Information Technology Limited, the IT company belonging to the US$
3.5 billion Essar Group and Bankstar Technologies Limited, the Hong
Kong headquartered banking software solutions provider, today announced
the release of an integrated solution for use in Banks in India to
make effective use of RBI's RTGS system which is a Central Bank Payment
appropriate solutions to the Banking Industry in India is our prime
focus and we realized that the conditions in India necessitated
a simple, user-friendly solution with local flavour to make effective
use of the RTGS system" Sumant Kelkar, General Manager (BFSI),
Essar Information Technology Ltd. (EITL) said. "Simply asking
the banks to use the Participant Interface provided would not result
in effective use of the RTGS. Banks in India need to address Intra-day
Liquidity Management, Bank Reconciliation, Branch Initiated RTGS
Transactions as well as Customer Initiated RTGS transactions to
optimize the use of the RTGS at their nodal offices, their non-centralized
branches and for all their customers", Mr. Kelkar added further.
Lalwani, MD of Bankstar stated "Introducing an RTGS is a very
important stage in maturing of a Central Bank's (RBI) Payment Systems.
We highly appreciate the confidence Essar have reposed in us by
selecting us as their partner to assist banks in operating effectively
in the RTGS environment. We are proud to state that City Union Bank,
an existing Bankstar customer using our file distribution system
FIDS, has already signed for METEOR, our Intra-day Liquidity management
system which is part of the RTGS related suite of products currently
being released. City Union Bank and Essar provided us with valuable
insights into customizing our systems for the Indian environment.
Our systems have been installed at about 50 Central and Commercial
Banks internationally, including 6 of the world's top 100 Banks.
will not be out of place to mention here that Bankstar was part
of the Unisys led consortium that implemented a Central Bank Payment
Solution at Central Bank of Egypt. Bankstar also provided feeder
system to commercial banks in Egypt to allow them to interface with
the Central Bank Payment System. We now look forward to accomplish
in India what we have been able to do in other countries. We strongly
believe it is imperative that our customers be provided with solutions
that they can use fully, not solutions that are transported across
international boundaries irrespective of whether they are relevant
or not for local conditions, Mr. Lalwani expressed further.
Kelkar of EITL further added "We had the choice to develop
the system ourselves or to partner with an acknowledged player in
the banking software industry and we chose to partner with Bankstar
Technologies Ltd. Bankstar has an impressive customer base which
is indicative of their in-depth knowledge of this business, Bankstar
has a development office in India and this allows close interaction
with them in the process of fine tuning the system. We have been
in collaboration with Bankstar since December 2003 tailoring the
solution in a modular fashion that allows banks to implement the
solution in stages and in sync with their business requirements.
It is not that we will simply thrust solutions on banks whether
they need it or not" Mr. Kelkar stated.
and Bankstar are confident to offer a modular, cost- effective,
user-friendly, easy-to-use but functionality-rich solution with
full compatibility to RBI's RTGS system. We request banks to experience
our customer-centric and quality conscious approach to ensure successful
Bankstar Technologies Ltd, the Hong Kong based Software Solutions
Company, with a development center and Indian Subsidiary in Mumbai,
today announced the signing of City Union Bank Ltd as its first
customer for its RTGS Liquidity Management System (LMS) for Commercial
Banks - METEOR. METEOR is an acronym for Member Bank Transaction
Exchange Over RTGS, which enables the bank to comply with RBI's
guidelines on LMS including Liquidity Pooling, Collateral Management
and Payment Scheduling. METEOR is one of a range of products from
Bankstar Technologies created using Borland® Delphi.
Mr. Anil Lalwani, managing director of Bankstar Technologies Ltd
says," City Union Bank Ltd was our first Indian customer when
they installed our File distribution System (FIDS) in 2003 and we
are happy that they have reinforced their faith in us by signing
for METEOR." He further stated that METEOR uses Borland's highly
sophisticated and well-tested products, which enables fast development
of extremely stable solutions. This has enabled Bankstar to have
a customer base of 50 customers including 6 of the world's top 100
banks and a leading BFSI conglomerate in Japan.
Mr. Sridharan, General Manager, CSD of City Union Bank Ltd expressed
happiness and satisfaction on the work done by Bankstar for the
bank. He said that this was the centenary year for the bank and
they would strive to provide the most advanced services to their
customers with the help of partners like Bankstar Technologies Ltd.
Mr. Satyen Parikh, Managing Director of Borland India Pvt. Ltd.,
said "We are deeply appreciative of Bankstar's investment in
Borland Delphi for their core product set development as well as
their continued support in providing a wide range of flexible and
scalable solution sets to the Banking vertical. We are confident
that the relationship will grow and show even greater promise."