Canara Bank Goes Live with CBS
By CXOtoday Staff
Mumbai, Jul 28, 2008

Canara Bank has implemented core banking solution across a 1000 branches. The bank partnered with i-flex Solutions, a provider of technology solutions to the global financial services industry and IBM for the project.

According to a press release, as part of its modernization effort, the bank had chosen IBM India and i-flex solutions to implement Oracle's Flexcube across its major branches. With the launch of the core banking solution at Karaikudi, 75 % of Canara Bank's retail and corporate business will now be handled by Flexcube.

The core banking roll out at the bank is among the largest implementations based on a centralized architecture and involves all modules of the Flexcube, including agricultural loans, foreign exchange and service branch functionality. More than 22 million customers including those for loans, deposits and cards and over 30,000 employees will benefit from the IT initiatives of the bank, the release said.

Customers can transact by walking into any of the 1000 core banking branches, by accessing their accounts through the Internet / mobile, through 2000 ATMs or through the use of interactive voice response systems. CBS will allow customers to transfer funds electronically, make on-line railway reservations and make payments of direct taxes, excise and customs duty. The solution offers a loan application processing system for faster loan processing and enables depository services and on-line trading services for Canara Bank clients.

The solution will help the bank meet the challenges of a dynamically changing environment. Operationally, the bank will be able to monitor the fees it charges centrally, alter the interest rates across its operations and generate reports centrally. The design of the implementation reduces software distribution complexities as all major operations are managed centrally through a central data center, the press release said.



Related links:
i-flex Says YES To Outsourced Core Banking Model