Mumbai, India (PressExposure) April 17, 2013 -- Omnitech InfoSolutions Ltd, India's leading Technology Transformation Company signed its first Next Generation Real Time Gross Settlement (NG-RTGS) implementation contract with Solapur Janata Sahakari bank (SJSB.)
The contract involves helping the bank to go live on Next Generation RTGS along with a three year Management Services contract. It involves making the Gateway Servers fully operational by installing & configuring all relevant hardware & software, Network communication with regard to NG RTGS Primary, standby and Disaster Recovery Site. It also entails implementation of Omnitech's three niche Payment Solutions for Notifications, Liquidity Management and Payment Messages Reconciliation.
The next generation RTGS (NG-RTGS) system is based on eXtensible Markup Language (XML) messages conforming to ISO 20022 standards.
Banks have been instructed by RBI to be prepared to migrate their existing payment systems to handle the new ISO 20022 message format, while instructing the new member banks to directly start operations on the new format. (Source)
Mr. Vinayak Date, Chairman, SJSB said "The move to implement NG RTGS was to be more competitive in terms of providing innovative financial products and services to our valued customers. Being a new member bank, Omnitech helped us to understand the outcomes of NG RTGS in long term and undertook the NG RTGS implementation along with implementation of Notification engine, Liquidity Management and Payment Messages Reconciliation solutions. Collectively, the above solutions have ensured that our customers can now avail services at par with global standards and ultimately enhance our business operations."
"With NG RTGS system our customers will be able to initiate fund transfers for future dates and get the status of their transactions through SMS alerts", added Mr. Date, SJSB.
"This is our first NG RTGS implementation in the country. We have successfully implemented RTGS system in over 70 banks in the last few years. The ISO standardization will help banks enhance their offerings making them compatible in the global market", said Mr. Atul Hemani, MD & CEO, Omnitech InfoSolutions ltd.
"With our continued focus on becoming a Transformational Partner for the Cooperative banks, our Payments Center of Excellence has been working on solutions that will help these banks get timely and accurate information while reducing the manual parts of their business processes and simultaneously improving the efficiency of their automated processes", added Mr. Atul Hemani.