Nucleus Software’s net profit after tax decreased in the financial year (FY 2016), from INR 647 million ($9.7 million) in the previous year to INR 325 million ($4.8 million). For the period ending 31 March 2016, revenue dipped from INR 3.48 billion ($52.2 million) compared to INR 3.53 billion ($53.03 million) in FY 2015. Vishnu […]
Intellect Design Arena is still not making a profit and has reported a loss before tax of INR 258.9 million ($3.9 million) for the full year (FY) 2015-16. This is an improvement on last year, when it reported a loss before tax of INR 812.3 million ($12.2 million) for the period ending 31 March 2015. […]
Federal Bank in India is looking to replace its legacy treasury system, supplied by Intellect Design Arena. It issued a request for proposal (RFP) for procurement and migration of treasury management. The bank currently runs its treasury operations from its Mumbai office, and is active in domestic, FX and derivative sectors. Since 2009, these have […]
India-based Paytm has teamed with IT services integrator Wipro for its new payments bank, as it gets ready for an August launch. Wipro will be implementing the new core banking system, and Banking Technology understands that Infosys, Oracle FSS and TCS Financial Solutions were in the running to provide their core banking solutions to Paytm. […]
Tata Consultancy Services’ (TCS) full year (FY) 2016 revenues and net profit rose – boosted by growth in its banking, financial services and insurance (BFSI) operations. Natarajan Chandrasekaran, CEO and MD, TCS, says its core portfolio “performed strongly in a seasonally weak 4th quarter driven by strong volumes led by growth in BFSI, retail and […]
The Reserve Bank of India (RBI), the country’s central bank and regulator, has set up a scheme to provide financial assistance to urban cooperative banks (UCBs) for the implementation of core banking solutions. In its First Bi-monthly Monetary Policy Statement-2016-17, the RBI will offer assistance and technology support through the Institute for Development and Research […]
Financial systems vendor Infosys has revealed its revenue for the full year (FY) 2016 of $9.5 billion, an increase of 9.1% in US dollar terms; and 13.3% in constant currency terms. Q4 revenue was $2.4 billion – a rise of 1.6% quarter on quarter in US dollar terms, or 1.9% in constant currency terms. For […]
India-based payments firm Financial Software and Systems (FSS) will provide Unified Payment Interface (UPI) solutions for six unnamed Indian banks. The National Payments Corporation of India (NPCI) recently launched UPI, which offers instant, online bank payments. The move is seen as a major change to the Indian financial sector. FSS says UPI enables the banks […]
Tamil Nadu State Federation of Urban Cooperative Banks (Tancubfed) has selected Infrasoft Technologies’ core banking system, OmniEnterprise. Tancubfed will implement OmniEnterprise and other e-banking services in 128 co-operative banks in Tamil Nadu, a southeast Indian state. Rajesh Mirjankar, new CEO and MD of Infrasoft, says OmniEnterprise will support the entire business operations of the bank […]
Swift India Domestic Services (Swift India) has gone live as the nation seeks to improve its digital economy. Swift India is a joint venture created by Swift, the global banking co-operative, and nine partner banks to “address domestic market needs” of the Indian financial services industry. After receiving formal approval from the Reserve Bank of […]
India-based Yes Bank is partnering with Ultracash Technologies to launch payments processing through sound waves. The bank, the fifth largest in the Indian private sector, says the collaboration will let Ultracash issue Yes Bank-sponsored mobile wallets and use its Immediate Payment Service (IMPS) payments platform for the processing of instant proximity transactions. Ritesh Pai, senior […]
India’s ICICI Bank has launched an ‘ICICI Appathon’ as it looks for innovations in mobile banking apps. The bank wants participants in India to create new APIs in five different categories – retail banking, corporate banking, treasury, ‘ICICI Group’ (such as insurance and securities), and ‘Partner APIs’. The latter comprises Visa and National Payments Corporation […]
India’s Post Bank is to begin processing payments in March 2017, according to the government’s communications minister. The move is part of long-standing plans to use India’s Post Office network to spread financial inclusion in the world’s largest democratic nation.
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
Deutsche Börse, Eurex and the Bombay Stock Exchange have further extended their strategic cooperation offering connectivity services. Participants of BSE will be able to use Deutsche Börse’s resilient low latency N7 network services to connect to BSE back-ends in India through the Deutsche Börse access points in Hong Kong and Singapore.
India’s ICICI Bank has launched a new banking service for Twitter, ICICIbankpay, which allows customers to transfer money to anyone in the country who has a Twitter account. Customers can also check their account balance, view the last three transactions and recharge prepaid mobile. The service follows the bank’s earlier moves into social media, which included launching a Facebook banking app in September 2013, and is aimed partly at broadening access to financial services.
India’s Bombay Stock Exchange has ramped up its network application and monitoring speeds and opened a new investor service centre in New Delhi, as it seeks to attract latency-sensitive traders.
India’s ICICI Bank has launched four new mobile banking apps, as part of a drive to adopt digital channels and spread into India’s vast rural hinterland.
India’s state-run post office the Department of Posts is planning to launch core banking services in the Indian capital city Delhi, as part of a major drive to become a banking services provider in the country.
India’s first women-only bank has launched in Mumbai and six other Indian cities, offering a service aimed at increasing financial inclusion for women in one of the world’s most populous countries.
India’s first all-female bank, Bharatiya Mahila Bank, plans to open on 19 November, the birthday of former Indian female Prime Minister Indira Gandhi.
Market data from Germany’s Deutsche Börse and India’s Bombay Stock Exchange will be available under a single licence agreement, following a deal between the two exchanges.
Most emerging Asian countries have developed or are developing their own CCPs and trade repositories in response to global reforms of OTC derivatives markets – but proliferation of CCPs is a concern, according to new research by analyst firm Celent.
India’s ICICI Bank has launched a new app that lets customers pay their friends and share expenses between groups of people on Facebook.
Western Union has launched a new mobile money transfer service in Nepal, which aims to capitalise on the country’s massive inflow of cross-border remittance payments.
Bangladeshi bank AB Bank has chosen ElectraCard Services to run its ATM network and process credit and debit cards, as the bank ramps up its drive to increase financial inclusion in the country.
India’s ICICI Bank is to launch a mobile payments service built by Movida, the Indian joint venture between Visa and mobile money specialist firm Monitise, that will draw on the potential to reach unbanked customers in the country.
India’s HDFC Bank has chosen to install risk management tools provided by Numerix, in a move the bank says will help consolidate its risk management and reporting capabilities.
India’s IndusInd Bank and Western Union have created a partnership designed to make foreign exchange and global business easier for SMEs in India.
Bangladesh’s Sonali Bank has adopted a core banking system from Indian technology company Polaris, in a move that it says will transform it into the most modern bank in the country.
India’s IndusInd Bank has installed a new system from Calypso Technology that it says will help it grow its treasury activities, increase its global markets business and better manage risk.
Payment processing firm Visa Europe has introduced a service allowing consumers to make mobile payments across the region immediately and using any European currency. Meanwhile in India, popular money transfer and payment service M-Pesa has now been fully launched. Visa Europe’s Personal Payments service enables Visa credit, debit or prepaid card users to accept payments […]
Polaris Financial Technology has today opened a $10 million financial application design centre at its headquarters in Chennai, India, where customers will be able to work collaboratively with the vendor’s development teams on applications and systems.
The Bombay Stock Exchange has become the latest exchange to sign up for Deutsche Börse’s Eurex platform, with the announcement of a long-term technology alliance under which BSE will join the Eurex technology roadmap and deploy Deutsche Börse Group’s trading architecture. As a first step, BSE will replace its derivatives market platform in the course […]
Indian bank ICICI and local mobile operator Aircel have launched a mobile financial services offering using Visa’s hosted platform solution.
Emerging markets Brazil, India and Turkey took the spotlight at yesterday’s World Exchange Congress event in London, as senior executives highlighted rising technological investment, growing competition and successful index performance.
FircoSoft has signed a partnership with Indian IT services specialist iSolve to resell its watch list filtering products to financial institutions in India, where anti-money regulations are tightening. iSolve already sells compliance solutions to financial institutions in India, making the addition of FircoSoft’s filtering solutions to iSolve’s portfolio a logical step. It will be mainly targeting […]
Indian exchange MCX Stock Exchange has set a date to begin trading in equity derivatives, in a move that opens up a new front in the competition between India’s dominant BSE and NSE exchanges.
