Message from the CEO
 Vayana is pleased to publish its first Product Newsletter. This newsletter is designed to offer you a window and a walk through to our Solutions Innovation Group. We would also invite you to visit www.vayana.in to review our white papers and engage in a real time dialogue with our customer success and solutions innovation center.We have tasked ourselves with bringing to market features that will have a positive bottom line impact for our customers, while improving the quality of the user experience for our customer’s customer. In being able to do that, we would like to have a continuing dialogue with you and your team to understand, educate, develop and deliver solutions that you need.
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We are glad to a part of our Customer’s success
Corporation Bank – Awards Galore
On May 18, 2009, Institute for Development and Research in Banking Technology (IDRBT) Hyderabad has announced “Best Bank Award 2008” to Corporation Bank for making use of Technology in its drive for financial inclusion. (source: www.idrbt.ac.in)
Corporation Bank was also chosen as “Runner-Up” for “Best Online & Multichannel Banking Initiative” on 20-Jan-2009 as part of “The Banking Technology awards 2008” by Indian Bank Association (IBA) earlier this year. SolutionNET Online Banking solution for Corporation bank is provided by Vayana. (source: www.iba.org.in)
Vayana is happy to have its relationship with Corporation bank since 2000 and continue to support on improving the technology strength of the Bank. Also, bank has earlier in 2003 won “Best Delivery Channel-2003” for SolutionNET Internet Banking Solutions.(source: www.idrbt.ac.in)
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Al-Omaniya ranked No.1 NBFC in Oman by Business Today
Al-Omaniya Financial Services is ranked as No.1 NBFC in Oman by E & Y Survey and published in June 2009 edition of Business Today. Al-Omaniya’s CEO Mr.Aftab Patel has commented “The state-of-the-art information technology system also enhanced the company’s capability” to achieve this recognition. The complete SolutionNET software solution is installed at Al-Omaniya in June 2006 and currently supported.(source: Business Today)
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Solutions in business operation of our customers
Dynamic Template Management as part of SolutionNET framework
SolutionNET framework has integrated a Dynamic Template management and implemented the same to a few customers in Consumer Internet Banking. This facility is used by Banks for the following to create:
- Application forms with placeholders for Customer data like Account number, Credit Card number etc., as part of Channel/Relationship Management.
- Notifications /alerts for customer.
- Pre/Post Transaction comment or Notification to customers.
Data collected from the forms created using Template management system is either integrated to internal Mailing system and directed to the respective departments or can be generated as a separate report for further processing.
Banks have gained huge value addition because of this template management in creating forms for Campaigns, Feedback and even in some cases like service requests.
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Solutions being implemented currently
SolutionNET Internet Banking Integration with E-Mudhra
One of the key challenges faced by any banking enterprise for their Internet banking offerings are authentication of customers, non-repudiation and accountability for transactions and integrity of confidential data. Exposure of secure information such as passwords, credit card numbers, account numbers etc. to phishing and sniffing tools is a major concern for Banks as well as customers using Online Banking.
To over come the above challenge, a leading public sector Bank from India has signed up with E-Mudhra, a digital signature company for authentication of Transactions happening through SolutionNET Internet Banking. E-Mudhra offers end-to-end solutions for the banking sector that authenticates and secures highly sensitive information through every node of the data transmission route. E-Mudhra is seamlessly integrated with SolutionNET Internet Banking to digitally sign and encrypt data at every stage of data communication with Bank.
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SolutionNET Consumer Internet banking in Uganda, Africa
SolutionNET Consumer Internet Banking is being implemented at Crane Bank, Uganda, and Africa. This implementation is acquired through the partnership of “Technology Associates”. Technology Associates is based out of Kenya and has offices in UAE, Tanzania and Uganda. Technology Associates has been building first-world technology infrastructures in Sub Sahara Africa for the past decade. Leveraging the presence of Technology Associates in Financial Industry at Africa, more Implementation for SolutionNET products & solutions are expected from this region. This is the first implementation of SolutionNET products in Africa.
One more first at Crane Bank, product is deployed on Redhat JBOSS Application server which is open source and has capability of any commercial application server like IBM Websphere or BEA Weblogic or Oracle AS. Redhat’s JBOSS is a low cost solution for Small and Medium sized banks which will reduce the TCO of Internet Banking application. JBOSS has facility of Clustering and works on operating systems like Windows, Linux and Solaris.
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Developing Solutions with customer’s market opportunities and ROI in mind
SolutionNET R & D working on Generic Corporate Adapters
In today’s corporate world, financial transactions are expected to be executed at lightning speed and there are few transactions like bulk payments & Salary uploads in this category. To handling such bulk transactions between Business enterprises & Banks, IDM (Intelligent Data Mapper) a SolutionNET product and is deployed in few of the implementations. But today, every enterprise has a unique ERP system which extracts such payment data in their own format. This warrants banks to have specific Corporate Adapters to validate the file upload and process these Bulk payments. This specific Adapters involve custom development and eats away ample time in testing and Implementation. This reduces the opportunity for the bank to acquire corporate customers.
To overcome the above, SolutionNET R & D Team has started working on Generic Corporate Adapters which will be part of the SolutionNet Corporate Banking framework. This Generic Adapters will allow Bank users to create specification files that suit the payment data extract from Customer ERP Systems, to parse, process and upload the same without having any custom development or source code changes. This will help banks to acquire corporate customers with bulk payment data or integrate the customer ERP system as Host-to-Host communication using SolutionNET’s IDM Transmitter. Alternatively, SolutionNET’s IFD (Internet File Delivery) can be used for transfer of data without human intervention using http or https protocols from secured networks. This Generic Corporate Adapters is expected to be released in SolutionNET framework Version 4.5 by third quarter of 2009.
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SolutionNET to provide Account Aggregation facility
One of the pain areas for Consumer and Corporate Internet Banking Users is to get their net worth position at a click of a button. They have to crawl through all the banks accounts either manually or using Internet Banking, collect information, consolidate and arrive at. To avoid such hassles, SolutionNET framework to have Account Aggregation facility in Version 4.5. This aggregator will get consumer account data from various pre-registered banks using SWIFT MT-940 messages and consolidate at SolutionNET Internet Banking and shows in one screen. Interested to know more, contact us.
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Showcasing Best Practices – SolutionNET Retail Internet Banking
The top 6 most valued global attributes for an online banking are
- Robust Security measures
- Simple & Quick logon
- 24 x 7 availability
- All products & services like Accounts, Credit cards, Mutual funds, Portfolio management from same site
- Clear and Intuitive layout and
- Comprehensive information. (Source Booze Allen Hamilton study of 100 banks across 17 countries)
Leading Bank in Bahrain has already achieved the 1st 4 attributes using SolutionNET Consumer Banking and as part of new facelift they are achieving the rest of 2 attributes. They are coming out with an innovative layout to have fewer clicks for doing any transaction in Online Banking. Few of them are
- Buttons were introduced in the main page denoting T-Transfers, M-Monthly Statement, C-Current Statement, R-Renew Deposit, P-Pay Credit Card dues etc., near to their accounts.
- Quick payments portlet with link for making payments to Frequently used beneficiaries
- Activity History portlet listing the last 5 activity created from Online Banking with their current status.
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