 Catholic Syrian Bank deal with Laser Soft
Catholic Syrian Bank (CSB), a leading Kerala-based private sector bank, and Laser Soft Infosystems Ltd (LSIL), a Chennai-based banking software product company, will jointly develop a state-of-the-art core banking solution (CBS).
N R Achan, chairman of Catholic Syrian Bank, said this browser-based core banking solution developed on the latest technological platforms would be installed in all the 345 branches and extension counters of the bank. In the first phase, 80 branches would be brought under the cover of centralised banking solution and the remaining branches would 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 the 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 utilisation and attain better operational capabilities," added
N R Achan.
B Suresh Kamath, managing director of Laser Soft, said, this solution can handle thousands of branches under a centralised 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 centres 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 - retail banking, corporate banking, rural banking and trade finance, 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," Kamath added.
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