Banking Software list & features Time for Statutory audit of banks is over. Most of us are not aware of bank audits and their banking software
Banking Software list & features
The time for Statutory audits of banks is over. Most of us are not aware of bank audits and their banking software.
Here in this article, we will provide some basic info about banking software and banks using them.
In India 3 Banking software is used by banks which are:
(Features)
2. It is a multi-lingual, multi-currency CRM-enabled core banking solution
3. Based on open systems and is an extensively parameterisable solution
4. It supports 24x7 operations,
5. It has multiple delivery channel support and an extensibility tool kit. Finacle is fully multichannel alerts-enabled and facilitates bank or customer-defined event-triggered alerts to be delivered to the bank’s customers through their channel of choice
6. In a recent scalability test audited by Ernst and Young, Finacle also emerged as one of the world’s most scalable core banking solutions by achieving an unparalleled performance of over 11,180 TPS (transactions per second) translating into 40 Million transactions per hour.
Functional overview: - Finacle core banking solution offers comprehensive retail, corporate, and trade finance features- all in a highly secure and reliable environment.
Retail banking: - Finacle core banking solution supports product management and account management for the full range of retail banking products such as Savings, Current/Checking, Overdrafts, Revolving overdrafts, Term Deposits, and all types of retail Loans [Personal Loans, Auto Loans, and Mortgages].
Corporate banking: - Provides comprehensive product management and account management for corporate banking products such as Commercial loans, Syndications [Participation], Securitisation, Term Loans, Demand Loans, Overdrafts, Non-Performing Asset Management, Limit Management, Debt consolidation through replacements, Collateral Management, Interest rate management, and Loan Modeling.
Trade finance:- Finacle offers powerful trade finance features covering business areas like Bills (Foreign & Inland), Documentary Credits/ Letters of Credit, Pre-shipment Credits, Bank Guarantees, Forward Contracts, and Foreign Remittances among others.
Common modules: - Finacle offers extensive common modules which include support for Clearing (including electronic and RTGS), Standing Instructions, General Ledger, Signature display and management, document tracking, limits and collateral management, delinquency management, and a whole range of day to day and year-end reports. Finacle has the capability of interfacing with various payment gateways, Anti Money Laundering solutions, Regulatory reporting systems, Statement management and distribution systems, and consolidation packages.
Business benefits: - Finacle provides the bank and its customers a comprehensive unified multichannel view of customers. Its 24x7 availability feature ensures that the bank’s customers always stay in touch with the bank. It can help banks eliminate non-productive processes. Also, it can be easily integrated with applications like Chat, Ticker, and Mail for quick and seamless knowledge dissemination. These features enable banks to derive maximum efficiency from existing processes. The unique extensibility tool kit allows banks to set and modify business rules quickly and integrate with surrounding applications seamlessly, without touching the source code which means that it can be handled by the bank’s own IT staff. This translates to quicker time-to-market for new products and services The scalability of Finacle’s core banking solution ensures a lower total cost of ownership to the bank.
(ii) BANCS has an open architecture, which provides an unequalled level of integration, flexibility, and scalability across all platforms.
(iii) It has a proven core retail banking system and state-of-the-art front-end delivery channels, with the added option of a full wholesale banking solution incorporating Treasury, Trade Finance, and International Payments.
(iv) Other modules include Accounting (General Ledger) and Executive Information System (EIS) components which leverage the completely integrated nature of the core solution and its automatic data capture characteristics.
(v) BANCS has been designed in a modular fashion around a common base which is both platform and database-independent. This means financial institutions can convert to BANCS and add increased functionality in manageable increments without the hardware and systems limitations of typical legacy systems and many contemporary offerings.
(vi) The solution is virtually future-proof, being able to accommodate the latest technological innovations through application program interfaces (APIs) which are isolated from the core architecture and do not require the main application code to be rewritten. The BANCS application has been developed around six basic key foundation concepts.
These are:
Here in this article, we will provide some basic info about banking software and banks using them.
In India 3 Banking software is used by banks which are:
Finacle
- This software is made by Infosys and it customizes its design according to its customer banks. This banking software is the most used in India like ICICI Bank and Bank of India.(Features)
B@ncs
You thought I have written the wrong but no this is what its logo looks like. Bancs is from TCS. This software is used by all state bank subsidiaries. (Features)Flexcube:
- This software is made by oracle corporation. this software is mainly used by HDFC Bank. (Features)Features of Finacle
1. Finacle core banking solution is designed on a completely web-based paradigm2. It is a multi-lingual, multi-currency CRM-enabled core banking solution
3. Based on open systems and is an extensively parameterisable solution
4. It supports 24x7 operations,
5. It has multiple delivery channel support and an extensibility tool kit. Finacle is fully multichannel alerts-enabled and facilitates bank or customer-defined event-triggered alerts to be delivered to the bank’s customers through their channel of choice
6. In a recent scalability test audited by Ernst and Young, Finacle also emerged as one of the world’s most scalable core banking solutions by achieving an unparalleled performance of over 11,180 TPS (transactions per second) translating into 40 Million transactions per hour.
Functional overview: - Finacle core banking solution offers comprehensive retail, corporate, and trade finance features- all in a highly secure and reliable environment.
Retail banking: - Finacle core banking solution supports product management and account management for the full range of retail banking products such as Savings, Current/Checking, Overdrafts, Revolving overdrafts, Term Deposits, and all types of retail Loans [Personal Loans, Auto Loans, and Mortgages].
Corporate banking: - Provides comprehensive product management and account management for corporate banking products such as Commercial loans, Syndications [Participation], Securitisation, Term Loans, Demand Loans, Overdrafts, Non-Performing Asset Management, Limit Management, Debt consolidation through replacements, Collateral Management, Interest rate management, and Loan Modeling.
Trade finance:- Finacle offers powerful trade finance features covering business areas like Bills (Foreign & Inland), Documentary Credits/ Letters of Credit, Pre-shipment Credits, Bank Guarantees, Forward Contracts, and Foreign Remittances among others.
Common modules: - Finacle offers extensive common modules which include support for Clearing (including electronic and RTGS), Standing Instructions, General Ledger, Signature display and management, document tracking, limits and collateral management, delinquency management, and a whole range of day to day and year-end reports. Finacle has the capability of interfacing with various payment gateways, Anti Money Laundering solutions, Regulatory reporting systems, Statement management and distribution systems, and consolidation packages.
Business benefits: - Finacle provides the bank and its customers a comprehensive unified multichannel view of customers. Its 24x7 availability feature ensures that the bank’s customers always stay in touch with the bank. It can help banks eliminate non-productive processes. Also, it can be easily integrated with applications like Chat, Ticker, and Mail for quick and seamless knowledge dissemination. These features enable banks to derive maximum efficiency from existing processes. The unique extensibility tool kit allows banks to set and modify business rules quickly and integrate with surrounding applications seamlessly, without touching the source code which means that it can be handled by the bank’s own IT staff. This translates to quicker time-to-market for new products and services The scalability of Finacle’s core banking solution ensures a lower total cost of ownership to the bank.
BANCS
Features of BANCS
(i) BANCS automates every aspect of a bank’s operation–uniting front, middle and back-office processes in real-time. The latest branch automation and Internet banking solutions extend this functionality 24/7 to entire international branch networks and customer-facing interfaces.(ii) BANCS has an open architecture, which provides an unequalled level of integration, flexibility, and scalability across all platforms.
(iii) It has a proven core retail banking system and state-of-the-art front-end delivery channels, with the added option of a full wholesale banking solution incorporating Treasury, Trade Finance, and International Payments.
(iv) Other modules include Accounting (General Ledger) and Executive Information System (EIS) components which leverage the completely integrated nature of the core solution and its automatic data capture characteristics.
(v) BANCS has been designed in a modular fashion around a common base which is both platform and database-independent. This means financial institutions can convert to BANCS and add increased functionality in manageable increments without the hardware and systems limitations of typical legacy systems and many contemporary offerings.
(vi) The solution is virtually future-proof, being able to accommodate the latest technological innovations through application program interfaces (APIs) which are isolated from the core architecture and do not require the main application code to be rewritten. The BANCS application has been developed around six basic key foundation concepts.
These are:
- Customer relationship management
- Modular, parameter-controlled
- Scalable and high performance
- System Independence
- Ability to co-exist with other systems through APIs
- A multilingual and multi-currency BANCS Base is the core of the overall BANCS suite.
- Delivery channel management including message input and file input (trickle feed) for accepting in-clearing and similar transactions via tape, electronic, and other means.
- Provision of the common APIs
- Multi institution support
- Multi-branch support
- Multilingual support (both single and double-byte operations for language control)
- Multi-currency support
- Database support for the choice of DB2; Oracle; or SQL/Server
- Platform support for the choice of MVS, UNIX, or Windows.
- General Ledger Interface (GLIF) and Central Accounting functions
- System management controls, including provision for 24/7 processing
- Security services which establish the basis for authority and access Other functions provided within BANCS Base include the following applications:
- Customer management facility
- Parameter maintenance
- Fees and charges
- Cash accounting
- Contingent accounts
- Remittance reconciliation
- Debt collection system
- Collateral management
- Limits and exposures
- Brokerage
- User messaging and diary system
- Correspondence
- Base report set
FLEX cube
Features of FLEX Cube - FLEXCUBE Core Banking Solution helps large and growing retail banks succeed in improving their profitability and extending their customer reach. Benefits i-flex’s Core Banking Solution can support a financial institution by:- Reducing operating costs significantly ( One customer reduced costs by 50% after implementing FLEXCUBE)
- Offering improved customer service with higher cross-sells rates With enriched customer data collection, banks can cross-sell products to existing customers easily.
- Achieving record time-to-market for new products i-flex enabled new product creation in just two to three weeks from concept to launch.
- Easily integrating with existing systems FLEXCUBE can talk to satellite and legacy systems using the latest XML-based interface protocols.
- Helping a bank comply quickly with changing regulatory requirements FLEXCUBE supports regional regulatory needs (anti-money-laundering, Basel II, SOX compliance).
- Driving product innovation (Some banks have been able to define 1,500+ products on FLEXCUBE)
- Reducing costs (one customer reduced technology costs by 90 per cent and operational costs by 40 per cent)
- Facilitating rapid time-to-market through quick and easy implementation.
- Ensuring rapid customer acquisition
- A large bank acquired 1.5 million new customers in just 11 months with a new service offering made possible by FLEXCUBE.
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