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CIO Review >> Magazine >> August - 2013 issue

VSoft Technologies: Delivering Tomorrow's Technology Today

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Company:VSoft Technologies
Founder:Murthy Veeraghanta,Chairman & CEO
Founded:1996
Website:www.vsoft.co.in
Description:A provider of financial technology solutions that improve service, reduce cost and maximize efficiency.

Imagine this: instead of walking or driving to your nearest branch to deposit a cheque issued to you, what if you could click an image of the cheque using your mobile, transfer it to your bank and get the amount deposited in your account faster than ever? Sounds like Tomorrow’s technology? Think again. Today banks in America are offering this service to their customers using a cheque imaging solution from VSoft, a software products company specialising in cheque imaging. With over 18 years in the business, VSoft is one of the few financial technology vendors that offer true image-based cheque and payment processing solutions on a unified platform.

VServe, the managed services division of VSoft, offers its proprietary products as pay per use services. It has found wide acceptance from the Indian banking community with over 80 banks signing up for its outsourced Cheque Truncation Service (CTS). With the RBI setting tight deadlines for banks in the 66 clearing centres across the nation to start image-based clearing, banks found themselves in a quandary; make a huge investment to set up an image-based clearing infrastructure for low revenue, non-core activity like cheque clearing. It did not make sense to a lot of them. Outsourcing it to a technology partner who was investing heavily in products, people, and infrastructure made a lot of sense. As a result, today Axis Bank, Kotak Mahindra Bank, Indian Overseas Bank, Lakshmi Vilas Bank, Catholic Syrian Bank, Punjab and Sind Bank, Ratnakar Bank and many more are now VServe’s customers.

In the case of Axis Bank, VServe's outsourced CTS solution was so appealing that it became the first bank to roll out the outsourced service in the Southern region back in November 2011. The bank is now the fourth largest presenter of cheques for VServe in all the regions.

"While our outsourced CTS service has helped banks to roll out CTS faster and at a fraction of the cost than they could have managed on their own, we see far more compelling opportunities in the future for these banks. Valuable insights into customer behaviours and preferences can be culled out from the huge wealth of data our systems are capturing every day. Our product teams have started their work on these new opportunities." says Murthy Veeraghanta, Chairman & CEO, VSoft Technologies.
Veeraghanta envisions taking the company to a level where they surround the banks with their products either as licensed solutions or as managed services. They strive to be a Rs.500 crore company in the next five years.