VSoft Technologies: Enabling State-of-the-Art Technology for Banks
Date: Wednesday , November 02, 2016
Statista elucidates that the global mobile transaction volume has crossed $620 billion in 2016 and it is anticipated to double in the next three years. This fast growing wing of digital banking has thrived month over month to become an inevitable part of banking. India is nowhere below, as a report from RBI states that the amount transacted over internet in 2015 raised more than fourfold from a year-ago period. Foreseeing this up-going trend and technology exigencies of Indian financial market, Murthy Veeraghanta, the co-founder of Atlanta based VSoft Corporation (established in 1996) made the timely decision to commence the Indian arm of VSoft Corp. - VSoft Technologies Pvt. Ltd. way back in 2004. This ISO 9001:2008 certified and CMMI (Level 3) company today has grown as one of the most familiar names in the Indian Banking, Financial Services and Insurance (BFSI) sector.
Even though the organization was established in 2004 the foray into cooperative banking sector happened in 2007 with the most appreciated Core Banking product - ‘SuVikas’. Afterwards, with the establishment of VSoft’s outsourced services arm – VServe, the company moved from being just a product company to a full-fledged IT services company enabling its customers with the flexibility to opt for low CAPEX model of product deployment. Supporting outsourced operations for more than 150 banks, currently VServe is a leader in outsourced payment services in India. Fully compliant with RBI’s cheque truncation guidelines, VSoft’s platform BPO infrastructure for cheque processing, when fully utilized, is capable of processing over 15 lakh cheques a day.
Filling the Crater
The company proffers its products and services under two categories, Payments Product Suit and Core Banking Suite. The Payments Product Suite assembles both Consumer Products (Jeb UPI solution, OnView Remote Deposit Capture Suite, IRIS Digital Banking Solution) as well as Back Office Products (eDesk Cheque Truncation System & Centrum MMS-ACH Payments System). “Jeb, our mobile payments offering in integration with the Unified Payments Interface (UPI) of National Payment Corporation of India (NPCI), is a whole new approach, which will also be given as a white-labeled solution for banks,” asserts Murthy. Jeb had won the Hackathon - 2016 organized by NPCI to commemorate the launch of UPI in India.
The Core Banking Product Suite assembles IRIS Core Banking Solution (CBS), IRIS Kisan Loans Solution & PACS Automation, IRIS On-boarding Solution, IRIS ATM Switching Services and IRIS eKYC Solution. As one among few of its kind, CBS solution is offered in a hosted model and it serves a large number of banks in India including 380 head offices of Odisha State Cooperative Bank. The cloud-based Kisan Loan System takes out the complexity & monitors all the procedures of agricultural loans and entails control in the individual loans as envisaged by RBI and NABARD from time to time. This excellent portfolio in addition with services brought the organization a gamut of awards and recognitions.
Today, VSoft has a human resource pool of 1,200+ employees contributing 1500 man years of experience in banking, while on the other hand adjoining most renowned clientele from India (including Axis Bank, HDFC, Yes Bank and Kotak Mahindra) and international spaces (including Citibank, Carter Bank & Trust, First Carolina and Florida Citizens Bank). Going forward, VSoft plans the second round of private equity, and then an IPO in the next 18-24 months to tap the public resources to fund its growth plans. “When we go for IPO, we expect to cross the Rs.300 crore mark,” concludes Murthy.