- Shivalik Mercantile Cooperative Bank Ltd chooses FIS to implement a hosted solution with an aggressive delivery timescale
- The “bank in a box” solution meets the bank’s every need, across multiple solution areas
- This is the first cooperative bank in India to use the FIS’ Profile core banking solution.
- FIS is one of the foremost providers of hosted core banking solutions for banks globally and now launching the same proposition for banks in India
FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology solutions, and a global leader in consulting and outsourcing solutions, has been selected by India’s Shivalik Mercantile Cooperative Bank Ltd to provide a completely outsourced “bank in a box” solution for the bank.
Shivalik Bank becomes the first cooperative bank in India to successfully move to FIS’ “bank in a box” Profile core banking solution. A combination of core banking, channels and payments that fulfills all of a bank’s technology needs, Profile allowed Shivalik Bank to convert in just two months, and enables the bank with a platform for the future. With Internet and SMS banking, deposit and loan products, payment solutions, ATM and POS switching, Regulatory and MIS Reporting and more included, Shivalik Bank will be better positioned for growth as all the solutions work together and are easily scalable.
“Increasingly stringent regulatory directives for cooperative banks in India require them to upgrade to more sophisticated technology and, at the same time, these banks are faced with the challenge of responding to the push by commercial banks into their customer segments. FIS’ wide breadth of solution assets offers utmost flexibility to address all the needs of this segment,” said Raja Gopalakrishnan, Group Managing Director – APAC, FIS. “FIS’ proven solutions, coupled with its comprehensive in-country servicing capabilities, enabled Shivalik Bank to move to FIS’ Profile core banking in an exceptionally short time frame.”
“Shivalik Bank is pleased with the comprehensive offering delivered by FIS’ core banking solution, as well as its ease of configuration and use,” said Suveer Kumar Gupta, Chief Executive Officer, Shivalik Bank. “FIS is a world leader in core banking, and we chose the FIS ‘bank-in-a-box’ solution because it provided interoperability and scalability, supporting our expansion plans and our strategy for introducing new products and services, while remaining fully compliant with regulations.”
Shivalik Bank (www.shivalikbank.com) is the first multi-state cooperative bank based in the Indian state of Uttar Pradesh and has a growing network of 21 branches, with an expanding network of business correspondents.