Press Releases

VSoft Press Releases – 2014

December 05, 2014 – Eleven Banks Sign MoU with VSoft Technologies for Core Banking Solution

Hyderabad, December 05, 2014: In a significant move, 11 co-operative banks in Karnataka, including banks from Kushwagi, Maski, Gangavati, and Bellari, have signed a one-time core banking deal with VSoft Technologies, a global provider of next-generation banking business services for financial institutions with operations in USA and India. The banks will soon use VSoft’s Iris (previously SuVikas) Core Banking Solution, which will be hosted from VSoft’s data center (DC) in Hyderabad, on the hosted Software-as-a-Service model.The eleven banks inlcude Sandur Pattana Souharda Sahakari Bank Ltd., Sandur; Tavaragera Pattana Souharda Sahakari Bank Niyamitha, Tavaragera; Bellary Urban Co-Operative Bank Ltd.; Hanamasagar Urban Co-Operative Bank Ltd.; Adarsha Pattana Souhardha Sahakari Bank Niyamitha, Harapanahalli; The Hospet Co-operative City Bank, Hospet; Sri Gavisiddeshwara Urban Co-operative Bank Ltd, Koppal; Kushtagi Pattana Sahakara Bank Niyamita, Kushtagi; Sri Mallikarjuna Pattana Sahakari Bank, Maski; Mudgal UCB, Mudgal; and Sriramnagar Pattana Sahakari Bank Ltd., Sriramnagar.

Mr. George Verghese and Mr. Srinivas Dronamraju of VSoft with bank officials during the signing of the MoU.

At the function in Sandur Town where the MoU was signed on 30th November, representatives of the 11 co-operative banks were present. Mr. K.S. Nagaraja, the Chairman of the The Sandur Pattana Souharda Cooperative Bank (SPS), spoke during the function and noted that earlier due to lack of information about technology they were apprehensive about implementing core banking technology. However, in recent times, with technologies like cloud computing and with new delivery models like Software-as-a-Service (SaaS) and Application Service Provider (ASP), computerization has become a lot more hassle-free and manageable. Even core banking systems are expected to become much more simpler from an implementation and management perspective, he said.

Mr. Viswanath Hiremath, Chairman of the Hospet Vikas Bank noted that the Reserve Bank of India (RBI) has set a deadline of 31 December 2014 for banks to implement a core banking platform. He also spoke about the urgent need for co-operative Banks to embrace new emerging technologies to become more efficient in serving their members. Other speakers at the event included Mr. P.R. Desai of Hanuma Sagara Pattana Souhadra Bank, Mr. Mallana Gowda Oli of Thavaragera Co-operative Bank, Mr. Gavisiddappa of Mudagal Co-operative Bank, Mr. Veerabhadrayya of Harappanahalli Aadarsh Co-operative Bank, Mr. Viswanath Hiremath of Hospet Vikas Bank, Mr. Srinivas Dronamraju – Chief Operating Officer at VSoft, Mr. George Verghese – Sr. VP of Sales at VSoft, and Mr. Sheshagiri Bhatt – AVP of Sales at VSoft.

“I thank and congratulate the representatives of each of the eleven banks; thanks for the confidence they have placed in us and congratulations for choosing a next-generation core banking solution like Iris, which will provide them greater operational efficiencies, enhanced customer service, a proactive approach towards risk mitigation and strong reductions in operating costs.”, said Murthy Veerghanta, Chairman and CEO of VSoft.

About VSoft Technologies

VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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Eleven Banks Sign MoU with VSoft Technologies for Core Banking Solution

November 12, 2014 – VSoft Launches Omnichannel Banking Platform at National Cooperative Banking Summit

Hyderabad, November 12, 2014: Hyderabad, November 12, 2014: VSoft Technologies Pvt. Ltd, a global provider of next-generation banking business services for financial institutions with operations in USA and India, launched the Iris Omnichannel Platform, its hosted, multi-device and multi-lingual digital banking platform at the recently concluded National Cooperative Banking Summit (NCBS) organized by Banking Frontiers.Vamsi Madhav, VSoft’s Chief Products Officer, presented the Omnichannel platform to the delegates at the summit, comprising business and technology heads of urban cooperative banks (UCBs) across the country. In line with the Formula for Affordable and Scalable Transformation (F.A.S.T) slogan of the summit, Mr. Madhav summarized the formulas on which the Iris Omnichannel Platform has been conceived and created.

Watch Vamsi Madhav, Chief Products Officer, unveiling VSoft’s Iris Omnichannel Platform at the NCBS conference held on 31 Oct and 1st Nov, 2014 at the Marriot Hotel in Hyderabad.

VSoft’s Hosted Banking and Financial Services Solutions

Gartner, the leading information technology research and advisory firm, predicts that more than 60% of banks worldwide will process most of their transactions in the cloud by 2016. It foresees radical changes in established business models of the banking and financial services industry. VSoft has built a comprehensive platform BPO infrastructure where people, process and technology work in unison to drive, support and accelerate business transformation. In India, financial institutions operating in Tier 2 and Tier 3 towns and in the interior parts are gateways to economic activity and prosperity. VSoft’s next-generation banking and financial services platform facilitates and fosters financial inclusion by offering them cost-effective, quickly-implementable and user-friendly solutions. VSoft’s platform has been trusted by large commercial banks like HDFC Bank, Axis Bank, and Kotak Mahindra Bank, large public sector banks like Indian Overseas Bank, Syndicate Bank and Allahabad Bank as well as numerous cooperative banks like Odisha State Co-op. Bank, Delhi State Co-op. Bank, Andhra Pradesh State Co-op. Bank, Saraswat Bank, Abhyudaya Co-op Bank and many more.

About VSoft Technologies

VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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VSoft Launches Omnichannel Banking Platform at National Cooperative Banking Summit

September 13, 2014 – Varachha Bank Goes Live With VSoft’s Centrum

Hyderabad, September 13, 2014: VSoft Technologies, a global provider of next-generation banking business services, is pleased to announce that The Varachha Co-operative Bank Ltd.,Surat, is now live on the Centrum MMS-ACH platform. The Varachha Bank (VCB), a leading co-operative bank in Gujarat, chose VSoft’s Centrum MMS-ACH services for processing mandates and electronic transactions through the NPCI-NACH network.Mandates from Varachha Bank’s 13 branches will be scanned at the bank’s service branch by the bank’s personnel and transferred to VSoft’s central processing unit for further processing. The Centrum MMS-ACH System processes the digitized mandates and presents electronic mandate files to the NACH platform in the prescribed format. The Payments Processing module allows presentment and clearing of electronic transactions after due verification against respective mandates. The straight-through processing capabilities of the system coupled with the option to outsource maintenance and operations makes Centrum MMS-ACH an attractive proposition for financial institutions of all sizes.

Founded in Surat, in 1995, The Varachha Bank is one the first co-operative banks in Gujarat to introduce Information Technology such as CBS integration, branchless banking, ATM services and SMS alerts. VCB is also the first co-operative bank in Gujarat to go live on CTS services using VSoft’s next generation business banking solutions.

For more information on Centrum MMS-ACH, please click here.

About VSoft Technologies

VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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Varachha Bank Goes Live With VSoft’s Centrum MMS-ACH

August 26, 2014 – VSoft Migrates Disaster Recovery Center to Mumbai

Hyderabad, August 26, 2014: VSoft Technologies, a global provider of next-generation banking business services for financial institutions with operations in USA and India, is pleased to announce that it has successfully migrated its Disaster Recovery (DR) Center for services in India, from Chennai to CtrlS’ Tier-4 Data Center in Mumbai.VSoft’s new DR facility, located in Mahape, Mumbai is equipped with a dedicated 40 MB bandwidth connection to VSoft’s data centers. All of VSoft’s services are replicated on virtual infrastructure on a real-time basis. The center is robustly designed and extensively tested to ensure high-availability compliant with industry-standard RTO (Recovery Time Objective) and RPO (Recovery Point Objective) norms.“Disaster Recovery (DR) and Business Continuity Planning are important requirements for banking industry, both from a customer service and a regulatory perspective. VSoft’s commitment to its customer has always been to provide high quality, reliable services. To this end, we have migrated our existing DR Center to a highly fault-tolerant Tier-4 Data Center with 99.985% availability. For us, our partners and our customers, this is a significant step towards strengthening our position as a leader in providing next-generation banking business services.” – Murthy Veeraghanta, Chairman and CEO.About VSoft TechnologiesVSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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VSoft Migrates Disaster Recovery Center to Mumbai

August 06, 2014 – Kotak Mahindra Bank goes Live with VSoft’s Centrum MMS-ACH

Hyderabad, August 06, 2014: VSoft Technologies, a global provider of next-generation banking business services, is pleased to announce that Kotak Mahindra Bank is now live on the Centrum MMS-ACH platform. Kotak Mahindra Bank, a leading private bank in India, chose VSoft’s platform-BPO services for processing mandates and electronic transactions through the NPCI-NACH network.Centrum MMS-ACH is delivered as a complete platform-based business process outsourcing service where people, process and technology work in unison to drive, support and accelerate NACH transaction processing. The Centrum MMS-ACH system consists of a robust image-based Mandate Management System and an end-to-end Payments Processing System coupled with strong information-exchange and customized MIS capabilities.

Mandates from partner banks are collected, scanned and digitized at VSoft’s Image Service Bureaus and transferred to VSoft’s central processing unit for further processing. The Centrum MMS-ACH System processes the digitized mandates and presents electronic mandate files to the NACH platform in the prescribed format. The Payments Processing module allows presentment and clearing of electronic transactions after due verification against respective mandates. The straight-through processing capabilities of the system coupled with the option to outsource maintenance and operations makes Centrum MMS-ACH an attractive proposition for financial institutions of all sizes.

For more information on Centrum MMS-ACH, please click here.

About VSoft Technologies

VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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Kotak Mahindra Bank goes Live with VSoft’s Centrum MMS-ACH

July 30, 2014 – Syndicate Bank Selects VSoft’s CTS Services

Hyderabad, July 30, 2014: VSoft Technologies is pleased to announce that the Syndicate Bank, one of the oldest and major commercial banks of India has selected VSoft’s eDesk Cheque Truncation Service.The bank has chosen to avail itself of VSoft’s Platform-BPO service across 21 locations in Northern Grid region. Cheques from the 21 locations will be scanned at the bank’s service branch by the bank’s personnel and transferred to VSoft’s central processing unit for further processing.

The solution provides an easy-to-use administration module, a convenient operations module, a comprehensive reports module, an intuitive dashboard that provides a bird’s eye view of the entire operation, and a powerful image archive and research module to analyse transactions.

About VSoft’s Hosted Banking and Financial Services Solutions
Gartner, the leading information technology research and advisory firm, predicts that more than 60% of banks worldwide will process most of their transactions in the cloud by 2016. It foresees radical changes in established business models of the banking and financial services industry. VSoft has built a comprehensive platform BPO infrastructure where people, process and technology work in unison to drive, support and accelerate business transformation. In India, financial institutions operating in Tier 2 and Tier 3 towns and in the interior parts are gateways to economic activity and prosperity. VSoft’s next-generation banking and financial services platform facilitates and fosters financial inclusion by offering them cost-effective, quickly-implementable and user-friendly solutions. VSoft’s platform has been trusted by large commercial banks like HDFC Bank, Axis Bank, and Kotak Mahindra Bank, large public sector banks like Indian Overseas Bank, Syndicate Bank and Allahabad Bank as well as numerous cooperative banks like Odisha State Co-op. Bank, Delhi State Co-op. Bank, Andhra Pradesh State Co-op. Bank, Saraswat Bank, Abhyudaya Co-op Bank and many more.

About VSoft Technologies
VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in
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Syndicate Bank Selects VSoft’s CTS Services

July 20, 2014 – VSoft Receives CMMI Maturity Level 3 Re-certification

Hyderabad, July 20, 2014: VSoft Technologies, a global provider of next-generation banking business services for financial institutions with operations in USA and India, is pleased to announce that VSoft has been reappraised as fully compliant at Maturity Level 3 with the Software Engineering Institute’s (SEI) Capability Maturity Model Integration for Development (CMMI®-DEV) Version 1.3. This prestigious rating is conferred on companies that have established well-defined, repeatable and effective organizational standards for project management, software engineering and quality assurance while maintaining a focus on continuous process improvement.“Achieving this CMMI Level 3 re-certification is a testament to VSoft’s commitment to providing the highest quality products and services to our customers. This CMMI credential coupled with our ISO 9001:2008 quality management system (QMS) will continue to enhance our competitive positioning as one of the most sought-after banking business services companies in the world, bringing customer satisfaction with exceptional results that are delivered in an unparalleled manner.”
– Satish Kumar, President, VSoft India.About VSoft Technologies
VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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VSoft Receives CMMI Maturity Level 3 Re-certification

July 15, 2014 – NABARD Lauds OSCB for Successful Implementation of VSoft’s Core CBS

Hyderabad, July 15, 2014: : VSoft Technologies, a global provider of next-generation banking business services for financial institutions with operations in USA and India, is pleased to announce that the National Bank for Agriculture and Rural Development (NABARD) has lauded the efforts of the Odisha State Cooperative Bank (OSCB), VSoft’s customer, for having successfully implemented the Core Banking Solution (CBS) of OSCB and DCCBs.According to a news report published by Tathya.in, a Bhubaneshwar based news agency, Mr. S K Kale, Chief General Manager, NABARD, Odisha Regional Office in his communication to Bishnupada Sethi, Commissioner-cum-Secretary, Cooperation and Management-in-charge of OSCB acclaimed the efforts of OSCB to migrate to the CBS platform and establishment of a State of The Art Core Banking Data Centre in its Head Office premises with futuristic vision.

OSCB chose VSoft Technologies as its partner for execution of the project on a turnkey basis. VSoft Technologies, working in close conjunction with its partners and the bank, built the Data Center and installed its comprehensive, web-based core processing solution, SuVikas for the bank.

Expressing happiness over NABARD’s praise, Murthy Veeraghanta, Chairman and CEO, VSoft Technologies said, “This is a significant milestone for OSCB. I congratulate the bank in achieving this recognition. We at VSoft thank OSCB for providing an opportunity to partner with the bank in such a mission-critical and path-breaking project. We hope to continue helping financial institutions such as OSCB in providing next-generation banking business services.”

About VSoft’s IRIS Core Banking Solution
VSoft’s IRIS Core Banking Solution (formerly known as SuVikas), is a comprehensive core banking solution built on advanced web technologies. Its platform-independent and open-system architecture gives banks the freedom to choose the hardware and software infrastructure of choice and enables smooth integration with existing and future systems. IRIS CBS includes all features of Retail Banking operations in addition to customized modules such as Short Term Loans and Long Term Loans for on lending to DCCBs, Direct Lending modules to State Level Apex co-operative institutions, Industrial Finance, Electronic Transfer through RTGS/NEFT, CTS, Direct Benefit Transfer etc. VSoft has implemented IRIS CBS in over 360+ branches of the Odisha State Co-operative Bank (OSCB) and its District Central Cooperative Banks (DCCBs). The project is a significant milestone in large-scale digitization efforts in the country and has today enabled OSCB to bring all its branches and institutions in the entire State of Odisha onto a common technology platform to serve over four million individual customers.

About VSoft Technologies
VSoft Technologies offers platform-based services for the BFSI industry. Our core and payment processing services reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services have been trusted by more than 2,600 financial institutions worldwide. For more information about VSoft, visit www.vsoft.co.in

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NABARD Lauds OSCB for Successful Implementation of VSoft’s CBS