10:31 pm - Monday August 14, 2017

VSoft’s Banking Services for India

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VSoft’s Banking Services for India

VSoft at Atlanta

VSoft’s inception in 1996 at Atlanta was led by the pioneering idea of a Cheque Imaging Solution years ahead of the establishment of the Cheque 21 Act in the USA. In the subsequent 19 years, VSoft has evolved to become a major service provider not only in the Payment Solutions domain but also in the Core Banking; with a global footprint. India operations were commenced in the year 2004 and foray into core banking domain was made in 2007, with the “SuVikas” Core banking solutions for co-operative banks in India. “CoreSoft” the core banking product for medium sized banks in US was launched in 2012 and was received with great appreciation by the industry.

Besides continually evolving its products to meet the changing market requirements, VSoft also changes its delivery models to suit the changing business environment. With the establishment of the VSoft’s outsourced services arm, the company moved from being just a product company to an IT services company enabling its customers with the
flexibility to opt for low capex models of product deployment.

Clients’ voice for VSoft

“With image-based cheque clearing soon to become a norm in India and the possibility of truncation moving to remote locations such as ATMs and mobile phones, VSoft was the ideal technology partner to meet both our current needs and to support us in the future as we continue to grow.”

-S. Govindan, General Manager, Union Bank of India

VSoft’s services &Solutions

Over the last decade VSoft has built a reputation for robust and scalable products with comprehensive features enabling its clients the flexibility to work with various deployment models and IT platforms.

Let’s know about its few of the products:

Payment Products Suite

  • CUSTOMER PRODUCTS: Jeb’ UPI Platform Solution, OnView RDC Suite & Iris Digital Banking Solution
  • BACK OFFICE PRODUCTS: eDesk CTC Solution & Centrum MMS-ACH Solution

Core Banking Suite

  • CORE BANKING SOLUTIONS: Iris Banking Solutions, Iris Kisan loans Solutions, Iris PACS Automation Solutions, Iris ATM Switching Services & Iris eKYC Solutions

Differentiating Factors

VSERVE: Outsourced Services provider

With the changing services landscape in India, Banks are under more regulatory scrutiny as well as working in a tough competitive market. In this scenario, use of effective technologies and efficient processes become crucial differentiators in meeting customer expectations, aligning to regulatory requirements and containing operational cost.

Hosting bank’s software requirements out of an outsourced services provider’s premises enables Banks to use state-of-the-art technology without making huge investments in infrastructure and man power. Without the burden of managing non-core operations, banks can focus more on their core business by optimal use of available resources.

Attuned to these evolving requirements of banking customers, in 2010 VSoft expanded its portfolio of services from just product development to also include Platform Based Outsourced Services. These services are offered through VServe which has its centralized operations and Data Centre at Hyderabad and a Disaster Recovery Site at Mumbai.

Leader in Outsourced Payment Processing in India

VSoft’s outsourced services arm – VServe today supports outsourced operations of more than 150 banks, large and small in India. Over 25% of the cheque volume in CTS Southern Grid (Chennai) is processed through VSoft’s Outsourced services. VSoft’s outsourced services infrastructure currently handles an average of 15 Lakh instruments per day.

Awards & Recognition

  • NABARD has Lauded Odisha State Co-operative Bank for Successful Implementation of VSoft’s Core Banking Solutions. The total number of branches and Head Offices served by IRIS CBS is more than 380. Odisha district Central Co-operative Banks serve over 53.69 lakh agricultural families, which makes up about 97.6% of the total agricultural families.
  • Vsoft’s Jeb, an innovative payment application wins Hackathon, 2016 organized by NPCI to commemorate the launch of UPI in India.
  • VSoft’s IRIS Omni channel wins the “Best Innovative Product for Banks” Award at the Maharashtra Cooperative Summit 2015
  • Best Tier 3 Data Center at Gujarat Cooperative Summit in 2015.
  • One among Top 10 Promising BFSI Software Solution Provider by Silicon India in 2013.
  • Included in Inc 5000 in 2011, ranked on the list among the fastest growing private companies in America for five consecutive years.
  • Feature story for Bank Technology News’ Top Innovators in the Financial Industry in 2010.
  • Atlanta business magazine top 10 fastest growing companies in 2009.
  • Placed one among Top 25 Innovators by Bank Technology News in 2008.
  • Deloitte Georgia ranked VSoft in Fast 50 – Fastest growing technology, media, telecommunications, and life sciences companies in 2007.
  • Software 500 ranking for four consecutive years since 2007.
  • Client *Branch Image Capture Report 2006* in the Advanced Technology and Breadth of Features category, VSoft stands out as the overall performance leader in 2006.

A team behind VSoft and its clients 

VSoft has been providing its valuable services, and making the clients completely satisfied. A team of (1200 plus) highly skilled, talented and zealous people who have a positive attitude towards the work, are utilizing their potential to fulfill the needs of the clients. They broadly fall under the categories of Product Development, Project Implementation & Support Services, Training and Marketing and Sales, besides internal support departments. With the efforts putted by these people, numbers of clients have been already served since VSoft’s inception.

Some of its valuable clients are: (Kindly note that we will show all of your clients here by their companies’ logo.

  • Axis Bank
  • Kotak Mahindra Bank
  • Odisha State Cooperative Bank
  • Catholic Syrian Bank
  • HDFC Bank
  • IDFC Bank
  • Janalaxmi
  • Syndicate Bank
  • India Posts
  • Yes Bank
  • Citi Bank
  • DISCOVER
  • First Carolina

Key Official 

Murthy Veeraghanta, Chairman and CEO

Murthy has over 25 years of experience in the financial services technology industry. He co-founded VSoft in 1996 and has grown the company from inception to a global company. Murthy also co-founded Vector Consulting, a software services firm providing payment systems consulting and project management to banks and service bureaus. Murthy has a master’s in chemical engineering from the Indian Institute of Technology, Kanpur.

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