Hyderabad, 27 August, 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 NACH platform. The Varachha Bank (VCB), a leading co-operative bank in Gujarat, chose VSoft’s Centrum NACH 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 NACH 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 NACH 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.