Bangalore, Dec.13, 2000

Small Firm aims big with banking product

Processware Systems’ networked banking product called Banksoft has been implemented by a hundred branches of several co-operative banks in Karnataka, Goa and Mizoram. It is working on mobile banking solutions and has developed the embedded mission computer avionics software for the Aeronautical Development Agency’s (ADA) Light Combat Aircraft (LCA) programme. The company doesn’t seem to be just another IT wannable since it has consciously steered away from body shopping (or onsite projects in infotech living room lingo).

With a development team of 85 – set to grow to around 200 by end-2001 – Processware Systems Pvt. Ltd. according to its Founder Director A. Prakash, has been concentrating on developing its competencies rather then getting into the rat race for overseas projects. In fact, last year, only 25 percent of its revenues came from overseas projects which it executed at its offshore facility here in Bangalore. However, Mr. Prakash hopes to change that with the bagging of several end-to-end e-commerce projects including one for Intel called eyeonmarket.com and a Russian B2B site called cislink.com.

Of the 85, 23 engineers including 8 for support are focused on the banking product and solutions. Banksoft is geared for the entire range of banking transactions as also tele-banking and multi-branch operations helping convert banks into ledger-less entities. On the cards are Internet and mobile banking capabilities.

“One of our clients, the Mangalore Catholic Co-operative Bank, which crossed the Rs.100 crore deposit mark, has now applied for scheduled bank status.” Mr. Prakash said. Pointing out that the 83-year-old bank had expanded rapidly since implementing Banksoft across 9 of its 13 branches improving its recovery mechanism and boosting advances.

From Co-operative banks, which Mr.Prakash said needed long-term hand-holding, Processware Systems is moving to largest scheduled and public sector banks where the level of computerisation remains low.

In the overseas markets, the company is localising the solution for Europe and Japan in the languages used there and according to the financial regulations governing those markets. Price is the ace up Mr.Prakash’s sleeve with Banksoft being priced from a mere Rs.5 to 6 lakh upwards for up to 5 users with a UPS thrown in.

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