Computers Today, July 16-31, 2000; Country Buzz, pg2

July 16-31, 2000 COUNTRY BUZZ

Infosys Launches New Banking Solution

Infosys Technologies Ltd has launched its new banking product called Finacle, a centralised, multi-currency and multi-lingual-enabled integrated core banking solution, addressing both retail and corporate banking requirements. Positioned as a core banking E-platform that would bring about a change in the manner banking is done, Finacle leverages Internet technology to drive the operations of a bank. According to Nandan Nilekani, president, MD and COO, Infosys, "Finacle is a highly-secure open platform for banks that are ready to go beyond banking." Nilekani adds, "Banks are becoming a one-stop shop for financial services other than traditional core-banking services. But existing technology platforms fall short of the flexibility and interoperability needed to handle these diverse requirements and hence there was a need for a future-ready platform like Finacle. With its strong in-built interoperability, Finacle is able to effectively interface with other solutions of a bank."

Finacle is completely Web-enabled and has the capability to seamlessly integrate with surrounding Web applications. Its open architecture allows easy integration with multiple delivery channels. It also enables banks to offer products and services through ATMs, call centres, phones and the Net, ensuring 24x7x365 service levels.

Max India Takes Majority Stake in HealthScribe

Max India Ltd has acquired a majority stake in HealthScribe India Pvt. Ltd, a 100 per cent Indian subsidiary of HealthScribe Inc.-one of the world's leading medical transcription companies. Max India will invest $8.5 million to acquire a 71.4 per cent stake in the company. This is the first investment by Max India in the IT-enabled services sector that along with Web-enabled services and software services forms an integral part of the company's information technology growth strategy. As a part of its strategy to enter the sector, Max India is investing $11 million in two American companies, AltaCast and MindCrossing, for software solutions and Web-enabled services. Max India is also currently setting up Max MindCrossing India Ltd, a software development and Web business firm in Delhi. It also plans to enter the IT-enabled areas of call centres, remote processing, including back-office operations, insurance claims processing and revenue accounting.

TCS, HDFC Sign MOU for IT-enabled Services

The recent spurt in the growth of such IT-enabled services has been possible due to cost-effective telecom links, increase in outsourcing and the ability to handle these projects on a cross-border basis. Tata Consultancy Services (TCS) and Housing Development Finance Corp. Ltd (HDFC) have signed a MOU to jointly promote a joint venture company to provide IT-enabled services to prospective clients in the US and European markets. HDFC chairman Deepak Parekh said, "A new company will be promoted by combining the strength of the both the firms purely for export. It will have 1:1 debt to equity." The 50:50 joint venture will involve an equity participation of Rs 40 crore. It would offer a spectrum of services that would include online information and help support through call centres, relationship management and back-office data processing. These horizontal services will be offered across industry verticals such as financial services, hospitality sector and airline industry. The scope of services would be expanded to include services such as data conversion and Web content development. These services will be initially offered to overseas banks, financial institutions and insurance companies abroad. "Our own partners-Standard Life and Chase Manhattan-outsource services worth billion dollars and this is where we can chip in," Parekh said.

Oracle Ties up with VCs to Promote Dotcoms

Oracle Software India Ltd has announced a major initiative to promote start-up dotcoms through alliances with key venture capital/incubator firms. To enable start-ups build their E-commerce sites, Oracle India will provide them with its products and services, said Dipankar Sanyal, director, technologies, Oracle India.

Oracle has signed memorandums of understanding with four venture capital firms-eVentures India, inQbiz India, Ideas2dotcom and Inqbay. Oracle is expected to subsidize the partnership costs towards services and product licenses to the tune of $20,000 per start-up initially. Says Sekhar Dasgupta, country manager, Oracle India: "The benefits accruing through this service include lower initial investment for customers, low total cost of ownership, solving the IT skills shortfall, adoption of best practices, avoidance of technology obsolescence and allowing the start-ups to focus on their core competence".

US Firm to Set up IT Township in AP

The Andhra Pradesh Government has finally given its consent to US-based Catalytic Software Ltd to go ahead with the development of information technology township in the state. The township, estimated to cost Rs 440 crore, would come up at Kancha Imarat village in Ranga Reddy district, close to the proposed international airport at Shamshabad. The US firm promoted by a group of ex-employees of Microsoft, is setting up the township. To be located on a 500-acre land, it forms part of the larger establishment envisaged on a 5,000-acre land near the proposed airport to facilitate setting up of hardware, software and other IT-related and financial services. The Andhra Pradesh Industrial Infrastructure Corp. (APIIC) would be the nodal agency for the project and would hold a 46.1 per cent share in the form of land value. Catalytic Software would be allotted 300 acres of land in the first phase and 200 acres in the second phase for developing the township.

Aptech, SISL Sign For SEI's PCMM Assessment

Aptech Ltd, Datamatics Ltd and Siemens Information Systems Ltd (SISL) are the first batch of companies to sign up for getting People CMM assessed. The PCMM, introduced in 1995 by the SEI, Carnegie Mellon University, helps software organisations focus on improving the capability of their workforces by enabling them to "attract, motivate, develop and retain" world-class talent. Recently, QAI India, a knowledge corporation in the field of SE&M, became the first Indian company to be authorised to award PCMM assessments. Says Navyug Mohnot, executive director, QAI, "We are proud to be an integral part and humble contributor to India's global leadership in software." Maturity in the PCMM represents an organisation's ability to improve the knowledge and skills of its workforce and align its performance with the organisation's business objective.

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