Money & Banking

AU Bank ropes in SunTec to assist in GST transition

Vinson Kurian Thiruvananthapuram | Updated on January 08, 2018

AU Small Finance Bank has tied up with SunTec Business Solutions to help it transit to the GST regime and deliver seamless service experience to clients.

Based in Thiruvananthapuram, SunTec offers GST management as an over-the-top (OTT) solution which can easily integrate into the AU Bank’s existing IT landscape.

This ‘out-of-the-box’ solution can be nimbly configured, aiding banks with a hassle-free experience when they transit into the GST regime.

AU Bank will use this solution for tax segregation, tax accounting, generating tax invoice and for data filing.

Global clients

SunTec’s Xelerate suite provides revenue management and business assurance capabilities for banking and financial institutions.

With deployments in over 50 countries, SunTec’s client list features the likes of HSBC, ING, Mashreq and Cable One. It has offices in the US, the UK, Germany, the UAE and Singapore.

K Nanda Kumar, CEO, SunTec, said that its expertise and innovation in customised pricing and bundling solutions will help AU Bank to analyse, anticipate and cater to varied customer expectations.

“With GST now rolled out, it is instrumental that banking and financial institutions improve their service accuracy so as to prevent revenue leakage and maintain customer trust through continued customised offerings,” he said.

Vijendra Singh Shekhawat, Chief of Operations and Technology, AU Bank, said that SunTec has helped the bank achieve enhanced GST compliance with the least amount of interference with existing IT infrastructure and business operations.

The bank commenced its banking operations on April 19 this year and has a distribution network of 284 branches, 119 asset centres, 23 offices and 251 ATMs spread across 11 States and one Union Territory.

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Published on October 05, 2017
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