Bank of India is in the forefront in adopting innovative technologies for improving its customer service. The Speed Remittance now introduced by the Bank uses Bahwan Cybertek’s - Cuecent CashSwitch - a centralized platform for remittances. The Speed Remittance enables various Exchange Houses, Correspondent Banks, etc., across the globe to use unique, secure log-in for seamless fund transfers. This enables direct credit to the beneficiary’s account through CBS/ MBB/ RTGS modes. This a strategic investment for the Bank in its efforts to continuously improvise the services offered to its customers through adoption of innovative technologies. The Speed Remittance facility serves as an effective solution which facilitates electronic remittance from various Exchange Houses / partner banks to corresponding beneficiaries in India on real time basis.
“This is a strategic investment for BOI toward its effort to continuously improvise the services offered to its customers through adoption of innovative technologies” commented Mr.Balachandran, CMD, Bank of India. “Speed Remittance” is an effective solution which facilitates electronic remittances from various partner Banks & Money Exchange houses to corresponding beneficiaries in India in near real-time”.
“We are delighted to transform the traditional Inward remittance process for a leading bank like Bank of India” added DurgaPrasad, Chief Executive Officer, Bahwan CyberTek. “Cuecent focuses on conceptualizing innovative products and solutions enabling Banks to capitalize on the strength of multiple technologies and accelerate their business growth”. The Phase one of the implementation was successfully launched to provide faster remittance service from Middle East to India. The engagement was carried out on IBM’s Technologies and CMC was the System Integrator”.
About Bank of India
Bank of India, with a branch network of 2646 branches, including 20 Overseas Branches and 4 Representative Offices, has a customer base of over 25 million. The overseas branches of the bank are located in important financial centers in all time Zones. Bank of India was the first Indian Bank to start international operations way back in 1946 by establishing a branch at London. The foreign offices take care of domestic corporate and other customers in financing import and export transactions. The Bank’s integrated Treasury at Mumbai as also seven well equipped Foreign Exchange Dealing Rooms at Overseas Centers handle foreign exchange, money market, derivative products and other Dealing Room activities to support its corporate clients. The bank also offers center specific customized financial products to its clients and provides end-to-end solutions.
Highlighting the performance of the Bank during the year 2005-06, Shri Balachandran said that the Bank’s Net Profit rose by 106.28% to reach US$ 157M and the global assets crossed US$ 25000M. The share of overseas operations of Bank in total business was 17.18%.
The Bank has strengthened its IT infrastructure to best in class; 100% of Bank’s branches have been computerized. Internet banking has been introduced at over 1200-networked branches. All our Overseas Branches are linked/ networked through Global Processing Hub at Singapore.
On the remittances front, the Bank has introduced Star-e-Remit, a web-based remittance facility for NRIs in USA. The Bank has introduced fast remittance service at Singapore, Hong Kong, Japan and U.K. for NRIs making remittances to India. The Bank has tied-up with Western Union for their Money Transfer Product services through our 750 branches.
About Bahwan CyberTek
Bahwan CyberTek (BCT) is one of the Top 100* privately managed companies in Asia providing end-to-end consulting, IP development, custom application development, infrastructure support and business process solutions to organizations across various vertical including Banking, Financial Services, Government, Energy and Utilities industries.
Cuecent, the product research and development division of Bahwan CyberTek, focuses on conceptualizing innovative products and solutions enabling its Customer’s to automate complex business processes by capitalizing the strength of multiple technologies. The products and solutions provide a simplified and flexible SOA based platform to develop manage and evolve integrated & composite business applications.
Over 200 customers across the globe have benefited from our products and solutions. Organizations worldwide have experience the advantage of “Customer Enterprise Centric” technology solutions.
With it’s headquarter in India, a state-of-the-art Offshore R&D Center spanning at Chennai, the organization has its presence across the globe including EMEA and the US.
Business Today and Ernst & Young rated BCT as the “Best Company to Work For” in its recently conducted survey.
BCT adheres to stringent quality processes to ensure delivery of best-in-class products and solutions to its customers & are assessed at CMMI Level 5 by the SEI..
