BankServ earmarks $0.5m for revving up business in India

Mumbai, Jan 28 | Updated: Jan 29 2005, 06:13am hrs
US-based BankServ Inc, which provides technology for electronic payment channels, has earmarked an investment of $0.5 m towards enhancing its business in India.

The company is undertaking projects for implementation of the Real Time Gross Settlement (RTGS) system and cheque truncation. The company aims to provide the software platform for RTGS to banks branches in far-flung and remote areas, so as to provide connectivity via the RTGS system.

The company is finalising talks with the Punjab National Bank for implementation of the RTGS system.

The company is providing the software for the RTGS platform to the bank. It is also finalising talks with another large PSB for implementation of a software application to enable inter-bank cheque truncation.

BankServ Incs president and CEO, David Kvederis. says, As Indian banks aim to grab a marketshare in the global banking space by way of mergers and acquisitions, and by bringing in new businesses, scalability of business will be of paramount importance. One needs to underscore the need for investing in hardware and software technology, as size will matter.