Allahabad Bank To Deploy CBS Across 400 Branches
Allahabad Bank — one of the oldest public sector banks in India — will shortly be deploying a core banking solution across 400 branches.
The bank revealed its ambitious technology project during the launch of its international debit cum ATM card in association with VISA International, at a press briefing held in Mumbai today.
The CBS will enable the bank to meet customer expectations by offering a host of value-added services through different delivery channels such as ATMs, mobile, telephone, internet, call centers, etc.
Sharing the backend technology details about the international debit card with CXOtoday, Loney Antony, managing director, Euronet Services India Pvt. Ltd., said, Euronet is a gateway service provider wherein we provide participating entities like Allahabad Bank connectivity to international card organizations like VISA. As a service provider, our role encompasses establishment and maintenance of gateways to networks in addition to switching bankcard transactions between the network and bank host. It also includes processing network incoming/outgoing clearing and settlement files apart from preparation of files for electronic posting to the bank host. The messaging standard being used is ISO8583.
Disclosing the path taken by every transaction that occurs in global shores, Antony explained that when a customer punches the debit card, the information first flows to the VISA network, which identifies the bank. Subsequently, the information then flows to Euronet’s data center located at Vashi, which is then routed to the Allahabad Bank’s database at Calcutta.
Regarding the software used, Ramesh Mengawade, managing director, Opus Software Solutions Inc., stated, Allahabad Bank has deployed Electra Financial Transaction Switch 2.1, a centralized switching software that drives the ATMs. Developed by us, it runs on both Unix and Linux platforms.
According to ON Singh, chairman and managing director, Allahabad Bank, The International Debit cum ATM card can be used by customers at Allahabad Bank ATMs as well as over 8,70,000 Visa ATMs globally.
According to Singh, the bank will shortly be coming out with an additional public issue of Rs 100 crores, issued at a premium, in a bid to meets its various capital needs, especially in view of the synergies lined up, where asset expansion or sharing of assets is concerned.
- Predictions for RPA in Financial Services in 2018
- Blockchain In The Context Of Enterprises
- Yes Bank Automates Field Sales Processes Using Kaizala
- Shared Services 2.0 – Next Big Wave Of Offshore Financial Operations
- Banks Investing Heavily On IT With Rising Digital Payments: Gartner
- More Indian Enterprises Cozying Up To Analytics: Study
- Top Nine Trends in ICT Sector: TrendForce
- SBI Teams Up With BankChain, Intel For Blockchain Deployment
- Rubique To Expand To 100 Cities by March 2018
- Intel’s Former CEO Paul Otellini Dies At 66