IBM to deploy core banking at Nawanagar Bank

NEW DELHI, INDIA: Gujarat-based Nawanagar Cooperative Bank Ltd on Monday announced a partnership with IBM to deploy core banking solutions (CBS) on a hosted cloud services model.

The bank will be automating its end-to-end operations on InfrasoftTech’s OMNIEnterprise Core Banking Solution hosted at IBM’s data center, said a press release.

By implementing this end-to-end core banking solution, the bank will be able to offer state-of-the art financial solution to their customers including Internet banking, online money transfer, ATM, mobile banking, etc.

IBM offered Smart Cloud Resilience Service for core banking solution to Nawanagar bank in partnership with Infrasoft Technologies.

Earlier this year, IBM and InfrasoftTech signed a memorandum to jointly deploy IBM-InfrasoftTech solutions hosted from IBM’s data center over a cloud environment. The solution will enable banks to operate on centralized network twice as fast and at a cost that is half compared to on-premises model.

As part of the agreement, IBM will be remotely hosting and managing the IT and networking infrastructures of the bank while also implementing the InfrasoftTech OMNIEnterprise CBS to help scale up business and centralize the management of their mission critical operations including front office, mid-office and back-office processes, along with the implementation of real-time transaction processing, helping them better cater to the customer requirements.

Moreover, this proposition will help the bank in significantly reducing the burden of upfront capital expenditure by allowing them to spend on a flexible operational expenditure or pay-as—you-go model.

“As a forward-looking bank, we felt the need to scale up our IT and improve operational efficiency for delivering consistent, uninterrupted services in a cost effective, secure and compliant manner. After considering several alternatives, we decided on the IBM-InfrasofTech solution as the most appropriate solution to help us ride the transformation wave.” said R.K. Shah, MD, Nawanagar bank.

“The innovative cloud offering is our commitment towards forging relationships with small and medium sized banks. The Nawanagar Cooperative Bank will now etch their position in the highly competitive segment of cooperative banking in India by making a big leap from legacy branch banking to online/anywhere banking,” said KS Raghunandan, director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.