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September 11, 1997


Citicorp IT to offer major banking product by yearend

Citicorp Information Technology Industries Limited will launch its new generation corporate banking product, called 'Cube' with a 'flexi-centred architecture', by the yearend.

CITIL CEO R Ravisankar has said "The product has been conceptualised to create a paradigm shift in the field of corporate banking. It's integration with office automation tools and user-controlled workflows will help Cube to achieve higher levels of operational efficiency."

The product has been developed on a client/server architecture, using the Oracle suite of products. CITIL is at present in an advanced stage of finalising a formal agreement with Oracle. "We use Oracle technology in many of our products and with the agreement, we will also become a value-added reseller for them," Ravisankar said.

The company is also undertaking a major expansion in line with the success of its products in the global markets. CITIL has set a sales target of $100 million by 2001. "It took five years for us to establish in the international arena and our goal in the next five years will be to lead this market," the CITIL CEO adds.

Having established itself in over 41 countries, the company plans to enter the prime market of Latin America. With the launch of Cube, Ravisankar expects CITIL to become a key player in markets like Western Europe, ASEAN countries, Middle East and South Africa. CITIL shot into limelight as its flagship product, MicroBanker was rated as number one banking package by surveys in 1995. It's other products include MoneyMaker, a treasury management software, Finware, a retail banking solution, CitiCube, a corporate banking solution and FundsPower, an investor services and asset management solution for mutual funds.

Promotr, a software project monitoring and tracking tool has been designed by CITIL to complement and leverage on features provided by Microsoft's project system.

MicroBanker, being used by over 8 million people all over the world, will undergo major upgradation but will be retained for its popularity, Ravishankar says. CITIL faces competition from Kindle Corp's Bankmaster.

Elaborating on the expansion plans, Ravishankar said, "CITIL will concentrate on products and services. We are planning to launch at least 7-8 products into a market, which is growing rapidly. On the services side, we will offer consultancy and software development." Customisation of software will be another core area.

CITIL is recruiting manpower to meet its growing demands. "We are looking for professionals with international exposure," adds Ravishankar. The company has acquired 35,000 square feet floor space in Bangalore for the purpose.

- Compiled from the Indian media

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