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Mr Kannan Krishnan, Regional Director, BCS Information Systems, Singapore and Mr Sudarshan Venkatraman, Chairman, Zylog Systems, at a conference to announce the signing of an MoU for marketing RTGS Pay Ware in India. - Bijoy Ghosh

Chennai , Dec. 10

THE Chennai-based Zylog Systems Ltd will market in India RTGS PayWare (Real Time Gross Settlement), a Web-based banking product of the Singapore-based BCS Information Systems Pte Ltd.

Zylog will also implement and integrate the product for commercial banks in the country, says a press release. The two IT firms signed an agreement to this effect recently.

RTGS is a system aimed at not only gradually reducing dependence on payments through cheques, but also at enabling online clearing and settlement of payments on a real-time basis across banks in different cities.

The RTGS will allow live, real-time settlement of inter-bank payments across the country through the Reserve Bank of India (RBI).

According to Mr Kannan Krishnan, Regional Director, BCSIS, which is a 100 per cent subsidiary of the Overseas Chinese Banking Corporation, Singapore, the product was meant mainly for the Indian market.

The RBI has asked Indian banks to implement RTGS. Some private sector banks have already implemented RTGS, and some public sector banks are planning to implement in the next few months, he told newspersons.

Mr Sudarshan Venkatraman, Chairman, Zylog, said the company was planning to set up a new centre in Old Mahabalipuram Road, Chennai's information technology corridor, at a cost of Rs 15 crore. The funds for this would be generated through internal accruals, he said.

The company currently employs around 350, and plans to expand the workforce to 500 by 2005 end. Zylog achieved a turnover of Rs 97 crore for the 2003-05 and is likely to reach Rs 150 crore for the current fiscal ending March 2005, he said.

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