The Hindu Business Line : IOB to use `InstaRemit'

OBJECTFRONTIER Software Private Ltd has deployed its RTGS (real time gross settlement) Payment Gateway Interfacing Server Solution, InstaRemit, for Indian Overseas Bank.

This solution enables the bank to interface TBA (total branch automation)/core banking system and treasury applications with RTGS system through a single point of entry for real time gross settlement.

It also enables funds transfer and settlement of money between banks and customer transactions in less than five minutes.

IOB plans to extend the system to 170 branches by this month-end and to all its ABB (any branch banking) branches (currently about 600) by June, the release said.

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