VSOFT TECHNOLOGIES: Dedicated To Innovation for Improving the Operational Efficiencies in the Banki

The banking industry today is the most dynamic it has ever been with multiple technology, regulatory, and demographic factors cutting across the length and breadth of the value chain. Banks have re-evaluated the way they conduct their business in an order to improve customer experience and further achieve business profitability. VSoft Technologies, headquartered in Hyderabad, has provided financial institutions the architecture deliver to their customers a user friendly, flexible and self-supporting banking experience.

Over the last 20 years, VSoft has evolved to become a major service provider in payment solutions. Founded in 1996, VSoft was a pioneer in cheque imaging solutions. While its cheque processing infrastructure has grown to a capacity of over 20 lakh cheques a day, VSoft’s products today coverall critical banking functions to provide a comprehensive framework for financial institutions to build around.

VSoft spans across multiple continents with a team of over 1200 supporting its growth. Its customer base of over 2600 financial institutions range from large multinational and private banks to cooperative banks.

As a preferred technology partner to some of the leading banks in the country, VSoft offers:

IRIS Digital Banking: An Omni Channel Banking Solution
IRIS is VSoft’s comprehensive Digital Banking platform that enables a consistent user experience across multiple channels such as PCs, tablets, and mobile devices. IRIS is not only cost effective for financial institutions by eliminating the need to manage multiple products, but also novel in its use of responsive design to support both traditional internet banking and next-generation smartphone banking. IRIS is also multilingual, making it ready to be tailored it for international markets. IRIS enables consumers and merchants to use services including bill payments through NPCI’s Bharat Bill Payments Systems (BBPS), RTGS, NEFT, mobile based payments through NPCI’s Unified Payments Interface (UPI),cheque deposit and even access to third party applications for features such as personal finance management.

Jeb Unified Payments Interface Solution
VSoft’s Jeb is a mobile payment application that integrates with Unified Payments Interface (UPI) to transact money. Unlike mobile wallets like PayTM, payment and collection both occur instantaneously directly between bank accounts. The application is simple and user friendly, using either a mobile number, email address, Aadhar number, or QR code to initiate a transaction through any smartphone.

VSoft, showcasing Jeb, won the Hackathon hosted by NPCI, the umbrella body of retails payments in India, in 2016 to commemorate the launch of Unified Payments Interface (UPI) while competing against almost 4000 entrants from across India.

VSoft delivers a mobile payment application, Jeb that integrates with Unified Payments Interface (UPI) for transacting money i.e instant Pay and Collect directly from one’s bank account

Kisan Loan System (KLS) and PACS Automation
Given that the dynamics of lending to the agriculture sector are very complex in India, there is no application available that addresses all the needs for operations in the agriculture loan business. The monitoring of agriculture loans continues to be archaic and manual even in the digital world of today. The financial inclusion goals of the government and the need for greater transparency and collaboration have increased the urgency to automate the processes involved. VSoft’s agriculture loan solution, Kisan Loan System (KLS), is a system that enables technology integration of non-banking grassroots lending agencies, Primary Agriculture Credit Societies (PACS), with corresponding District Credit Cooperative Banks (DCCB).There are over one lakh PACS covering around 9 crore farmers.

VSoft’s KLS facilitates bringing in the farmers who are dependent on PACS for rudimentary financial services into banks by automatically opening a savings account with the DCCB branches and providing digital banking services through the issuance of bank cards. Additionally, KLS provides computerization of PACS records and regulates the lending via its parameters.KLS is different from traditional in its ability to regulate the loans; rather than allow immediate access to the entire loan amount and enable potential misuse, KLS mitigates the risk by operating the loans as cash credit accounts for use during crop season. In an effort to develop financial inclusion and empowerment of citizens in rural India, VSoft has further developed a farmer’s portal for performing financial and non-financial activities.

Further Expansion
VSoft is driven by technology leaders with a robust experience in the BFSI sector and senior bankers who have worked for some of the largest commercial and cooperative banks in India.“Our client centric approach has helped us develop solutions in collaboration with the users leading to operationally friendly and efficient products. Continuous identification of needs followed by innovation and improvement is paving the way for the company to become an industry leader in the digital banking and payments domain,” said Murthy Veeraghanta, Chairman & CEO of VSoft.

The company is targeting an IPO in the next 18-24 months to raise capital to fund its growth. With development centres currently in Hyderabad and Rajahmundry, VSoft is also planning to set up a delivery centre in Visakhapatnam, while expanding their sales presence in Latin America and Africa.