eCapital launches solutions for Net-based banking services

eCapital Solutions has launched two products

for the financial sector which are based on wireless telephony. Announcing

the launch, eCapital president and chief executive officer Suresh Rajpal

said that Now! Banking was a productised service for the next generation

banking, which will enable banks to offer globally anytime/anywhere

banking through personal digital assistants (PDAs) and mobile phones. The

other solution, eVector, is a platform which enables a variety of business

applications to be integrated with mobile devices.

Now! Banking is predicated on eVector, which enables rapid delivery of

services to mobile devices through Short Messaging Services (SMS) and the

next generation Wireless Application Protocol (WAP). eVector enables

corporations to conduct business transactions, access information and

provide other services such as email and calendar on mobile devices.

Mr Rajpal said that Now! Banking would be a good value addition to the

WAP phones which are expected to be launhced by various cellphone

manufacturers during the next few weeks. He added that both the products

were being developed and delivered to a number of service providers and

banks globally.

eCapital was launched about five months back by institutional investors

Chase Manhattan and Openheimer with an equity base of $8 million (Rs 34

crore). The company has since opened its offices in India, USA, UK and

Germany. It plans to open offices in Munich, Germany and Helsinki, Finland

by November 99. It has opened Advanced Technology Labs in Bangalore and

New Delhi.

On future plans of the company, Mr Rajpal said that it planned to

achieve a annual revenue of $100 million by 2004. "We also plan to

launch an initial public offering (IPO) by 2004 with a valuation of $400

million or greater and a listing on the Nasdaq. We shall achieve an ISO

9001 certification in the next 18 months and a SEI Level 5 in the next

three and half years," he added.