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November 27, 1997


CITIL to focus on financial sector automation

Citicorp Information Technology Industries Limited, the Bombay-based affiliate of transnational banking corporation, Citicorp, has drawn up aggressive plans for the financial sector automation segment in the country.

It has already executed an assignment for total computerisation of the HDFC Bank.

HDFC Bank has implemented CITIL's suite of solutions to automate all its core business areas, including retail banking, treasury and corporate banking.

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CITIL has now decided to cash in on the gradual process of total automation from the current manual systems employed by a majority of the players in the domestic financial sector.

The Citibank affiliate's second international user meet began on November 24 in Bangalore. The event brings together nearly 60 bankers and technocrats from CITIL's customer banks.

The company has nearly 147 customers in more than 44 countries, including corporate banks, retail banks, investment firms and custodial and brokerage houses. Many stock exchanges also figure on this list.

CITIL CEO R Ravishankar said, "The event is the key to CITIL strategy of developing closer customer ties. Moreover, we are proud to showcase India as a preferred source of software products."

CITIL's banking solution, which includes Finware and MicroBanker, will be employed for the automation of all the branches of the Workers Savings and Loan Bank, Corporate Merchant Bank and Capital Assurance Building Society.

Finware is a comprehensive and integrated software, designed specifically to meet marketing, operational and information requirements of financial institutions.

MicroBanker, the other solution in the package, covers foreign exchange, money markets, commercial loan, negotiable instruments, equities with a high level of security.

CITIL is planning to launch its latest product, FlexCube in the market soon. The product, built on the Oracle platform, uses the client-server technology in an integrated banking solution.

CITIL also plans to concentrate on the Internet and other emerging technologies. Elaborating on the strength of the technology to reduce transaction cost in the domestic financial market, Ravishankar agreed that reducing costs is important, but pointed out that internationally, information technology is no longer a mere tool to reduce transaction costs but to create new products and services.

He said: "By raising the productivity levels, the technology can cut down cost of transaction. Infotech is no more looked upon as a means of increasing processing throughput and reducing costs. Banks can take a cue from the West and use it more strategically."

Multiple fund transfer technologies are being preferred the world over, he opined. For domestic purposes, electronic payment systems like GIRO in Europe, Chips in US, Chaps in UK and Mep in Malaysia are being used.

Swift is the standard mode of payment adopted by many banks for the international mode of payment.

- Compiled from the Indian media

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