IndusInd to go overseas with CR2 solutions

Rashida Bakait

MUMBAI: IndusInd Information Technology (IITL), the IT arm of the IndusInd

bank, after being the first company to deploy CR2's Bank World Technology for

the IndusInd bank now has plans to go overseas with the same. IndusInd has used

Bank World technology to implement internet banking channel.

Speaking to CNS, R P Singh, Principal Consultant, IITL said that Bank World

Technology provides global financial institutions with the ability to deliver

and integrate secure e-banking and m-banking channels with the traditional mix

of ATM, branch and call center. BankWorld manages the banking channel mix and

the complexity of customer choice. Singh expects the Bank World project at

IndusInd bank to be completed in next couple of months.

Besides catering to the in-house bank IITL is also targeting other banks or

financial institutions to implement Bank World technology.

According to the Retail Banking Research, global spend on retail Internet

financial system is expected to reach US $ 2-7 billion by 2003. IITL has plans

to tap the global market and go overseas. In the same pursuit, Singh told CNS

that IITL plans to establish competence center in the Middle East where the

center will house all the consultants and other required facilities for the

project implementation. The other countries IITL is planning to spread their

wings includes Iran, Saudi Arabia and UAE where in the company would partner

with the local players to market their technology to the banks and the financial

institutions located in the regions.

Outlining the value added feature in the Bank World suite Singh said that

IITL has developed Depository Model to be provided with the suite. He revealed

that the same has been developed based on the Indian market.

Besides this, IITL has tied up with the Tejari.com in Dubai to launch a B2B

portal in India, the software technology would be provided by Tejari.com ,while

hardware and infrastructure from IITL.

The other CR2 solutions that IITL is planning to offer includes Card

World.CardWorld offers total card management solutions for banks and third-party

issuers that include card issuing, merchant acquiring, payment switching, smart

card systems, card production and card account management.

Singh denied to reveal the investment or revenue figures as he said that

being 18 months old company , the focus is more towards making market presence

than to expect pouring of profit.