Comments
Image Infosystem Pvt Ltd —a software products company focused on providing solutions to the banking industry — is now spreading its wings abroad,
After tasting some success in East Africa, this company is now eyeing an entry into Philippines as part of larger strategy to get a foothold and grow in South East Asia.
“We plan to set up a subsidiary in Philippines so that we could reach out to the banks in that country for offering our solutions”, Anand Natarajan, Director and Chief Technology Officer, Image Infosystem told BusinessLine here.
This company’s solutions are already deployed in five Tanzanian banks and one bank in Kenya, according to Natarajan.
The long term plan is to get 80 per cent of revenues from markets abroad and remaining from India. Currently, most of its revenues are emanating from within India only.
Through its transaction processing platform—Expressclear, this company is currently handling settlement of nearly 25 per cent of transactions in Indian banking system.
Expressclear is suited for multi-location, multi-branch banking/financial institution.
In India, Image Infosystem is well known for the Express Cheque Clearing System (ECCS) project which led to the automation of non-MICR clearing houses throughout the country.
ECCS processes over one million cheques daily by over 1 lakh users.
Till date, ECCS has been rolled out at 1,363 clearing houses across the country and has been individually and separately licensed to 1,135 banks across India, with an installed base of 51,185 bank branches.
Through this project, the ambition of automation and standardisation of non-MICR Clearing houses has been achieved.
The challenge to convert the entire cheque clearing in India to Cheque Truncation System (CTS) can easily be achieved by converting these ECCS centres to CTS centres on the same platform, said Natarajan.
Srivats.kr@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.