Message from the Director’s Desk

The last 18 months has been challenging to Banks and financial institutions, but the crisis has also vindicated the importance of fee based transactional services. You and your customers have thru your feedback helped us in defining our product roadmap along 3 main themes based on revenue generation and transactional efficiencies –

• Increasing STP with customer systems and providing consistent experience and data across all interaction channels including internet, Mobile, IVR, ATM and branch.
• Becoming the single information source for all financial transactions of your customer whether conducted with you or with others
• Approving the credit worthiness of the transaction as opposed to a general credit rating of the customer to simultaneously increase the breadth and quality of assets sourced thru transactional services.

The product features and services in the coming months will enable fulfilment of the above and we look forward to working with you on implementing the same.

R N Iyer, Co-founder & Director of Vayana – He was Co-founder and CEO of Cashtech Solutions, India a leading cash management software providers for banks. Associated with implementing banking software solutions for customers across countries for the past 18 years.

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Showcasing solution under implementation

SolutionNET Corporate Internet Banking Integration with RSA for Bank in Qatar

In Online Banking, Security is one of the key challenges faced by all banks in areas like authentication of customers, non-repudiation and accountability for transactions and integrity of confidential data. To overcome, SolutionNET online banking suite keeps adding security features by integrating with leading PKI vendors & Digital Certificate providers. As part of this, the application is being integrated with latest version of RSA products for Login and transaction authentication.

SolutionNET Corporate Internet Banking integrated with RSA is being implemented at one of the banks started recently in Qatar. With the integration of RSA, the Bank and customers enjoy a secured online banking experience with “strong authentication” by eliminating the potential risks such as Phishing, Identity theft. This implementation will have all basic Corporate Internet Banking functions like Account Statements, Transfers & Remittances, and Service requests with full ledged Administration module. Additional plug-in modules like Trade Finance and Foreign Exchange integration are being implemented for this bank. The implementation is likely to go-live in next few months.

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

SolutionNET R & D working on Dynamic Reporting Engine

In today’s competitive world, decision makers thrive for data to analyze and take decisions for customer satisfaction and improvement. Having said, the applications need to capture more data for supporting the decision makers and also provide effective reporting mechanism for extraction of the data and work on decisions. Pre-formatted reports which are provided along with the applications can support data analysis only to certain extent and become age old over a period of time.

To overcome the above, SolutionNET R & D Team has started working on Generic reporting engine which will be part of the SolutionNet Banking framework. This is a add-on module for all the products developed using framework version 4.x. This reporting engine will allow administrators to create simple to medium report templates using the GUI along with the data dictionary provided with the product, without having any custom development or source code changes. These created report templates can be published to customers or application users based on the access permission, enabling them to generate reports based on the filter and grouping. The reports can have the branding features like Logos and color to maintain the consistency and engine supports Multi-lingual, download in PDF/XLS. This reporting engine is expected to be released in SolutionNET framework by fourth quarter of 2009.

With the release of this feature to the market, banks and FI’s, not only create custom reports to suit the day-to-day requirements for their statutory obligations, back office usage and customers but also reduce the time & cost of building new reports to suit their requirements.

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Showcasing Best practices

“Securing Online Consumer Banking using near 2-factor approach”

“Robust Security measures” is the top most valued global attribute as per the recent study on Online Banking. (Source Booze Allen Hamilton study of 100 banks across 17 countries). To satisfy this global attribute, SolutionNET Online Banking has variety of security measures incorporated for both Login security and transaction security. It is integrated with few of the leading PKI applications & Digital signatures for secured Corporate Transactions. But, much focus is not given by banks on transaction security for Consumer banking customers. In some countries, 2-Factor authentication is compulsory & hence provided for Consumer banking customers, but is expensive in terms of implementation & maintenance.

To get the best of both worlds, SolutionNET Consumer Banking implemented for a leading bank in Bahrain has achieved a near 2-factor for payments from Online Banking. This is done by leveraging the Mobile-SMS technology using the following process flow



The above approach not only makes the online payments secured for Customers of Consumer Banking, but also acts as near 2-factor for secured transactions.

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