Laser Soft launches software for rural banking

Laser Soft Infosystems Ltd (LSIL), Chennai based
software product company, has launched ‘Laser Twig’, an innovative cost
effective bank automation software. This software is ideally suited for the
branches located in small towns and rural areas, where investment on full
automation is not feasible.

B Vasanthan, Chairman, Andhra Bank, launched the
product. Laser Soft has already installed this software in more than 200 small
town and rural branches of Andhra Bank and this is the first bank in India to
use technology in the small branches.

The product is designed for connecting two or three PCs
using the unique peer — to - peer networking concept, which is the first of
its kind in India. The Manager uses one PC, where the data resides.

Transactions are put through the other operators PC and
the manager authorizes the transactions. It also sports an optional feature for
integration with the core-banking system of the bank. This system can also be
integrated with the ATM network of the bank. With this software, a small branch
can be computerized at a total cost of Rs 2 lakh, including the hardware when
compared to the cost of computerization of Rs 15 lakh for other Branches.

Earlier, Vasanthan also inaugurated the sixth software
development center at Valasarawalkam, Chennai. This center equipped with state-
of- the art facilities has the capacity to seat 150 software professionals and
will be fully utilized for software exports. This has been registered with
Software Technology Park of India (STPI). This is the third development center
in Chennai and the sixth in India.

Suresh Kamath, Chairman and MD, Laser Soft Infosystems
also announced the company's foray into Business Process Outsourcing (BPO) with
the formation of Laser Soft BPO Ltd, a wholly owned subsidiary of Laser Soft.
This company will provide back office services for the banking and financial
sectors.

Kamath said that with its experience in software
development and domain expertise gathered over sixteen years, the company is
poised to take advantage of the BPO opportunity. He added that a number of
customers have already approached the company for BPO services. The services
that can be offered are inter branch reconciliation, loan application
processing, Cash management services, trade services, treasury management,
clearing, credit card and ATM card processing and many other services.

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