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IBM SmartCloud Resilience Service for Core Banking Solution deployed at The Nawanagar Co-operative Bank Ltd

•End-to-end IT operations automated

India, 1st March,  2012 – IBM (NYSE: IBM) today announced that the implementation of core banking solution is going live at The Nawanagar Cooperative Bank Ltd, in Jamnagar, one of Gujarat’s leading co-operative banks for over 20 years. IBM offers Smart Cloud Resilience Service for Core Banking Solution to the bank in partnership with Infrasoft Technologies Ltd. As part of the agreement, IBM is providing shared infrastructure services to host the core banking application from Infrasoft with remote managed services at IBM’s data center in Bangalore. The core banking solution of InfrasoftTech OMNIEnterprise™ was implemented to help scale up business and centralize the management of their mission critical operations including all of the Branches and Head Office with real-time transaction processing, helping the bank better cater to the customer requirements.

With new regulations and corporatization affecting customer expectations from co-operative banks in India, The Nawanagar Coop. Bank Ltd. was looking at availability of risk management products like derivatives, while maintaining IT adherence and alignment, to effectively compete against other private banks. By implementing this world class end-to-end core banking solution on the IBM SmartCloud, the bank will not only be able to offer state-of-the-art financial solutions to their customers including Internet Banking, Online Money Transfer, ATM Services, Mobile Banking, etc but also operate on a centralized network twice as fast and at half the cost compared to an on-premise licensed software model. The proposition also helped the bank to reduce its burden of upfront capital expenditure and move to a pay-as–you-use model.

OMNIEnterprise™ being browser-based, simplifies the implementation process. Since the bank does not require a branch server and the branch processes can be accessed at a central remote location, they can now introduce new products and services to the market quickly and uniformly across their branch network. The branches require only the browser to use the system which significantly reduces the investment cost of setting up branch infrastructure and its maintenance. Training costs and requirements are also largely reduced and simplified respectively.

“We are very excited about the much-awaited cloud-based core banking solution that is to go live today. As a forward-looking bank, we have felt the strong need to scale up our IT and improve operational efficiency for delivering consistent services in a cost effective and secure manner. Our faith in the IBM SmartCloud and InfrasofTech solution has been proven and we are now ready to lead the transformation wave in co-operative banks,” said Mr. R.K. Shah, MD, The Nawanagar Cooperative Bank Ltd.

Mr. Hanuman Tripathi, Group Managing Director, InfrasoftTech said, “We are very proud that IBM InfrasoftTech cloud Core Banking partnership is bearing fruits and we are committed to provide a strong value proposition to Nawanagar Bank. InfrasoftTech OMNIEnterprise™ Core Banking Solution runs over 65% of those Urban Cooperative Banks India, which are enabled on Core Banking Solution. We are confident of building Nawanagar Bank a modern and scalable platform where the CAPEX requirements will be minimal and operating costs are low. Our Core Banking on IBM Infrastructure is an extremely secure platform for Nawanagar Bank to use. We are confident that the bank will grow at a significant rate in coming times.”

“We are happy to be announcing that through seamless implementation between Nawanagar, Infrasoft and IBM, the Core Banking Solution is going live. The Nawanagar Bank has made a huge leap from legacy branch banking to online/anywhere banking. The IBM SmartCloud solution offers the bank better operational efficiencies without an exponential increase in the infrastructure and computing resources. IBM offers the technical expertise, process maturity and strong project management skills required for a project of this magnitude.  This is further testimony to our leadership position in the banking industry and our commitment towards forging relationships with small and medium sized banks,” said KS Raghunandan, Director, Integrated Technology Services, Global Technology Services, IBM India/South Asia.

Gujarat has experienced rapid economic growth in recent years with the development of the local textile, manufacturing and IT services industries. IBM and InfrasoftTech have worked with a range of cooperative banks in the region and this partnership is a testimony to IBM’s strong technology solutions that are helping clients increase productivity, improve customer service and track business performance. IBM also has a strong presence in Gujarat, with offices in Ahmedabad and Surat which are focused on meeting the growing needs of our clients and partners.

The Nawanagar Cooperative Bank was founded on August 28, 1980 and has nine branches in Jamnagar, Gujarat. The bank was also presented with the Best Performance National Awards for 1994-95 and 1998-99.

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Preeti Gupta

IBM External Relations

Phone: +91 99015 68510