IBS Journal June 2015
Nelito eyes international markets for Fincraft suite of banking software products
Tata Group subsidiary, Nelito, is seeking to bring to the international market a suite of banking software including a core bank- ing system. The latter is Microsoft-based and has users in India, mainly cooperative banks. There are also solutions for internet and mobile banking, payments, reporting, data archiving and retrieval, and branch banking. The suite is branded as Fincraft. The initial target markets are parts
of Africa including South Africa, Zambia, Zimbabwe, Tanzania, Mauritius, Kenya and Ghana, and South-East Asia, including Indonesia, Philippines and Vietnam. The 1000+ person company already has inter- national clients for its services business and Swift bureau (the latter has 30 clients in India and 49 elsewhere). Services include ones related to core banking system imple- mentations and migrations. In particular, Nelito has worked on the roll-out of Infosys’ Finacle, across around 16,000 branches for
eight or nine banks (including at present at State Bank of Mauritius). Its own core banking system is mainly
retail in focus, says Nelito’s head of inter- national sales, Ashish Varun. It was devel- oped around ten years ago for a cooper- ative bank in India and started in Visual Basic (VB), followed by a shift to
VB.Net (all users have moved to the newer version, he says) and with a version for
ASP.Net due for launch in early 2016. There is minimal corporate banking support and the system
although Nelito has worked with partners in these areas in India. There is a version for
this might need some adaptions for non-Indian markets, says Varun. The soft-
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ise basis. Fincraft Core Banking System (CBS) is used by 48 domestic banks, with branch
networks of between ten and 230 outlets. Partners will be one route for Neli-
to outside of India, says Gaurav Mehta (who is working with Nelito on the strate- gy and is ex-Nucleus Software). The plan is to have loose agreements to start, with these formalised when there are opportu- nities. While he emphasises that Nelito will be marketing a range of applications and services, he feels there is a particular gap at present for a core banking system in the small to mid-sized bank sector in develop- ing markets. While mainstream suppliers are seeking to play here as well, he believes the cost is still prohibitive for many banks.
but currently has no direct presence out- side, with this expected to follow as it gains more business. It spans both the banking and government sectors. It has most of the large Indian banks as customers, plus Citibank as a large BPO user.
Cinnober’s Tradexpress trading platform
Cinnober’s Tradexpress trading platform is being implemented by Sweden-based Cryex, which is seeking to set up an FX and digital currency clearing house. While Cryex is still seeking regulatory approval, which can take up to six months, a project is underway to tailor and implement Tra- dexpress to support the new venture.
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dor’s CEO, Veronica Augustsson. ‘From a trading and clearing point of view, the functionality is fairly straightforward,’ she says. There has not needed to be any spe-
asset – bitcoin – it is comparable to any other currency or commodity.’ The main area of work is related to the blockchain technology that supports bitcoin. This uses a private key model and, says Augustsson, safe storage is very important. A design study began towards the end of last year, after which the implementation
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positive public statements about bitcoin,’ and she feels that overall the country is among those at the forefront from a regu- latory point of view. Cryex is planning a members-on-
ly European marketplace for trading FX, including cryptocurrencies, and describes itself as a ‘trusted gateway’ between tradi- tional regulated market participants and digital currencies. It is intended to provide secure and regulated trading across spot products, including derivatives. While no one can be sure how block-
Veronica Augustsson, Cinnober
began. ‘It is a fairly normal project, every- one has a unique clearing model so there -
son. There are no published timescales for launch because of the dependency on the Swedish regulator (Finansinspektionen). ‘The Swedish Riksbank has made some
© IBS Intelligence 2015
www.ibsintelligence.com
chain will evolve, Augustsson believes it will be a ‘game-changer’. It will open up 24x7 settlement and could constitute a ‘col- lateral highway’ whereby collateral will not need to be held in each market but can be held in a central pool and released when needed. ‘No one could imagine 20 years ago what could be done with the internet,’ but she expects a similar evolution with blockchain.
ibs news
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