As an experienced Infosys partner, we have strong capabilities in developing core banking solutions. Being awarded with the most reliable partner (Infosys – 2016) and implementation partner of the year (Infosys - 2017) and a proven track record of 1000+ man-years in the Banking and Financial Services domain, we offer Core Banking Solutions (CBS) through a global delivery model, predominantly in Asia-Pacific, Middle East, and Africa regions.
With 15+ CBS upgrades and 20 implementations to our credit, our service offering in CBS covers implementation, customization, upgradation, testing, and training services.
We are global players in end-to-end CBS Implementation/Deployment. We extensively customize CBS applications according to the specific needs of banks. Our interfacing capability (both online & batch interfaces) with various sub-systems along with CBS helps banks to integrate discrete banking operations. We address the needs of different roles of bank employees by providing various CBS training. Our CBS Business & Technology Consulting Services extend from testing, BPR, Application Audit to Functional Expertise. Our post live deployment services are application maintenance, L1 & L2 support, version migration, etc. We have deep-level Knowledge in CBS architecture, Finacle schemas, Finacle Installation, various Finacle tools, and Finacle Services.
Customization and Interface Development
Post Implementation Support
To develop a solid CBS foundation to the Core IT team, we provide end-user training on retail banking, advanced training programs, including DBA and technical training. In addition, we provide training to refresher courses to bank auditors.
Over 25 public and private sector banks in India are successfully conducting government business operations using our in-house developed IP Solution. ISL Government Business Suite (GBS) is an e-Governance solution that handles various types of financial transactions on behalf of the Government for Organizations / Banks. This product can be parameterized, which provides flexibility in functionality for banks to adapt to Government Guidelines.
Our GBS addresses the collection and payment requirements in a cost-effective way. It is a centralized web-based solution and can be integrated with any banking solution or can be used as a separate stand-alone application.
GBS Tax Collections module takes care of different types of tax collection and remittance by authorized banks in India such as:
It handles funds flow as under:
GBS Savings Schemes for Public module takes care of the various Savings and Thrift Schemes promulgated by the Government from time to time for inculcating the habit of savings amongst the public. The same software can be suitably amended/modified to make it compatible with global conditions based on the requirement. For example, we are handling the following schemes in the Indian Government environment:
Public Provident Fund Scheme (PPF) - This module takes care of the Subscriptions, Withdrawals, Loans, Agency Commission features, Interest calculations, Penalty, Remittance of Funds, etc., governing the Funds with validations and checks in accordance with the rules and also provided to transfer the accounts across the branches of the bank.
Relief and Savings Bond Scheme (Bonds) - The various Relief and Savings Bonds (cumulative and non-cumulative) that are in force can be handled in the module with all the validations as per the rules, closure, interest process, communication to bondholders, remittance of funds to Government Central Accounts Department and so on.
Senior Citizen Savings Scheme (SCSS) - This module takes care of the Subscriptions, Withdrawals, Premature Withdrawals, Agency Commission Features, Interest Calculations, Nominations, Remittance of funds, etc., with validations and checks in accordance with the rules.
This module provides the solution for regular pension payments to various Government Department Pensioners, for departments like Civil, Defence, Railways, Telecom, State Government, etc., wherein one of the vital functions which the banks have been assigned to handle with ease, thereby serving the respective pensioners.
The Pension Module is a comprehensive solution with all the parameters and validations as applicable to each type of pensioners as also inbuilt provisions to define and handle the various parameters/components as per the respective Government regulations. The processing and payment can be done at a centralized location or through the paying branches and the MIS (Management Information System) reports can be generated as per the requirements of the concerned departments. The system has provisions to define all the government rules for payment of pension.
Web-enabled Software - GBS is a complete web-enabled software that can be used through the Internet or Intranet.
Extensive support to various Government Transactions - GBS supports various Government Transactions namely, Personal and Corporate Tax Collections, various Deposit Schemes, Pension etc., related to different departments.
Offers quick and easy solution - GBS offers banks to handle Government transactions in a quick and easy way, leading to a significant increase in turnover of Government Business, which in turn paves way for higher earnings in Government Business.
Accurate Calculation / Processing - GBS assures accurate calculation and processing for Government transactions related to Pension and Savings Schemes based on the parameters set.
Supporting Transfer of Funds - Collections made by the Dealing / collecting branches are transferred to the pooling center or centralized location automatically during the End of Day process, daily. The remittance of funds to the Government is done by GBS.
Supports Consolidation of Data and funds - Data and funds consolidation takes place automatically based on the mapping of the branches to various levels. GBS takes care of consolidation on the following scenarios:
Supports Agency Commission Calculations, Claims, Receipts and Distribution - GBS calculates the amount of agency commission that the bank should get from the Government for the Government Business Transactions handled for various schemes for a given period. The facility is provided to make a claim to the Government, for the commission to be received, receives the claim amount and distributes the same to the branches as per the percentage defined.
Supports Interest Calculations and Payments - In the case of Savings Schemes, GBS calculates Interest amount to be paid for each deposit account as per the parameters defined (Interest percentage and periodicity of interest to be calculated) and pay the same. Also, it facilitates to generate relevant reports to claim for the total amount of interest paid, from the Government.
Facilitates Processing and Payment of Pension - Based on the parameters defined for each Government department and the details captured for each pensioner, GBS does processing and arrive at the amount to be paid to each pensioner, taking into account the recoveries to be effected, if any. Once processing is over, GBS makes payment by crediting the pension amount to the respective operative account of the pensioner. Reports in various formats can be generated to claim the total pension amount paid, from the Government. Also, Reports can be customized as per the requirement of the bank or the Government.
Plenty of Inquiries in each Module of GBS - GBS offers a variety of Inquiries to suit different transactional needs of the banks for getting the required information anytime.
Improves efficiency and reduction in cost - Since GBS is a comprehensive solution meeting out all the requirements of the Government, it definitely improves efficiency thereby reducing the operational cost and saves a lot of time.
Quickly adapts to changes / new regulations announced by the Government - As GBS is highly parameterized, any new changes / new regulations announced by the Government from time to time are taken care of without any loss of time.
Supports all modes of banking transactions - GBS handles all modes of banking transactions, such as cash, transfers, and clearing.
Integrated software or as a stand-alone application - GBS offers the unique advantage of using the software either as an integrated application or as a stand-alone application. If the bank is already equipped with a centralized banking solution, GBS can very well be integrated with it. Otherwise, GBS can be used as stand-alone software without compromising any of its features.
Defining hierarchy based on requirements - GBS provides branch mapping to any hierarchy as per the requirements of the bank / Government. This will be useful for the transfer of funds, data consolidation, and reports generation.
MIS Reports / Formats as per requirements - GBS provides a lot of MIS reports which caters to the needs of various Government departments. Also, various formats such as Account Opening forms for Savings Schemes, Life Certificate, and Undertaking letter for Pension Module are inbuilt features which are available for immediate use.
Platform Independent - GBS software is compatible with any platform like HP - UNIX, SUN Solaris, IBM AIX platform, MS-Windows, etc. Thus, it has a flexible architecture that can be implemented in any kind of server environment.
Supports ISO 8583 for Message Control - GBS software is compatible with common standards used in the banking industry, including ISO 8583 for message control.
Easy Upgradation / Migration - Upgradation / Migration of GBS software from the existing version to a higher version can be done with the least possible time, using the scripts.
Business Intelligence Infused Report Distribution System
Inspirisys'–Schedulable-Multichannel-Automated-Report-Transmission (iSMART) tool is a business intelligence reporting & distribution tool which collects data from different sources, fills necessary additional info and generate reports automatically and distribute to the targeted users at the enterprise level. It also facilitates to add designed report templates at the frontend.
Our Business Intelligence enabled analytics reporting system provides an appropriate interface to collect existing data from the banks' CBS system. This data is then aggregated at various levels for reporting.
Benefits of SMART
Inspirisys is ideally positioned to build custom applications in modern platforms and also maintain by offering the portfolio of services such as domain consulting, version management, code maintenance, system documentation, end-user training, verification and validation, data migration & platform migration. We adhere to the stringent service level agreement and help the banks to reduce the total cost of ownership for their applications.
Consultation for enhancements is provided as a service by Inspirisys to banks, which is desirous of developing complementary solutions to meet their specific requirement.
Our Managed Service Offerings are Helpdesk Service, Monitoring Services, Infrastructure Management Services, Asset Management Services, Vendor Liaison Services, and Service Level Reporting.
We provide both application and infrastructure support to the financial institutions. This ensures effective coordination, ease of assessment of the situation and better Turn-Around-Time.
Financial institutions have the option of choosing one or all of CAPP Model via corrective (fixing errors that are observed when the software is in use), adaptive (change in the software environment), perfective (new functionalities in the software), and preventive (implementing changes to prevent the occurrence of errors) support services.
Every day a huge volume of data is generated in the banking industry. With Artificial Intelligence, valuable insights can be identified and sorted. Machine learning enables the analytics platform to be more intelligent with more data. Leveraging this technology, banks can predict customer behavior to provide rich customer experience.
ISL helps banks to jumpstart their advanced analytics journey with structure/unstructured data, and build an Enterprise Orchestration platform with Advanced Analytics for precise ML models quickly in Cloud / On-Prem / Hybrid environments.
Our AI platform generates data segmentation and provides a view customized for banks’ unique requirements. The segmentation is achieved by unsupervised machine learning algorithms.
With the capability to integrate with data tools, our AI tool enables sourcing and preparing a huge volume of data for data integration and storage-all this through a user-friendly and intuitive user interface.
Using multiple data sources, this enables banks to deliver personalized campaigns. Real-time insights on customers help to identify cross-sell and up-sell opportunities and determine the next best offers.
Analysing account data obtained from integrated systems such as CRM, transaction systems, and service tickets, an AI tool enables users to reach out to customers through the right channel based on their psychographic attributes.
60% of financial institutions believe data analytics offer a significant competitive advantage.
90% believe data initiatives will determine their success in the future.
ISL automates repetitive voluminous jobs across the systems without the need for backend integration, enabling faster changes without downtime, improves accuracy with an increase in productivity.
We help financial institutions to bridge unconnected applications, eliminate manual data entries by capturing existing processes, store and replay it by a BOT. We have 400 man-days of expertise in providing RPA solutions and services.
Our solutions are technology agnostic and can work across systems including non-electronic formats with faster TAT due to zero backend integrations, helping cost optimization by reducing manual efforts and scalable to add more processes.
Our Multi-function Cash Depository Machine (MFK) is designed and developed for accepting cash & cheque. As it is user-friendly, the customers can operate the machine themselves. This system is designed for 24 hours operation and it takes about an average of 30 to 45 seconds to complete one transaction. It can also be configured to operate online with the Core Banking System of the bank to validate the account number entered by the customer or read by the card reader on inserting the Debit/Credit Card.
READ MORE about ISL digital kiosk solutions
General Information Kiosk:
Our Multi-Function Kiosk can be connected to the core banking system, it is used to process and display general account information of an account holder.
Cash Deposit Kiosk:
Our digital kiosks has an Interactive touch screen, a slot for delivering the receipt of the transaction to the customer and slots for inserting the cash and cheque. It accepts a maximum of 35 to 40 currency notes in the bulk cash identification system. Also, it identifies and rejects fake, tore, mutated, soiled or folded currency notes. The payment details are transferred to the Core Banking System of the bank through LAN. The Data is updated to the Core Banking system on a real-time basis or as a batch data upload at the end of the day as decided by the bank. Our digital kiosks can also generate various MIS Reports such as Cash Collection Report, Summary report, etc.