Message from the CEO

The Vayana Management Team met, in early April 2010, to define a Product Plan for the next two years. The two day visioning workshop was also attended by the Cofounders Srikrishnan and Iyer. There were clear themes emerging from the meeting. At a foundational level, it was agreed that we need to continue to get better at building products with a strong end customer focus. We need a well formed vision of what our Bank’s Corporate and Retail Customers want from their Banks in the future and build products that achieve the goal for our Banking Clients. The other area of significant focus is to continue to build a cadre of passionate engineers and an engineering process invested in product innovation and engineering excellence. Around these foundational organizational DNA type changes, we will build products that offer a portfolio of transactions on an STP basis. We can achieve that by expanding, our already unique Corporate Adapters, to go beyond Payments. Bill Pay for Billers is the other product, on our radar, with a Beta Launch planned in the US market in September. Bill Pay will enable, an online payment capability, for a Biller’s business and retail customers. The Biller typically is a Small or Medium sized company providing products and services to either Small Business or Retail customers. This product is proposed to be offered in the construct of Software as a Service (SaaS). Social Connect will go through the initial client installations as Banks in this region are still in the very early stages of leveraging the Social Commerce curve.

Kannan Ramasamy, Senior Management Partner & CEO of SolutionNET line of business at Vayana. He has 20 years experience working in leading organizations like GE Capital, Bank of America, American Express & Unilever and 8 years as an Entrepreneur.

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Solutions being implemented currently

SolutionNET Account Aggregation for leading bank in India

With the business horizon expanding across the globe, Corporate Managers are challenged to manage accounts across multiple banks. Though technology has extended some relief by way of Internet banking, getting consolidated account balances across banks still takes considerable time. They have to crawl through all the banks accounts either manually or using Internet Banking, collect information, consolidate and then arrive at their cumulative balance positions across Banks. To make this process more simpler & manageable, SolutionNET Internet banking framework had been expanded to offer an Account Aggregation facility to its customers in Q1 of 2010. This aggregator will get corporate account data from various pre-registered banks using SWIFT MT-940 messages, consolidate and show the result in one screen. It also allows the customer to group, tag & apply exchange rates to get the current net worth position. This application also enables the customer to download the consolidated account statement which facilitates a faster reconciliation.

Vayana has completed the implementation of this Account Aggregation product to one of the leading bank in India and the facility is going live for bank’s customers by Q3 of 2010.

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Developing Solutions with customer’s market opportunities and ROI in mind

Voice Biometrics – More secured 2-factor authentication

With the growth of Internet applications, points of vulnerabilities are also increasing multi fold. There are varieties of 2-factor applications in the market to support the customers in executing a secured transaction using Internet banking. While some of them are expensive and some have distribution problems. Vayana has partnered with E*Pro, a leading company providing IVR solutions for Voice Biometrics based authentication. This mechanism dials the customer’s registered phone and asks the customer to repeat a phrase in his/her own voice for authentication. The system authenticates based on the voice pattern and has “anti-spoofing” capability by not accepting a recorded voice. This service can be integrated at various stages in internet banking channel right from Login to high value payment transactions authentication. Other additional credentials like TPIN, customerid can be attached with this voice call for making it a multi factor authentication. The service can be offered to the banks as hosted model, partially hosted & on premises model.

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Showcasing best practices

Quality challenges – Tools and processes to plug the gaps!!

As the complexity of the software development increases, the number of bugs coming out of the software also increases significantly. And the cost of fixing a bug is far higher than avoiding the bug. Tools & processes help in achieving good quality software development. Vayana with its experience of more than a decade in building & managing product has adopted various practices in delivery of good product to its customers. As a need to strengthen the process, Vayana is implementing a quality management system with newly identified tools aligned with our processes. With this change, the products and patches released to customers, would be tested well, before release. This will also reduce the time for fixing of bug identified after implementation while providing data for root cause analysis of bugs as they devlop. Know more...

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