Disaster Recovery Solution for Banks

Disaster Recovery Solution for Banks

Sanovi Technologies has introduced the Sanovi DRM for Banking, its specially designed IT DR solution for Banks. The new software complements the company’s comprehensive Sanovi DRM Suite, helping banks automate their Business Continuity and Disaster Preparedness plan and comply with the regulations and guidelines set out by the Reserve Bank of India.

This launch comes in the wake of the approaching one-year deadline set by the RBI’s Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds (also known as the Gopalakrishna Committee) for implementation of their recommendations on Business Continuity Planning (BCP) in Banks. In its role as regulator for banking operations in the country, the RBI had issued its policy guideline contained in the report of the Working Group under the Chairmanship of Shri G. Gopalakrishna, Executive Director, RBI.

The Committee’s report extensively covered BCP/DR standards that banks must strive for. RBI has made it mandatory for banks to deploy and demonstrate their business continuity and IT DR capabilities.

Lakshman Narayanaswamy, Sanovi’s co-Founder and Vice President of Products said…

 

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Wipro upgrades Indian Banking Scenario

Wipro upgrades Indian Banking Scenario

Wipro Infotech has announced the successful implementation of core banking solution (CBS) for five cooperative banks under National Agriculture Bank for Rural Development (NABARD). The application is hosted from Wipro’s Data Center and would be supported for five years from the date of Go Live.

As a part of the contract, Wipro is currently implementing the project for cooperative banks across the states of Bihar, Uttar Pradesh, Maharashtra, Punjab, and Haryana. Phase one of the project will cover State Cooperative Banks (SCBs) and District Cooperative Banks (DCBs) of 10 states. Wipro will computerize 76 banks with approximately 2,790 branches.

Anand Sankaran, Senior Vice-President & Business Head, Wipro Infotech, & Global Business Head – Infrastructure Services, Wipro, said: “We are pleased to have successfully crossed the first milestone of this institutional development initiative undertaken by NABARD to strengthen the rural credit delivery system. Considering that the recent regulatory reforms by RBI are expected to make the Indian banking scenario more competitive, this initiative will equip cooperative banks with cost-effective technology and robust infrastructure to support their growth and help them keep pace. More importantly, it will change the face of rural banking by making e-banking facilities available to the rural customer”.

Oracle to redefine Banking Experience

Oracle to redefine Banking Experience 

Oracle has recently announced that its FLEXCUBE 12.0, the latest version of the Oracle FLEXCUBE banking platform, is now available. The release includes features that enable banks to deliver more personalized and convenient service to customers across all channels.

 

In addition, this release also signifies a strategic shift in release strategy for FLEXCUBE with new versions of Oracle FLEXCUBE Universal Banking, Oracle FLEXCUBE Private Banking and Oracle FLEXCUBE Direct Banking being released simultaneously in a pre-integrated manner.

 

“Oracle FLEXCUBE 12.0 gives financial institutions the power to redefine the banking experience and deliver a ‘personal banker’ experience to each and every customer. It gives bankers the intelligence needed to truly understand customers and how they interact with the institution  along with the flexibility to deliver a highly responsive, personalized experience and robust transaction capabilities regardless of the customer’s location,” said Chet Kamat, Managing Director & Chief Executive Officer, Oracle Financial Services Software.

ICICI intros Facebook banking app

ICICI intros Facebook banking app

ICICI has rolled out ‘Your Bank Account’ app that lets customers carry out banking tasks without leaving the social network.

The ‘Your Bank Account’ app – hosted on secured ICICI servers and released on Facebook through a secure SSL connection – is said to let users view account details and mini statements as well as apply for debit cards and request cheque-books.

The app is believed to be the first of its kind in over four years, when KeyPoint Credit Union teamed with mobile banking outfit MShift to develop an app that enabled customers to access their Web accounts from within Facebook.

TCS leads Magic Quadrant for International Retail Core Banking 2011

Tata Consultancy Services (TCS) has announced that the International Retail Core Banking report has placed TCS BaNCS product in the Leaders Quadrant. TCS BaNCS is one of the 20 core banking platforms that were profiled from an original list of 48 candidates.

Gartner defines ‘leaders’ as vendors that demonstrate strong development methodologies. All of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Many vendors possess methodologies for quality assurance or are executing on a strategic road map to attain certification. Most vendors maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels.

N. Ganapathy Subramaniam, President, TCS Financial Solutions said “Our unwavering focus is on our customers’ ever-evolving business needs and on partnering with them to succeed in their respective businesses. We are glad to receive what we believe to be an accolade that reinforces our commitment in making TCS BaNCS functionally rich, compliant to regulations and agile to customer needs.”