Catholic Syrian Bank and Laser Soft to develop Core Banking Solution jointly

Chennai - 14 September 2006

Catholic Syrian Bank (CSB), a leading Kerala based Private Sector Bank and Laser Soft Infosystems Limited (LSIL), a Chennai based banking software product company will be developing jointly a state of the art core banking solution (CBS). Such joint development between a bank and a software company is the first of its kind in India.

While disclosing this to media, Mr N R Achan, Chairman of Catholic Syrian Bank said that this browser based Core Banking Solution developed on the latest technological platforms would be installed at all the 345 branches and extension counters of the Bank. In the first phase, 80 branches would be brought under the cover of Centralized Banking solution and the remaining branches to follow in the second phase.

“The Bank has selected Laser Soft Infosystems Ltd as its technology partner in view of its extensive techno domain expertise in Banking and Financial Services segment and its track record in providing affordable computing to different leading banks in the country. The Bank has also started the exercise of re-engineering its process and practices to increase manpower utilization and attain better operational capabilities” added Mr N R Achan.

According to Mr.B.Suresh Kamath, Managing Director of Laser Soft, this solution can handle thousands of branches under a centralized banking architecture. The Core Banking Solution to be implemented in Catholic Syrian Bank would cover all the rural and small town branches keeping in mind, the need to take the latest Banking technology services to the rural areas and small towns in the country at an affordable cost. The CBS would be designed to implement back office processing centers as required by the Bank and to incorporate all Business Process Re-engineering (BPR) requirements of the Bank.

“The Solution is unique in the sense that it covers all areas of Banking, viz, retail banking, corporate banking, Rural Banking, Trade Finance etc., in an integrated manner. The deployment will include RTGS, SWIFT, Anti Money Laundering, Online Alerts and Basel-II modules. The service oriented architecture adapted in the Design of the Product will enable the bank to launch any new techno savvy banking product or service with ease and without loss of time.” Mr Kamath added.

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