Laser Soft, a subsidiary of Indian financial technology company Polaris Software Lab, has bagged a project from Andhra Pradesh State Cooperative Bank (APCOB) to implement Core Banking Solution (CBS) in all its 22 District Central Cooperative Banks (DCCB) spread across the state of Andhra Pradesh in India.
According to Laser Soft, the proposed implementation will be executed through a unique multi entity CBS rebranded as Intellect Core Banking Solution, with centralized deployment at Hyderabad being used by 569 branches and 22 head offices of the DCCBs.
Laser Soft claims that this model will facilitate easy transaction between customers of each of these banks across the other DCCBs, as if it were one bank without any re-conciliation issues. The new Core Banking Solution will go live across all DCCBs under APCOB within this financial year.
MS Ramarao, chief general manager at Andhra Pradesh State Cooperative Bank, said: “We decided to invest in Intellect CBS to take our banking experience to the next level and that too at just INR11,000 per month / branch or at less than INR2 per account / branch / month for a period of five years. On the technology side, we finalized on Polaris after a rigorous evaluation process by Andhra Pradesh Technology Services.”