What has been the company's major growth driver?
Cheque Truncation System (CTS) or the image-based cheque clearing system has
been the major growth driver for the company. Central banks of many countries
like India, UAE, Saudi Arabia have made CTS mandatory, which in turn has worked
in our favor as most banks have opted for our solutions.
What is unique about Newgen's CTS?
We have developed the CTS on a BPM platform, and have added all
functionalities that make it flexible. Thus, the user has an advantage of making
any change as per his business requirements. Further, the same technology can be
used in retail banking, trade finance, and credit card.In addition to complying
with the RBI mandate, they wanted to apply this solution to others that would in
turn increase their RoI.
How favorably is the Indian market in adopting new technologies?
The entry of MNCs has given impetus to the Indian market growth as they get
newer technologies. MNCs are ready to adopt software solutions that will help
them grow faster and also open branches in less time. On one hand, bigger market
size is attracting these MNCs to set shop in India and on the other competition
has made it imperative to adopt solutions that will give them a competitive
What is the status of upgradation from Basel I to Basel II by
Even though RBI has fixed a deadline for banks to upgrade from Basel I to
Basel II, it is not very strict about it. Thus, it is taking time for banks to
adopt it. The adoption rate is not that impressive as not many banks have opted
for compliance solutions. On our part we are going to the banks and trying to
What about your partnership with Sinosoft and HP?
Unfortunately the partnership with Sinosoft has disappointed us.
But HP has been a good partner for us from many years. We want
to strengthen our partnership not only in India but other countries as well.