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VisualSoft to unveil eCheque for banks

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CIOL Bureau
New Update

HYDERABAD: VisualSoft Technologies Ltd., the Hyderabad-based software product

and solution development company, plans to roll out eCheque, a product that will

help banks to replace their existing teller workforce and reduce the cost of

transaction made through cheques. "Initially, we are going to market the

product ourselves," said VisualSoft chairman and MD DVS Raju. The product,

whose development is complete, will be released within the next three months.

"We are also looking at the option of spinning it off as a separate

company to market eCheque in a better way," Raju added. eCheque has a

built-in mechanism to ensure the validity and authenticity of the issued cheque.

The process involves issuing an electronic chequebook at the time of opening an

account. A user can send a cheque in the form of e-mail to the desired person

and then he could receive it the same way. The eCheque has a built in mechanism

to check the validity of the user. The company has taken all the necessary

measures as stipulated by the Financial Services Technology Consortium (FSTC) to

ensure the security features of the product. Initially, VisualSoft will market

the product in Europe.

VisualSoft is also planning to introduce FlexiReports, a Business

intelligence application, and VisualSales, a sales force automation product.

FlexiReport is a platform and database independent application that provides end

users the ability to report, analyze and reorganize huge volumes of data in

real-time, without any need for programming skills or training. The company is

planning to release the products within the next six months.

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