Virmati Software: Abating the Issues in BFSI with Agile and Customizable Banking Solutions

CIO Vendor Banks and Financial Institutions (FI) are leveraging IT technology and services to work faster, smarter, reduce security risk and increase productivity. In response to the growing requirements of the customers, banks and FI are shifting and adopting robust IT technology solutions and project delivery models which can deliver customer centric & high performance environments. However, most vendors are not equipped to assess the myriad of needs of the banks and consequently fail to deliver the solution, services or support as would be expected. Lack of customization, poor project services and unjustified costs associated with banking solutions often makes the CIOs wary about its selection/implementation.

Understanding the technological conundrums faced by various banks & FI, Virmati Software headquartered in Ahmedabad Gujarat offers robust, highly customizable/configurable and smoothly adoptable Banking Solutions to annihilate the pain involved with project implementation, support and regulatory changes. Driven by resulted oriented approach, the company provides continual enhancements and upgrades with respect to its banking solutions. As an IT Technology & Project Delivery specialist company, Virmati understands & provides distinctive Project Services of Handholding, Training & Support to Customer IT Teams which ensure project adoption, success and value. “Virmati’s Solution & Engagement Model enable Banking & FI to stay on the top of their game in terms of Customer Orientation, Operational Edge or Strategic Initiatives”, says Jaishal Shaah, Executive Director at Virmati Software.

Seeing the growth and success of various corporate banks accompanied by huge transformation in Banking operations and customer services, the retail, cooperative & regional Banks too are catching up. However, many such banks and FI are crippled with poor systems, poor vendor services & support to keep up with year on year technological & regulatory changes.

Committed to Universal Banking fulfillment, Virmati provides comprehensive and modular Banking Suite covering not just basic operations but also advanced functionality & specialized tools. These special & advanced modules stand ingrained within the core banking suite (icbs) covering distinctive but blended facets of banking like Loan Origination & Recovery Suite, Cheque Truncation System (CTS), Anti Money Laundering System, Biometric Authentication system and more. Additionally, iCBS – Core Banking from Virmati has an established and proven delivery to replace poor, non-performing core banking solutions; it works seamlessly with existing 3rd party systems such as ATM Switch, AML, CTS or NPCI Interface.

“Virmati’s Specialized Banking Suites not only comply with native regulations in the region, but they also get customized & configured for that Technology Edge & Business Advantage. Our Core Banking and the Special Suites like Agent Banking, Biometric Authentication, LoS, AML or CTS have received wonderful response & selection across all types of FIs like Commercial, Community, Cooperative & even Central/Apex Banks”, adds Jaishal Shah.

Virmati Software offers robust, highly customizable/configurable and smoothly adoptable Banking Solutions to annihilate the pain involved with project implementation, support and regulatory changes

Last few years have brought growing pains to cooperative banks & microfinance institutions, as there was a dearth of tools and solutions that could effectively monitor group transactions, or maintain cash branch wise, thus denying them more than basic banking functionality.

Answering these issues to Cooperative Banks & Microfinance Credit Institutions, Virmati offers iCBS Lite & mFIN Solutions; they are fully web-based solution comprising the best of banking automation & Credit (Loans Origination) & Management System. iCBS Lite &mFin being highly adaptable integrate and expand with 3rd party systems without any quandary. Owing to different geographies and regulations, FIs wanting to be forex traders and lenders are severely limited by the non-similar, disjoint solutions. However, with iCBS Lite &mFin’s unified and flexible features of regional implementation, even Multinational Micro-Finance Groups can implement iCBS Lite ormFin with a different localisation, different functionality in different geographies.

It is believed that branchless banking offers banking services to the unbanked by offering them thru authorized Agent, Kiosk or Merchant Shop (PoS). However, this branchless/agent banking has not been much successful earlier when tried by FIs due to lack of clarity or stable regulations. Articulating more on the failure of branchless banking, Jaishal Shaah adds “The Banks and FIs follow Regulator’s guidelines, which have kept changing every few quarters and have often been disruptive; as a result no project/contractual relationship can be implemented or achieved by the FIs and its IT Partner’’. Supporting the idea of branchless banking, Virmati remains keen and cooperative with FIs seeking to start Branchless or Agent Banking. The fervent team at Virmati works with the IT team of FIs to support both project technology & project organization while cautiously stepping ahead to ensure the success of the project without any disruptions.

Giving credence to the combination of right product, right services, right support and right cost, Virmati remains, keen, agile and committed to provide solutions in Banking Automation. With inspiring products and services, the company advocates a project partnership based approach to facilitate Banks and FI’s with robust and customizable offerings.

Within the Industry, Virmati stands out for:
a. Versatile, Distilled and Empowering Solutions
b. Continued Product Evolution & Adaptation that gives & maintains edge.
c. Flexibility to replace, or to integrate with any Host/3rd party system
d. Project Costs & Approach which are genuine, un-encumbered & value-defining.