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InstaRemit (RTGS Payment Gateway Interfacing
Server) has successfully been deployed by ObjectFrontier
for Indian Overseas Bank for its RTGS Payment
operations as per the guidelines prescribed by
RBI. The solution developed by ObjectFrontier
would enable Banks to interface their TBA/Core
Banking system and Treasury Applications with
RTGS system even while providing full control
to the Investment Managers to monitor the movement
of funds. This is a web-based J2EE solution that
sends and receives messages (payment instructions)
from RTGS and interacts with both Branch system/Core
Banking and Treasury system of the Bank through
a single point of entry for real time gross settlement,
It enables funds transfer and settlement of money
between banks and customer transactions could
be completed in less than five minutes.. This
solution would eliminate the need for the deployment
of high-ended SFMS clients, etc in RTGS enabled
Branches thereby resulting in huge cost savings.
And as the solution being web based and hosted
centrally, future upgradation/modification becomes
very simple resulting drastic reduction in the
maintenance cost, It also facilitates the faster
role out and faster ROI.
Mr. K.R. Nimbalker, General Manager, Indian Overseas
Bank states “While RTGS helps Banks to prevent
the systematic risks involved for Banks and give
customers an option to make payments in near real-time,
it has thrown up many challenges to Banks. The
Banks have to ensure that their settlement account
is funded adequately at all times since any payment
instruction returned will be viewed very seriously
by RBI/will be charged with heavy penal interest.
The Banks also have to build sufficient safeguards
in their systems to ensure that fraudulent entries
are not put through, resulting in outflow of money
out of their Bank. Another area that requires
more attention is the duplication of work done
in the Bank’s internal accounting system
as well as in RTGS/SFMS clients. Ensuring consistency/Straight
Through Processing in amounts between internal
accounting system and RTGS is another major issue.
Monitoring of funds flow by our Funds Managers
on a real-time basis even while enabling our Branches
to participate in RTGS was the challenge before
us. And InstaRemit successfully addresses all
the areas and ease of use of the solution makes
faster roll out, this is the complete solution
that takes care of all our RTGS related needs.
We identified all our requirements and major challenges,
Since our Bank has distributed databases (Core
Banking is under testing at 5 Branches), ensuring
transaction consistency & Straight Through
Processing between all the entities involved –
Branch system, Treasury system and RTGS system
were a main concern, we choose ObjectFrontier,
because of their technical expertise especially
in the field of J2EE & Web Technologies. The
solution had successfully been implemented; we
highly appreciate their sincere commitment in
rolling out the solution in time. InstaRemit is
built on ObjectFrontier’s flagship infrastructure
product FrontierSuite that makes the solution
robust and highly scalable. We are fully satisfied
with the solution and the execution capabilities
of ObjectFrontier and their commitment and professional
style of functioning, he further added”
InstaRemit has gone live in Fort Branch, Mumbai
and Funds Department, Central Office Chennai and
two other Branches in Mumbai. Indian Overseas
Bank plans to extend the system to 170 Branches
by the end of February and to all its ABB Branches
(currently about 600) by June 2005.
“Our solution has been designed and developed
mainly with the user comfort in mind even while
ensuring that the system is scalable and is easily
maintainable. The state of the art technology
is used to develop the systems and complies exactly
to the prescription of RBI while ensuring the
Straight Through Processing. Since the system
is based mainly on messages, special care has
been taken to ensure that any changes to the structure
of messages can be done easily by the users on
the fly. Another notable feature of our package
is the inbuilt scheduling capability that makes
the system highly robust. The next generation
Architecture of Our Solution facilitates the easy
customization and implementation of the same in
any banks with less than one calendar month of
effort, Our solution can be implemented faster
than any other solution and very competitively
priced with very less maintenance cost and the
solution runs on Oracle suite of products and
runs on all operating systems “ said Mr.
Patrick, Vice-President & head, Banking Solutions
at ObjectFrontier.
ObjectFrontier is a infrastructure product company
with the financial and banking clients all over
the world like ABN Amro, Wells Fargo, Bank’s
First, Credit Suisse, British Petroleum etc.,
and partnering with Oracle, Sun & IBM etc.,
Indian Overseas Bank (IOB) and Cholamandalam Finance
is our Banking & Financial Clients in India.
ObjectFrontier has more than 60 clients all over
the world most of them are Banking Financial Clients.
Indian Overseas Bank is one of the leading Nationalized
Banks close to 1500 plus Indian branches and 6
overseas Branches. All the Branches of the Bank
are computerized with 800 Branches under Total
Branch Automation (including 500 under ABB). The
Bank has more than 200 ATMs and is offering Internet
Banking services with their eSee Banking.
For more information Please Contact:
Patrick. V
Vice President & Head, Banking Solution
ObjectFrontier Software (P) Ltd.,
7, I floor, Wellingdon Estate,
Ethiraj Salai, Egmore
Chennai 600 105, India
Patrickv@object-frontier.com
Mobile: 098401 03327
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