contributing to the national mission of Financial Inclusion with our hosted core banking solution, which would help large numbers of financial enterprises to integrate with the National Payments Network and also comply with Reserve Bank of India risk management and reporting needs”.
Corresponding Web Link: http://www.infrasofttech.com/
Contact Information :
Infrasoft Technologies Limited
86-87, SDF III, SEEPZ, Andheri (E),
Mumbai 400 096, India
Tel : +91 22 6649 2222;
Fax : +91 22 6649 2233;
Website : www.infrasofttech.com