IBM, Nawanagar Co-op Bank to implement Core Banking Solutions on Cloud
VARINDIA- INDIA'S FRONTLINE IT MAGAZINE The Nawanagar Cooperative Bank Ltd., Jamnagar has selected IBM to deploy core banking solutions on a hosted cloud services model. The bank claims to be automating its end-to-end operations on InfrasoftTech's OMNIEnterprise Core Banking Solution hosted at IBM's data center. With new regulations and corporatization affecting customer expectations from co-operative banks in India, The Nawanagar Coop. Bank Ltd. was aiming for increasing availability of risk management products like derivatives, IT adherence & alignment, to effectively compete against other private banks. By implementing this end-to-end core banking solution, the client is said to offer state-of-the art financial solution to their customers including internet banking, online money transfer, ATM, mobile banking, etc. As part of the agreement, IBM is believed to be remotely hosting and managing the IT and networking infrastructures of the bank while also implementing the...