VSoft Technologies: Leading the Way by Nimbly Reacting to Market Requirements Date:   Tuesday , December 15, 2015 The disruptive intervention of technologies akin to cloud and omni-channel banking has made a massive impact on banking landscape. Digital Wallets introduced in marketplace by independent vendors are depriving the banks of their deposits and transactions. Financial institutions would wither if their business strategies are not amended inline with this new world. While traditional product companies don\'t have enough nimbleness and agility to serve these institutions, small independent players lack experience and capital. Renowned for its nimbleness, VSoft Technologies, a leading hi-tech banking products & services company, has been surging ahead of the competition by leveraging 19 years of experience and its ability to change its course according to market\'s reaction. The Hyderabad-based company provides its products to banks via Cloud or as an outsourced ASP (Application Service Provider) through its data centre VServe. This endows its clients with a competitive advantage, since they can exploit contemporary technologies such as electronic payments, omni-channel banking, check truncation services and cheque imaging solutions without hefty capital investment. Addressing the Need of the Hour We provide every piece including products, people, infrastructure, and physical instruments, explains Murthy Veeraghanta, Co-Founder, Chairman & CEO, VSoft Technologies. By building and maintaining all of its solutions, the company provides scale and consistency to client\'s strategic growth plan. VSoft predicts the need of the hour and rolls out solutions agilely. For instance, its outsourced check truncation services launched in 2012 alone bestowed the company with 80 banks. Integrated with mobile & internet banking services, VSoft\'s omni-channel platform enables banks to offer services via any device without depleting the user experience. Its unique digital wallet service enables banks to keep their deposits, while providing wallet to consumers. Being one of the few to offer image-based cheque and payment processing solutions on a unified platform, VSoft allows people to make transactions electronically from anywhere, even, if it is a cheque. IRIS CBS Comprehensive, Efficient & Smooth VSoft\'s comprehensive core banking solution IRIS CBS with platform-independent and open-system architecture facilitates smooth integration with existing and future systems of financial institutions. Odisha State Cooperative Bank, the single largest institutional stake holder of rural development in Odisha, approached VSoft seeking to gain operational efficiency and reduce manual work. With IRIS CBS deployed (on SaaS model with shared infrastructure) in a centralized data centre in Bhubaneshwar, over 380 branches spread across the state were unified. VSoft\'s sophisticated Framework with advanced logic & scripts accelerated migration of data from the legacy platform to VSoft\'s IRIS platform rapidly and accurately. The fully virtualized, ultra-secure, vertically and horizontally scalable infrastructure met demanding and dynamic requirements of the bank with minimal deployment efforts, while N+1 redundancy ensured 99.95 percent system availability. The plethora of contemporary solutions such as electronic transfer and ATM switching drastically increased efficiency, reduced TCO and enabled the generation of consolidated reports with ease and accuracy. Constantly Broadening Territories Established in 1996 in U.S. as a Dot Net company, VSoft instigated its journey in India with 30 people and Rs.3 crore in revenue. Growing organically and inorganically under the helm of Murthy, the company has been constantly broadening its offerings abreast with the changing requirements in technology (Java, HTML5 & CS3 among others), geographies and so on. This empowered the company to garner over 2200 user institutions under its wings ranging from large international banks, corporate credit unions and service bureaus to small community banks and credit unions across U.S., India and Philippines, with a workforce of 1000 people and a revenue of Rs.175 crore. VSoft\'s management is comprised of IIM & IIT graduates with robust technical & management expertise gained over 20-30 years during their endeavours as executives in private & public banks. The company that inducts new employees in regular basis has initiated a program, where people get to climb the corporate ladder from trainees to support to implementation to development and to management roles. Being an employee-centric firm, VSoft encourages its people to creatively think-out-of-the-box to bring forth new thought processes. Even a small ingenuity in work flow, operational processes or IT is appreciated without fail and the benefits are taken to clients. Already selling its products &services in U.S., VSoft envisions spreading its wings across Latin America, Far East Asia and Africa. The technology revolution in Indian banking arena has just begun. Being a nimble technology based products & services company with decades of experience, plentiful opportunities are lying ahead for us, concludes a confident Murthy. Panel: Key Management: Murthy Veeraghanta, Co-Founder, Chairman & CEO This IIT alumnus holding 22 years of experience in BFSI industry has spearheaded the development of VSoft\'s operations in the U.S. and India, with full fledged product development and sales organizations. During his tenure in Unisys, he has contributed to the customization, installation and support functions of transaction processing systems for large North American commercial banks. Offerings: Core Banking: Core Banking System, PACS Automation, Kisan Loan System for Cooperative & Commercial Banks and Customer On-boarding System. Payment Systems: Remote Deposit Capture (Business Deposit & Mobile Deposit), Cheque Truncation System, Mandate-enabled ACH Payments System and Omni-channel Banking Platform. Offices: Hyderabad (Headquarter & Data center), Mumbai (Disaster Recovery Centre) & Georgia (U.S. Corporate Headquarter) Clients: Axis Bank, Kotak Mahindra Bank, Indian Overseas Bank, Syndicate Bank, Lakshmi Vilas Bank, Catholic Syrian Bank, Punjab and Sind Bank and Ratnakar Bank to name a few Achievements: Ranked on Inc. 5000, list for fastest-growing private companies in America for five consecutive years since 2006 Ranked on Software 500 list for four consecutive years since 2007 Top Innovators in the Financial Industry 2010 by Bank Technology News Deloitte Georgia Fast 50 in 2007 for fastest growing technology, media, telecom and life sciences companies in Georgia Reported as overall performance leader in Branch Image Capture Report - 2006