IBS Journal November 2015


FIS launches Profile-based ‘Banking on Demand’ core system offering in India


US-based software heavyweight, FIS, has launched ‘Banking on Demand’, an outsourced product based on its Profile core banking system. FIS is aiming for further growth in the


Indian market and is targeting ‘small banks, payment banks and microfinance insti- tutions’. Profile already has three takers in the country on a hosted basis. This has undoubtedly contributed to the ‘Banking on Demand’ offering. The first taker of the hosted version


of Profile in India was Shivalik Mercantile Co-operative Bank, which signed for the system in June 2013 and went live in December that year. The bank’s CEO, Suveer Kamar Gupta, went on the record


about its experience the following year in an exclusive interview to IBS Journal. The second customer was New


Delhi-based Bharatiya Mahila Bank (BMB), India’s first public sector bank catering exclusively for women. The start-up bank opted for a hosted


‘pay per use’ model to help speed up its expansion process. Infosys, Intellect Design Arena (known as Polaris at the time) and TCS also bid for the deal. BMB launched on the anniversa-


ry of the birthday of former Indian prime minister Indira Gandhi, on 19th Novem- ber 2013. This was exactly 55 days after it had received a banking licence from the Reserve Bank of India. The former date was


fixed and could not slip by even a day – the serving Indian prime minister, Manmohan Singh, was to inaugurate it on the anni- versary. The timeframe was therefore the main challenge with the core banking soft- ware implementation project and informed much of the bank’s planning. The deal at BMB was followed by a new


signing with Bandhan Financial Services, India’s largest microfinance institution. Bandhan received regulatory approval to begin operating as a bank from the end of August 2015. Wipro with Infosys’ Finacle offering and


Intellect Design Arena with Intellect also competed for the deal.


Antony Peyton


IDFC Bank launches treasury and trade services with Misys


India’s newest private sector bank, IDFC Bank, has launched online trade and supply chain service with Misys’ Fusion- banking Trade Services. The bank is using the vendor’s flagship offering for trade finance, Misys’ Fusionbanking Trade Inno- vation, and the front-end trade services module of Fusionbanking Corporate Channels.


IDFC Bank started its banking oper-


ations on 1st October 2015, following its demerger from the parent, Infrastructure Development Finance Company (IDFC). Avtar Monga, chief operating officer,


says: ‘[Our] self-service channel will boost the efficiency of trade finance transactions for our clients. Misys has a proven platform for automating documentary trade and supply chain finance, and we expect to see rapid growth in our trade finance business.’ The bank is also managing its interna-


tional treasury management business on Fusioncapital Kondor. Misys and IDFC have been working


together since 2005, with Misys providing its treasury and asset liability management


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Mumbai, home of IDFC Bank © Cididity Hat, Wikipedia


(ALM) software – Fusioncapital Kondor and Fusionrisk – to IDFC.


IDFC set about launching a new bank


last year, securing the approval from the country’s regulator, the Reserve Bank of India (RBI), in April 2014. The banking licence was officially granted in June 2015. IDFC Bank offers services to corporates and ‘urban and rural customers’ in India. It


also ‘focuses on two under-served custom- er segments: the rural under-banked and the self-employed’. Misys’ Fusioncapital Kondor has


proven to be popular elsewhere within India. Canara Bank, Kotak Mahindra Bank and Reliance Capital are all long-standing users of the platform.


Antony Peyton


IBS Intelligence has launched its IBS Chat Forum, a global platform to bring industry participants together on everything related to banking and financial services technology. Log on to www.ibsintelligence.com/ibschat and connect with peers across the globe now!


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