Financial Daily from THE HINDU group of publications
Thursday, May 29, 2003
Financial Daily from THE HINDU group of publications Thursday, May 29, 2003 |
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Info-Tech
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Software Money & Banking - Information Technology ICICI Info's Newton takes off here with LVB M. Ramesh
CHENNAI, May 28 ICICI Infotech will shortly introduce in India a new core banking solutions software that will allow banks to carry on with their legacy applications. The product, called Newton, has been implemented in two banks in Japan and three banks in Korea, and is being tried out in India for the first time in Lakshmi Vilas Bank. The Chairman and Managing Director of Lakshmi Vilas Bank, Mr A. Krishnamurthy, told Business Line that the bank chose Newton because "we don't have to change anything". The core banking solution will interface with the existing Total Branch Automation software. (`Core Banking Solutions' enables banks to centralise all processing, so that the branches and other outlets such as ATMs, function just as point of customer contact. A customer, then, could do any banking transaction from any of the points of contact). Newton competes with products such as Finacle of Infosys, Flexcube of i-flex and B@NCS-24 of TCS). Sources in ICICI Infotech said that Newton had the ability to support the legacy application environment prevailing in many banks in the country. During the current year, ICICI Infotech will focus its attention in rolling out the solution selectively in some of the banks, they added. The solution is proven to run successfully in banks with 57 branches to 3,000-plus branches, according to them. "A unique feature of Newton is its minimal demand on the hardware and computing infrastructure resources which typically constitute a major component in the total cost of ownership for competing solutions in India," ICICI Infotech officials said. The solution is platform-independent and can work on RISC-based platforms such as HP UX and IBM AIX (which are different versions, or `flavours' of UNIX), and on Intel-based Linux platforms. The database (RDBMS) can also be selected from a choice of Oracle, DB2, Sybase or Informix.
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