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CIO Review >> Magazine >> April - 2015 issue

Processware Systems: Providing an Array of Banking Solutions on the Cloud

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BFSI market in India is today witnessing an exponential growth following RBI’s plan to issue new licenses for small finance banks and payment banks in the next 12 months. Additionally, Prime Minister’s Jan Dhan Yojana is also playing a major role in attracting newer customers. The market size is increasing and there is a surging demand for innovative BFSI solutions. To cater to this demand, Bangalore based Processware Systems offer a suite of software solutions for branchless banking, Mobile Banking, Microfinance, Data analytics, Anti-money laundering along with support for wide variety of delivery channels. “Processware Systems has been offering software solutions to BFSI sector since 1995 and further in 2010 we initiated offering cloud based core banking solutions,” says R Gurumurthy, CEO at Processware Systems.

To fulfill banking requirements and provide online financial services, Processware Systems has designed a product called BankSoft to enable banks and Micro finance institutions to meet security and scalability needs. It is an integrated Core Banking Solution offered on-premise or on-cloud to many co-operative institutions.“BankSoft offers all the facilities for retail banking and has been tested by IBM on their blade servers. Besides this, BankSoft has also been audited by Certified Information System Auditor,” explains Gurumurthy. BankSoft has more than 300 built-in reports that support all delivery channels such as ATMs, POS, Mobile and Internet under the regulatory compliance of the Reserve Bank of India.

BankSoft Mobile banking solution works on major mobile platforms that let users manage and transfer money via phones through IMPS. With regards to branchless banking, bio-metric enabled POS devices are utilized by agents to offer all banking services at the customer’s doorstep. “Our branchless banking solution is completely online and updates the transaction data on real-time basis,” adds Gurumurthy.

When it comes to Data Analytics, the company assists banks to analyze customer base, product portfolio, non-performing assets and branch visibility. The solution is built on Microsoft SQL Server to provide information in the form of graphs that enable users and enterprises to fetch data easily with deeper insights into customer behavior. In addition to Mobile, Branchless and Data Analytics solutions, Processware Systems’ products also enable banks to seamlessly integrate financial inclusion with banking transactions. “Whether the bank decides to carryout FIS transactions using Mobile or POS device, BankSoft provides a real-time Straight through Processing (STP) financial solutions,” adds Gurumurthy.

Having been in the BFSI software market for over two decades, Processware has developed deep domain knowledge in Financial Services Industry to put technology to work. In addition, the company provides toll-free support line to ensure continued customer support. Following deployment of numerous banking solutions, the firm is looking ahead to expand its customer base in ASEAN market. “We see ourselves having a customer base of around 1000 installations in the near future across ASEAN market,” concludes Gurumurthy.