mis at axis bank

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Mis at axis bank

INFORMATION SYSTEM Axis Bank has implemented a new derivatives system -- Summit FT by global financial applications provider -- Misys. The system will provide the bank with the ability to structure derivative products in real time, reduce time to market, and give a single view of the entire transaction to the customer. According to Prabhakar Saxena, general manager (India) of Misys, "A lot of banks are providing derivative products on a back to back basis. But these are plain vanilla products, which are uniform in nature. Summit FT will help Axis to structure its derivative products differently and offer its customers products that are different from the run-of-the-mill derivatives. Thus, it can charge a premium for its dynamic services." The bank hopes to leverage the ability to rationalize its currently dispersed functions to provide a single view of every transaction to customers. Derivative transactions can expose the bank to three broad categories of risks: counterparty credit risk, market risk, and operational risk. With derivatives and structured products operations currently served by a range of

third party vendor solutions, spreadsheets, and customer built platforms, the bank is predicting that rationalizing systems across front, middle, and back office operations will provide significant competitive advantage. "Apart from helping the bank to create new derivative products without having to resort to developers each time, it also helps from a regulatory compliance standpoint," said Saxena. The RBI favors transparent online systems that can track every transaction and report it exactly as it is. Currently spreadsheets are being used to record information, which leaves room for misreporting, errors etc. An automated system will remove this anomaly and improve compliance to a great extent. The Summit FT product was evaluated against

products by competitors Murex and Calypso before it was finally adopted by Axis Bank.

ORGANISATION COMPUTING RESOURCES: SOFTWARE RESOURCES Risk Management solutions provider for derivatives market, Pyxis Systems, has announced that UTI Bank has selected its RisKompass as the software solution for financial derivatives risk management. A software system for derivatives valuation and risk management, RisKompass enables clients to manage derivative trades in a further controlled way from the front to back office. Supporting the industry standard FpML (Financial Product Markup Language) protocol, it can manage valuation and risk management of a broad range of derivatives instruments. The system will handle derivatives such as interest rates and foreign exchange for UTI Bank. The implementation will provide the bank with an automated system that reduces manual effort to streamline its operations. The benefit envisaged by the bank is that everybody being on the same system, it can be accessed by anyone on the different locations of the bank. The users at the bank would include marketing staff, traders, dealers and risk managers.

The solution will result in smoother deal processing, with verifying and online risk monitoring mechanism. It will streamline all operations and the risk mechanism can be monitored centrally. UTI will be replacing their Crystal Xcelcius system with this solution. Pyxis has developed utilities for data migration to this system. The solution is on a .Net platform, and will operate on the Windows operating system.

The database employed is Oracle 9i. Pyxis has already conducted a training programme for the users at UTI, and their personnel will be present at their premises, providing on-site support, for a further period of three months. According to R.V.S. Sridhar, VP - Treasury, UTI Bank, The system is user friendly, and the software offers good portfolio management features and pricing capabilities required to meet the increasingly complex requirements of customer business. The process of implementation started in June 2006, and UTI will go live with the solution by mid-October, said Sunil Nikhar co-founder, & President, Pyxis Systems. Pyxis will offer full implementation, customization and maintenance support services for the solution. It is a very complex system, and it took Pyxis 18 months to develop it, added Nikhar. UTI Bank is the first customer for Pune based Pyxis and the company is into talks with some other large private banks for implementation of RisKompass. Axis BankeShop NetBuy is developed by Axis Bank and is used by 2 users of Software Informer. The most popular version of this product among our users is 1.0. The product will soon be reviewed by ourinfor mers. Axis bank testing new mobile payment method

Axis Bank is in advanced stages of beta testing a new method of using mobile phones to make payments. The service is expected to be fully launched in just three months. A pilot study involving 500 customers of Axis Bank is currently being conducted at various locations. If this mobile payment method is implemented, users can swipe their mobile phone and conduct various transactions, which were earlier possible using the credit cards. Atom Technologies, a subsidiary of the BSE-listed Financial Technologies (India) Ltd (FTIL), which runs the Multi Commodity Exchange of India has innovated a technology, which will enable mobile payments. Atom card- a product developed by the company and the accompanying software can embed a user's credit card data, over-the air like SMS into his mobile phone. A 2-D bar code will store this credit card detail, which will be unreadable for the user and will keep the credit card details safe even when the mobile phone is stolen or lost. Whenever, the mobile phone user has to make a payment he will have to provide his PIN details. After embedding the credit card details into the mobile phone, the instrument can be used in place of credit cards. Purchases can be made at a merchant establishment, which has the requisite software to implement the transaction. The company has called this swiping model as 'optical payment' and has received a patent in US for this payment mode. A simple webcam is required to read the 2-D bar code and can be implemented at merchant establishments at a very low cost. The software required to implement mobile transactions will be provided free of cost to merchants, banks and customers by Atom. However, this technology will be available for JAVA enabled phones at present. Many other companies like Bharti Airtel, Reliance Communications and C-Sam were also looking at offering mobile commerce solutions, but the Reserve Bank of India (RBI) is yet to give its clearance for a mobile wallet service in India. •

Electronic Clearing Service (ECS Credit) ECS Credit is an electronic clearing system that facilitates paperless transaction through an offline system. Axis Bank facilitates ECS Credit at all ECS designated locations. We accept the electronic file and arrange obtention of settlement date (date of credit to benefiary account) from RBI/SBI/Local Clearing House as the case may be. The funds gets debited from a centralized account and credit is accorded to

the respective beneficiaries as per settlement cycle. A detailed MIS about the transactions is provided to the customer. •

NEFT To establish an Electronic Funds Transfer System to facilitate an efficient, secure, economical, reliable and expeditious system of funds transfer and clearing in the banking sector throughout India. The customer willing to avail the NEFT facility offered by us shall submit an "NEFT Application Form" authorising the sending bank to debit the sender's account and transfer funds to the beneficiary specified in the NEFT Application Form. The Beneficiary's account will be credited on the same day by crediting the specified account of the beneficiary or otherwise placing funds at the disposal of the beneficiary. •

Real Time Gross Settement (RTGS) RTGS System is a payment settlement system that minimises the credit risk in the prevalent cheque clearing system. Under RTGS the funds are settled on a near real time basis across Banks in different locations. Bank offers this immediate electronic fund transfer facility to RTGS enabled bank branches across through the country its designated RTGS enabled locations.

ORGANISATION TRANSACTION PROCESSING SYSTEM: Team Inertia The way people do business has been changed significantly with the advent of the Internet Revolution. Today customers have an option to choose from a plethora of options while shopping for that favourite item. Web Commerceor Ecommerce has witnessed a significant increase in revenue year on year. You can now integrate this option to your website in the various Secured Payment Gateway Options we have to offer. Technologies are the authorized reseller for Axis Bank Payment Gateway Services in the state. EBS (E-Billing Solutions) is the Merchant Account providing company partnered with Axis Bank that visualizes you how to become more competitive and help you to make the changes to your online payment processing for risk free business.

EBS "Payment Gateway" is specifically designed to accommodate the increasing demand by e-commerce companiesfor sophisticated payment solutions to tap the enormous opportunities for global Internet transactions. The system also includes several exciting new technologies that enable e-commerce businesses to make the things more customized and backend more user friendly with advanced features and technical know-how.

How It Works. Step 1: Customer select and adds item in the shopping cart And places the order on your (merchant) website. Step 2: Customer selects to pay via credit card . Step 3: Customer is redirected through EBS Payment Gateway to Transaction Processing Bank. Step 4: Customer enters credit card details on Secured Payment page. Step 5: Credit card information is transmitted securely to the corresponding bank for approval. Step 6: Corresponding bank sends appropriate information to the transaction Processing

bank . Step 7: The result is forwarded to EBS (via the Transaction Processing Bank). Step 8: Customer receives a confirmation and is redirected to your (merchant) website.

EBS has taken tremendous steps to secure your transactions from fraud, data piracy and hacking. Some of the steps taken are as follows 

An automated risk management system which triggers for all transactions and flags the transaction for risk involved. 

High Risk Transactions are manually investigated by our intelligence team and Risk control unit at your customers and their issuing banks working hours. 

RMS parameters. 

Verisign 128 bit SSL encrypted. 

Hacker safe certification. 

PCI Audited servers. 

Robust secured highly strategic data servers and network design for sustaining heavy traffic transaction and data load. •

Extensive Network Axis Bank has its own branches in various locations. Above this our arrangement with reputed correspondent banks covering more than 900 locations ensures that most of your cheques are covered under our network and the realisation status can be known at the earliest. •

Lower Interest Costs & Improved Liquidity A dedicated HUB ensures that you receive funds in your designated account within transit time thereby reducing interest costs and improving your liquidity position. •

Centralised Service Desk A dedicated service desk has been started at our Centralised Collection and Payment HUB (CCPH) to ensure that your queries are resolved quickly and efficiently. The Customers can contact CCPH regarding any query about the MIS or the process flow. •

Web CMS Web CMS provides you with all the information at a click. Detailed MIS like location wise collection and return, product-wise pooling,

pooling in pipeline (due credit report) etc. can be viewed and downloaded from web interface through internet. •

Comprehensive MIS We provide comprehensive MIS reports like daily report, transaction report future credits reports and cheque returned unpaid report. On the payments side we provide daily paid - unpaid status for the demand drafts, cheques or warrants issued by your Organisation. •

Mobile Alert Service The CMS clients availing our collection products now have the facility to subscribe to Mobile Alert Service for receiving alerts on registered mobile phone numbers instantly after the funds are pooled. To avail this facility, please visit nearest CMS designated branch or log on to our Web CMS to download the form online and send it to our branch where your account is maintained. .