The Digital India vision is a timely intervention in the banking sector where technology can be used as a key catalyst for financial empowerment of masses, says Murthy Veeraghanta, Chairman & CEO, VSoft Technologies Pvt Ltd, in an interaction with ENN.
Tell us something about VSoft Technologies Pvt Ltd and its operations in India.
Incorporated in 2004 as the Indian arm of the Atlanta based VSoft Corporation, VSoft Technologies Pvt Ltd caters to the Indian banking and financial institutions sector with technology products and platform-based BPO services in the core banking and payments domain. Over the last decade, the organisation has built a reputation for robust and scalable products with comprehensive features enabling its clients the flexibility to work with various deployment models and IT platforms.
VSoft Technologies’ platform-based BPO is one of the largest outsourced cheque processing services provider in the country, with a client portfolio inclusive of major public sector, private sector and co-operative banks. VSoft’s key value propositions are greater flexibility to respond to changing business and regulatory needs, enhanced speed to market products and services and cost-effective innovation to compete with greater rigour. We have established our comprehensive products and services portfolio in less than a decade of the organisation’s existence in India. Certified ISO 9001:2008 and CMMI (Level 3), the 1000+ team at VSoft ensures that all products adhere to international standards.
VSoft is a leading provider of banking and payment solutions to financial institutions. What are the company’s mostsought- after services and products?
VSoft is one of the few financial technology providers that offers true image-based cheque and payment processing solutions on a unified platform, eDesk. We also offer IRIS, a robust web-based core banking system designed for co-op banking sector. Our Centrum NACH system for next-generation electronic payments is being adopted by many banks in India. We are also building a one-of-a-kind Cloud-based, RuPay-Enabled Kisan Loan System that can revolutionise credit delivery and recovery for millions of farmers in India. VSoft’s other next generation products include Iris Omni Channel Banking solution – a single platform for multi-channel banking, like Mobile/Internet and kiosk banking, powerful and flexible platform PACS, to the user-friendly software to digitise and automate daily operations of PACS.
Do you see any role for yourself in the Modi Government’s ambitious ‘Digital India’ programme?
PM Narendra Modi’s Digital India vision is a much-needed and timely intervention in the banking sector where technology can be used as a key catalyst for financial/ economic empowerment of masses. Pamela Flaherty of Citi Foundation points out, “Financial inclusion is not only about a social imperative… By stimulating formal economic activity, financial inclusion makes sound business sense.” Taking cue, VSoft is offering a host of next-generation technology solutions for the co-operative and rural banking sector in the country. Our Kisan Loan System is capable of extending the benefits of the RuPay Card to millions of small and marginal farmers. Our PACS Automation System can enable Primary Agricultural Credit Societies to better service the financial needs of large rural populations. Our Shared ATM Switch and Omni-Channel Banking services will enable co-operatives to offer convenient self-service channels to their members.
VSoft’s clientele list has a number of co-operative banks and financial institutions. How do you connect it with your business strategy?
VSoft is building a host of next-generation technology solutions for the co-operative financial sector in the country. Our Kisan Loan System is capable of extending the benefits of the RuPay Card to millions of small and marginal farmers. Our PACS Automation System can enable Primary Agricultural Credit Societies to better service the financial needs of large rural populations. Our Shared ATM Switch and Omni-Channel Banking services will enable co-operatives to offer convenient self-service channels to their members. There can be no doubt that the co-operatives have a big role to play in achieving the ambitious financial inclusion goals of the government. In serving over 130 co-operative financial institutions in the country and by offering next-generation banking services to them, we are humbled and excited to be valuable partners.
As a global business player, do you think the environment is conducive in India for smooth business operations?
The business environment in India has become very conducive and there are signs that it will get better in the days to come. We understand that governments have to work towards achieving the right balance in being a market economy and a welfare state. The present government – backed up by a historic mandate and headed by a team of leaders, who have proven track record of development-centred governance – holds a lot of promise. The fact that the investment environment has seen a significant upswing in the recent days is a testimony to how the business environment is getting better with each passing day.